関西大学経済学会

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第3回研究会のお知らせ〔5月24日(金)17:00~〕

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日 時:5月24日(金) 17:00~18:30
場 所:経商研究棟4F会議室
報告者:村本 顕理 氏(大阪大学国際公共政策研究科助教)
タイトル:“Price Announcement Effects in  Sequential Auctions: An Experimental Study”
(joint with Misato Inaba, Takahiro Miura, Kazuhito Ogawa, and Antonio Rosato)

<要 旨>
In private value sequential auctions, the canonical model predicts that the price announcement
in a stage has no effect on later stages of auctions, while the model with expectation-based
reference-dependent preference (Rosato, 2019) predicts that the price announcement has
discouragement effect on them.
We investigate the price announcement effect by lab experiments with two stages of sequential 
first price auctions of three treatments: treatment 0, where no price is announced; treatment 1,
where the winning price of the first stage auction is announced; treatment 2, where the winning
price
in the second stage auction is announced. Using the data of the experiment, we assess
the three models:
(i) the canonical model; (ii) Rosato (2019)’s model with expectation-based reference dependent preference and with real objects; (iii) a modified model with the same preference as in Rosato
(2019) but with virtual objects.
We show that the existence of the price announcement effect and so that the prediction of
canonical
is inconsistent with the data. We also show that the prediction of the modified model
is more consistent
with data than the prediction of Rosato (2019)’s model. 
以上