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An experimental study of information revelation policies in sequential auctions / Timothy N. Cason in Management science, Vol. 57 N° 4 (Avril 2011) 

Public ISBD [article]  in Management science > Vol. 57 N° 4 (Avril 2011) . - pp. 667-688 Titre : An experimental study of information revelation policies in sequential auctions Type de document : texte imprimé Auteurs : Timothy N. Cason, Auteur ; Karthik N. Kannan, Auteur ; Ralph Siebert, Auteur Année de publication : 2011 Article en page(s) : pp. 667-688 Note générale : Management Langues : Anglais (eng) Mots-clés : Complete  and  incomplete  information  revelation  policies  Laboratory  study  Procurement  auction  Multistage  game Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : Theoretical models of information asymmetry have identified a trade-off between the desire to learn and the desire to prevent an opponent from learning private information. This paper reports a laboratory experiment that investigates if actual bidders account for this trade-off, using a sequential procurement auction with private cost information and varying information revelation policies. Specifically, the Complete Information Revelation Policy, where all submitted bids are revealed between auctions, is compared to the Incomplete Information Revelation Policy, where only the winning bid is revealed. The experimental results are largely consistent with the theoretical predictions. For example, bidders pool with other types to prevent an opponent from learning significantly more often under a Complete Information Revelation Policy. Also as predicted, the procurer pays less when employing an Incomplete Information Revelation Policy only when the market is highly competitive. Bids are usually more aggressive than the risk-neutral quantitative prediction, which is broadly consistent with risk aversion. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/cgi/content/abstract/57/4/667 [article] An experimental study of information revelation policies in sequential auctions [texte imprimé] / Timothy N. Cason, Auteur ; Karthik N. Kannan, Auteur ; Ralph Siebert, Auteur . - 2011 . - pp. 667-688. Management Langues : Anglais (eng) in Management science > Vol. 57 N° 4 (Avril 2011) . - pp. 667-688 Mots-clés : Complete  and  incomplete  information  revelation  policies  Laboratory  study  Procurement  auction  Multistage  game Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : Theoretical models of information asymmetry have identified a trade-off between the desire to learn and the desire to prevent an opponent from learning private information. This paper reports a laboratory experiment that investigates if actual bidders account for this trade-off, using a sequential procurement auction with private cost information and varying information revelation policies. Specifically, the Complete Information Revelation Policy, where all submitted bids are revealed between auctions, is compared to the Incomplete Information Revelation Policy, where only the winning bid is revealed. The experimental results are largely consistent with the theoretical predictions. For example, bidders pool with other types to prevent an opponent from learning significantly more often under a Complete Information Revelation Policy. Also as predicted, the procurer pays less when employing an Incomplete Information Revelation Policy only when the market is highly competitive. Bids are usually more aggressive than the risk-neutral quantitative prediction, which is broadly consistent with risk aversion. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/cgi/content/abstract/57/4/667