Experimental Economics Auctions推荐.pdf

Auctions Jars of coins • Two jars filled with money are available for examination. Both jars are identical, and have the same amount of money. • Examine one of the jars (without opening it) and write down your estimate of how much money is in it. Do not share this estimate with anyone else. 2 Bidding for a jar of money • I’ll auction off the value of the money in a jar – (As opposed to the actual contents of the jar, which might not be worth as much as the value in easier-to- carry form.) • Three different auction rules, one of which will be randomly chosen to be the actual allocation mechanism. • Everyone should have a card on which to submit bids: write your name in the upper left corner, and below that write your estimate of the value of the money in the jar (this is not a bid, it’s just so we can talk about it later). Label your estimate as such: i.e. Estimate = $xx.xx 3 Auction rules 1: First price, sealed bid auction • The winning bid will be the highest bid submitted – in case of ties one of the bidders tied for highest will be selected at random. • The winning bidder will pay the bid, and receive the amount in the jar. • Please write down your bid, labeling it “Auction 1: 1st price bid = $xx.xx” 4 Auction rules 2: Second price, sealed bid auction • The winning bid will be the highest bid submitted – in case of ties one of the bidders tied for highest will be selected at random. • The winning bidder will pay the amount of the second highest bid, and receive the amount in