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|a (DE-627)JST02877857X
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|a (JST)4502047
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|a DE-627
|b ger
|c DE-627
|e rakwb
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|a eng
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|a Crawford, Vincent P.
|e verfasserin
|4 aut
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|a Level-K Auctions: Can a Nonequilibrium Model of Strategic Thinking Explain the Winner's Curse and Overbidding in Private-Value Auctions?
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|c 2007
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|a Text
|b txt
|2 rdacontent
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|a Computermedien
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|a This paper proposes a structural nonequilibrium model of initial responses to incomplete-information games based on "level-k" thinking, which describes behavior in many experiments with complete-information games. We derive the model's implications in first- and second-price auctions with general information structures, compare them to equilibrium and Eyster and Rabin's (2005) "cursed equilibrium," and evaluate the model's potential to explain nonequilibrium bidding in auction experiments. The level-k model generalizes many insights from equilibrium auction theory. It allows a unified explanation of the winner's curse in common-value auctions and overbidding in those independent-private-value auctions without the uniform value distributions used in most experiments.
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|a Copyright 2007 The Econometric Society
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|a Common-value auctions
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|a Winner's curse
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|a Overbidding
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|a Bounded rationality
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|a Level-k model
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|a Nonequilibrium strategic thinking
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|a Behavioral game theory
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|a Experiments
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|a Economics
|x Economic disciplines
|x Financial economics
|x Financial markets
|x Market mechanisms
|x Auctions
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|a Business
|x Business operations
|x Commerce
|x Financial transactions
|x Payments
|x Bidding
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|a Mathematics
|x Applied mathematics
|x Statistics
|x Applied statistics
|x Statistical results
|x Errors in statistics
|x Standard error
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|a Applied sciences
|x Research methods
|x Modeling
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|a Mathematics
|x Applied mathematics
|x Game theory
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|a Economics
|x Economic disciplines
|x Applied economics
|x Economic modeling
|x Economic models
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|a Mathematics
|x Applied mathematics
|x Statistics
|x Applied statistics
|x Statistical models
|x Parametric models
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|a Economics
|x Economic disciplines
|x Information economics
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|a Business
|x Business operations
|x Commerce
|x Purchasing
|x Cost estimates
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|a Mathematics
|x Applied mathematics
|x Statistics
|x Applied statistics
|x Inferential statistics
|x Expected values
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|a research-article
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|i Enthalten in
|t Econometrica
|d Wiley
|g 75(2007), 6, Seite 1721-1770
|w (DE-627)270425721
|w (DE-600)1477253-X
|x 14680262
|7 nnns
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|g volume:75
|g year:2007
|g number:6
|g pages:1721-1770
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|u https://www.jstor.org/stable/4502047
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|d 75
|j 2007
|e 6
|h 1721-1770
|