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Experience Weighted Attraction in the First Price Auction and Becker Degroot Marschak

Author

Listed:
  • Duncan James

    (Fordham University, Department of Economics)

  • Derrick Reagle

    (Fordham University, Department of Economics)

Abstract

In this paper we explore the performance of Experience Weighted Attraction (EWA) in two different auction institutions: First Price Sealed Bid, and Becker-DeGroot-Marschak. Our results suggest that learning has some promise as a possible explanation for previously documented cross- institutional choice anomalies usually attributed to risk aversion. Additionally, we present results on the likely econometric (ir)recoverability of EWA parameters in these institutions.

Suggested Citation

  • Duncan James & Derrick Reagle, 2008. "Experience Weighted Attraction in the First Price Auction and Becker Degroot Marschak," Fordham Economics Discussion Paper Series dp2008-04, Fordham University, Department of Economics.
    • Handle: RePEc:frd:wpaper:dp2008-04
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    Keywords

    Auctions; Risk Aversion; Learning; Experience Weighted Attractions;
    All these keywords.

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