Implementing the Efficient Auction: Initial Results from the Lab

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Date

Dec. 14, 2003

Authors

Michael Margolis and Jason Shogren

Publication

Working Paper

Reading time

1 minute

The efficient auction is designed to induce truthful bidding for bidders with affiliated values. Herein we implement the auction in the lab, and observe that inexperienced people can bid systematically in this more complex environment, albeit yielding a flatter bid function than the truthful.

Topics

Valuation

Authors

Michael Margolis

Jason Shogren

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