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The Impact of Participant's Risk Attitude on Auctions Results
Friedrich Kunz
Michael Baumgärtner
Hans-Christian Seeliger
Linda Stolze
Florian Leuthold
其他書名
An Experimental Approach to Electricity Markets
出版
SSRN
, 2009
URL
http://books.google.com.hk/books?id=vY_jzwEACAAJ&hl=&source=gbs_api
註釋
We analyze the impact of the risk attitude of participating subjects in both single-sided uniform and pay-as-bid auctions using an experimental approach. The experiments are conducted in a stable demand environment with homogeneous groups, each consisting of five participants that exhibit either complete risk seeking or complete risk aversion. The results show that risk attitudes significantly affect the outcome of uniform auctions. We also note that our results differ substantially from other literature on experimental economics. We conclude that it is important to consider participants' risk attitudes especially when conducting experiments with small groups.
