Bidding, playing, or competing? : rational and irrational determinants in Internet auctioning
Name
47245659-MIT.pdf
Description
Full printable version
Size
3.23 MB
Format
Adobe PDF
Checksum (MD5)
020e64a8106819a2ab1fd944b6b4680a
Author(s)
Chu, Yim Tonia, 1974-
Advisor(s)
Dan Ariely and Yosef Sheffi.
Alternative Title
Rational and irrational determinants in Internet auctioning
Date Issued
2000
Publisher
Massachusetts Institute of Technology
Abstract
Auctions, especially Internet auctions, are claimed to be efficient pricing mechanisms, assuming rational behavior and recognition of individual fundamental values. This assumption and its implication are at the heart of the thesis work. The research includes both survey studies which utilize one of the most popular sites for Internet auctions, and experiments developed in the laboratory. Both field studies and laboratory experiments paid specific attention to the psychology of bidders with main focuses on starting prices, price comparison, competition, and auction formats. Two surveys and two field studies were conducted to collect statistics in real auctions and subjective opinions from real auction participants. One field experiment was performed on a real web site to test price sensitivity. A simulation bidding system was built in the laboratory to examine auction formats and the effect of competition. Four primary results are shown. First, game-playing attitude towards auctions generally exists among bidders. Second, bidders hold strong winning aspects and suffer either "winner's curse" or regret losing. Third, bidders are price sensitive when price comparison is available and their price preferences are affected by the original starting prices. Fourth, auction formats convey different information to bidders and influence the way bidders behave. (Keywords: Auctions, Internet auctioning, Individual fundamental values, Bidders' behavior)
Description
Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Civil and Environmental Engineering, Center for Transportation Studies, 2000.
Includes bibliographical references (leaves 49-50).
Subjects
Civil and Environmental Engineering.
MIT Department
Massachusetts Institute of Technology. Department of Civil and Environmental Engineering
Massachusetts Institute of Technology. Engineering Systems Division
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