全球智库信息集成服务系统(G2TT): Naturally Occurring Markets and Exogenous Laboratory Experiments: A Case Study of the Winner's Curse

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来源类型	Working Paper
规范类型	报告
DOI	10.3386/w13072
来源ID	Working Paper 13072
	Naturally Occurring Markets and Exogenous Laboratory Experiments: A Case Study of the Winner's Curse
	Glenn W. Harrison; John A. List
发表日期	2007-04-26
出版年	2007
语种	英语
摘要	There has been a dramatic increase in the use of experimental methods in the past two decades. An oft-cited reason for this rise in popularity is that experimental methods provide the necessary control to estimate treatment effects in isolation of other confounding factors. We examine the relevance of experimental findings from laboratory settings that abstract from the field context of the task that theory purports to explain. Using common value auction theory as our guide, we identify naturally occurring settings in which one can test the theory. In our treatments the subjects are not picked at random, as in lab experiments with student subjects, but are deliberately identified by their trading roles in the natural field setting. We find that experienced agents bidding in familiar roles do not fall prey to the winner's curse. Yet, when experienced agents are observed bidding in an unfamiliar role, we find that they frequently fall prey to the winner's curse. We conclude that the theory predicts field behavior well when one is able to identify naturally occurring field counterparts to the key theoretical conditions.
主题	Econometrics ; Experimental Design ; Microeconomics ; Market Structure and Distribution ; Industrial Organization
URL	https://www.nber.org/papers/w13072
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/570740
推荐引用方式 GB/T 7714	Glenn W. Harrison,John A. List. Naturally Occurring Markets and Exogenous Laboratory Experiments: A Case Study of the Winner's Curse. 2007.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w13072.pdf（227KB）	智库出版物		限制开放	CC BY-NC-SA	浏览