The game theoretic perspective in auction bidding has provided a powerful normative
framework for the analysis of auctions and it has generated an impressive volume of …

We study the question of auction design in an IPV setting characterized by ambiguity. We
assume that the preferences of agents exhibit ambiguity aversion; in particular, they are …

The phenomenon of choice shifts in group decision-making has received attention in the
social psychology literature. Faced with a risky group decision, individuals appear to support …

Incentive design is more likely to elicit desired outcomes when it is derived based on
accurate models of agent behavior. A substantial literature in behavioral economics …

We study the properties of Dutch auctions in an independent private value setting, where
bidders face uncertainty over the type distribution of their opponents and evaluate their …

We use an experiment to compare a theory of risk-aversion and a theory of spite as an
explanation for overbidding in auctions. As a workhorse we use the second-price all-pay …

In this paper, by comparing initial public offerings (IPOs) and initial coin offerings (ICOs), we
study the impact of blockchain technology on financial regulation. After an initial study of the …

In a Dutch auction, an item is offered for sale at a set maximum price. The price is then
gradually lowered over a fixed interval of time until a bid is made, securing the item for the …

This paper shows that expected utility belongs to the intersection of models satisfying
betweenness and a homotheticity condition for risky choice. Betweenness models can …

We study Dutch and first-price auctions with expectations-based loss-averse bidders and
show that the strategic equivalence between these formats no longer holds. Intuitively, as …