Abstract:Theory suggests that the Vickrey auction should accurately measure the " true" value of an auctioned good (Valuei = Bid,). When these values are homegrown, there is concern over individuals not revealing their true preferences in the laboratory, due to changing their bids (strategic bidding). Fears that the Vickrey auction is inadequate in eliciting "true" values have prompted us to test an alternative exchange institution-the random N-th price auction-to improve the measurement of value. Our results suggest t… Show more
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