SONDERFORSCHUNGSBEREICH 504

Transkript

1 SONDERFORSCHUNGSBEREICH 504 Rationalitätskonzepte, Entscheidungsverhalten und ökonomische Modellierung No Bid Costs and Endogenous Bid Caps Gavious, Arieh and Moldovanu, Benny and Sela, Aner September 2000 Roman Inderest and Larry Samuelson made several helpul comments. Ben Gurion University, Faculty o Engineering Sciences, School o Industrial Engineering and Management, ariehg@bgumail.bgu.ac.il Department o Economics, University o Mannheim, Germany, mold@pool.uni-mannheim.de Ben Gurion University, anersela@bgumail.bgu.ac.il Universität Mannheim L 13, Mannheim

2 _Lt hi ih 5i*@ { 2.b2 Devwudw Zh vwxg rqwhvwv zkhuh vhyhudo sulydwho lqiruphg djhqwv elg iru d sul}h1 Doo elgghuv ehdu d rvw ri elgglqj wkdw lv dq lquhdvlqj ixqwlrq ri wkhlu elgv/ dqg/ pruhryhu/ elgv pd eh dsshg1 Zh vkrz wkdw/ uhjdugohvv ri wkh qxpehu ri elgghuv/ li djhqwv kdyh olqhdu ru rqdyh rvw ixqwlrqv wkhq vhwwlqj d elg ds lv qrw surwdeoh iru d ghvljqhu zkr zlvkhv wr pd{lpl}h wkh dyhudjh elg1 Rq wkh rwkhu kdqg/ li djhqwv kdyh rqyh{ rvw ixqwlrqv +l1h1/ dq lquhdvlqj pdujlqdo rvw, wkhq hhwlyho dsslqj wkh elgv lv surwdeoh iru d ghvljqhu idlqj d vxlhqwo odujh qxpehu ri elgghuv1 W hl_u L W 4@) ttlh h**i_ i tiih@* i@4t i}@}i U*Lti h@uit Ai ML_it }Lih} UL4Ti L h*it iti ii ihit i_ L Uhi@ i Urpdq Lqghuvw dqg Oduu Vdpxhovrq pdgh vhyhudo khosixo rpphqwv1 Ehq Jxulrq Xqlyhuvlw / Idxow ri Hqjlqhhulqj Vlhqhv/ Vkrro ri Lqgxvwuldo Hqjlqhhulqj dqg Pdqdjh0 phqw/ S1R1Er{ 986/ Ehhu0Vkhyd ;7438/ Lvudho/ dulhkjcejxpdlo1ejx1d1lo } Hrqrplv Ghsduwphqw/ Xqlyhuvlw ri Pdqqkhlp/ Vhplqdujhedhxgh D8/ 9;464 Pdqqkhlp/ Jhupdq 1 progcsrro1xql0pdqqkhlp1gh { Ehq Jxulrq Xqlyhuvlw / Ghsduwphqw ri Hrqrplv/ S1R1Er{ 986/ Ehhu0Vkhyd ;7438/ Lvudho/ dqhuvhodcejxpdlo1ejx1d1lo

3 @ UL4Ti i M@*@Ui W T@h U*@hc t 4i@t Uhi@t} i i TiU i_ TihuLh4@Ui *i@}i L*i h@ i TihuLh4@Ui Lu i LT i@4 h) ThLuittL@* UL4Ti Lt t Lu i hit hu L*) UL @ Thi_i i_ L UL4Ti i 54*@h*)c hi tihi i h) Lu i ti_ Lh_ih L i U*_i T*@)iht L 5U ThLUi_hit U@ Mi Mii U@* ulh L ELh UL it _it}ih **} L h@ti iglh _tutti_ i * ih@ hi i L UL44L titi L t}}it 4TLt} TTih ML_t L _i igiu L M_ *ii* NTTih ML_t ** LMLt*) ULt h@ L M iht ULti^iUic i Th3i ** L iuitt@h*) }L L i 4Lt At iuiu) *Ltt **c hc i ti**ih<t t@hi Lu i Ti ** Mi t4@**ih c UL h@h) L i ULi L@* t_l4 t!i 4@) UL4Ti i Lt i Lu i LMtihi tiihi ULt h@ t 4TLti_ L UL t 6Lh ttlh t ihi i^t4i 4@Lh hl*i Ei}c t@*}c 4L Lh h@uitc i U ih) t hu c i T*U Lh 4T*U iul*l}u@* ULt h@ t 4TLti_ L i^t4i 6Lh4*@ h@u} U@ht 4t Mi ULt hu i_ i) U@L h @MtL* i *4 Lu S!4%Lh L 4@) t h}i iuu@* ttiu U@ Lt Lti 4@ }L@* t L t*l _L i U@ht h@u} UL_ Lt 2 W iult h@ t i 6Lh4*@ UL4Ti L t tl4i 4it UL4T@hi_ 4Lti i}iiht 54*@h*)c i 4@_@ Lh) ttiu U@ Lt ulh h@u} )@U t ULih T@}it iuu@* W N5 ThLuittL@* ttlh t *i@}it Ei}c c i@4t U@Tt L i t4 Lu L tti_ L t@*@hit Ai t@* i T*@@ L t 4 Dqwl0grslqj uxohv sod / lq d vhqvh/ d vlplodu uroh iru vsruwv zkhuh h{whuqdo htxlsphqw lv qrw uxldo1 5 Zlwkrxw jrlqj lqwr yhu whkqldo ghwdlov/ rqvlghu wkhvh uxohv= wkh duv kdyh d pd{lpdo doorzhg hqjlqh dsdlw ri 6333 p 6 / dw prvw 43 slvwrqv/ dw prvw 8 yhqwlov shu slvwrq/ dw prvw : jhduv/ wkh pxvw zhljk dw ohdvw 933 nj dqg kdyh pd{lpdo vl}h ri 788 4;3 <8 p/ hw111 6 Iru h{dpsoh/ wklv hdu QIO whdpv idh d vdodu ds ri '9514:51333 shu oxe1 D oxe*v wrs 84 vdodulhg sod huv rxqw wrzdugv wkh ds1 2

4 @ i t@*@h) U@Tt i*t ii UL4Ti L Mi ii i@4t t4@** U itc tui L ihti M}U ) i@4t L T@) 4Lhic L*_ M) it ti4m*@ui Lu UL4Ti L i *i@}i e 5@*@h) U*i@h*) tl4i 4it ulhui_ L h@_i i Titi T*@)iht Lh_ih L 4@!i T*@Ui L L ih ii_i_ i@4 4i4Miht D tl4i uhl4 L ih i*_tc ULt_ih ht i 4U it L U@T ML *LMM)} UL hm Lt E@giU } i UL it *LMM)t t TL* L UL44 tti_} E_hiU } i UL it N5 i*iu Lh@* U@4T@} ihit } ^it L t i ih it ** _ii Ui i _ithi_ L UL4ic i U@4T@} i Ti_ hi Ai UL hit i,hlti@ NL tti_ ULt_ih@M*i hitlhuit E i ulh4 him@ i i4t Ltc i U Lh_ih h@u At UL it t i 4hhLh 4@}i t@* Lc tui i Th3i }Lit L i *Lit M ih L @ L i,n W T@h U*@h t 4@) 4i@ i 4TLt L 444 L Lu UL hit S OL ** 4i@thic u hl_ui_c iui i i hithiih@* i i*u@hi Lu i@u UL h) q W t T@Tih i i T*@t i igiu ti Lu i_l}ilt M } ULt h@ t 5iih@* 4T*U@ Lt ULt h@i_ M iht ihi i ULt h@ t 4@) Mi i L}iLt W 5iU L 2 i _ituhmi i 4L_i* 5iih@* ht!i t UL it Th3i,@U M ih t Th@ i*) L ulh i Th3i Ai uu L }Lih} i _t hm L Lt _h@ _i Ti_i *) Lu i@u L ih,@u UL M_ ulh i Th3ic M ULt h@i_ L UL44L*)!L M_ U@T 4@) Mi UL hl**i_ M) i _it}ih 7 Rwkhuv vhh wkh ds dv d ghylh e zklk whdpv* rzqhuv dswxuh vrph ri wkh uhqwv/ udwkhu wkdq kdylqj doo wkh uhqwv jrlqj wr sod huv1 Iruw dqg Txlun +4<<8, suhvhqw hpsluldo hylghqh wkdw vdodu dsv duh qhyhuwkhohvv hhwlyh lq uhvwrulqj %wkh rpshwlwlyh edodqh% 8 Hxurshdq ohdjxhv gr qrw kdyh vdodu dsv/ exw lpsrvh lqgluhw olplwdwlrqv vxk dv wkh qxpehu ri iruhljq +l1h1/ h{shqvlyh, vwduv1 Wkhvh olplwdwlrqv riwhq ohdg wr xulrxv lwl}hqvkls dzdugv dqg ohjdo edwwohv1 9 Dw wkh prphqw Ox{hperxuj/ iru h{dpsoh/ grhv qrw wd{ dslwdo jdlqv dw doo1

5 Ai UL i }it M_ t i Th3i. c UL t t hu *) Uhi@t} uu L Lu ih M_ E i ULt uu L t UL44L!L*i_}i At 4L_i* t t h@ i}u@**) i^@*i L Li U Lu i Th3i i t@4i UL tc M i@u M ih t Th@ @M* ) T@h@4i ih iu} i ULt uu Lt H Lt ULhhitTL_ i L itc T*@)ih }ih ULt t L ThL_i i t@4i M_ ELh iglh `i i U@tit ihi i ULt uu L tc hittiu i*)c *i@hc ULU@i Lh ULi tiih@* TLttM*i Lt ulh iti ui@ hitg UL it ihi tti_ hitlhuit Th3i Ai ULt M_ Uhi@t} uu L Lu i M_c M U@ Mi UL hl**i_ M) i _it}ih 2 t Uhi@t} i M_}i ULt U@L Mi i Uii_i_c M i _it}ih 4@) ThL_i UL ULLtit t M_ Lh_ih L 4@ 43i i TiU i_ * ) Ai }L@* Lu i UL it _it}ih t L 4@ 43i i UL it E L i t)44i hu 4L_i* t ULU_it 4@ 43} i i TiU i_ t4 Lu M_t W 5iU L i U@ti Lu *i@h ULt uu i _tt*@) i t)44i hu M } i^*mh4 ulh UL it igiu i M_ U@T _ W i^*mh4 i@u M ih Ei@!*) Uhi@t} uu L Lu L ulh i Th3i wi h K _il i i M_ uu L i t)44i hu i^*mh4 ULt h@i_ UL it Etii hltlt L *i h K 3 E il i L M t i^*mh4 W hltlt L 2 i i i^*mh4 Lu i UL it M_ U@T _ t U@h@U ih3i_ Uh L S ' SE_ h K 3 *Lih )Tit L h K }ih )Tit M_ i^@* L _ M ih i Uh L S t *) _gihi Mi ii M } h 5Ui S h K 3 E_c i i^*mh4 M } uu L t L UL i Uh L : Li vhyhudo elgghuv pdnh wkh vdph kljkhvw elg + d ihdwxuh wkdw dulvhv khuh lq htxloleulxp,/ wkhqhdkri wkh kljk elgghuv kdv wkh vdph kdqh wr jhw wkh sul}h1 ; Vhh Progrydqx dqg Vhod +4<<<,1 e

6 )Tit i ih@* dsc h K 3 E_ i i^*mh4 M_ i ULt h@i_ UL it t i i^*mh4 M_ i UL it L M_ U@Tt- At t i 4@ i igiu Lu M_ U@Tt OiUic Lh_ih L UL4T i i Lih@** igiu Lu M_ U@Tt L i _it}ih<t hiii t iuitt@h) L UL4T@hi t }@ i *Ltt Uhhi_ MiU@ti i ULt h@i_ M_ )Tit h K 3 E_ t ih ULt h@i_ M_t ThLhc i UL4T@htL _iti_t L i t@ti Lu i i^*mh4 M_ uu Lc ic L tu u@u i _t hm L Lu i 4Mih Lu M iht hltlt L c *i@h ULt uu Ltc *Ltt _i L M_ U@Tt }@ OiUi M_ ulh i _it}ih `*i i _hiu ThLLuc t hit* Mi _ihi_ M) )ihtl<t U i4t*l)t _hiu hii*@ L 4iU@t4t L tl4i U@tit hi}*@h ) UL_ L L i uu L }Lih} i _t hm L Lt b t L t@ t i_c )ihtl<t hiii 4@ L _Lit L*i iui Mi iui Lh hit* t}}it tc t LT 4@* TLL*} U@L Mi Lu i ulh4 _Ui_ M) M } U@Tt W T@h U*@hc i LT L iih _tt*@)t _t Lh i LT W 5iU L e c hltlt L ec i _tt*@) i t)44i hu i^*mh4 M_ uu L ulh i U@ti Lu t hu *) Uhi@t} EL iuitt@h*) *i@h ULt uu LtG t i^*mh4 t i ihti ULt uu L L i ULt h@i_ T@h Lu i M_ uu L i Uh ulh i *i@h U@tic hittiu i*) hltlt L D M_ U@Tt _iuhi@ti i _it}ih<t hiii i i u@uit M iht ULU@i ULt uu Lt W UL h@t c hltlt L S c t hu *) ULi ULt uu Lc i hl_u L Lu igiu i M_ U@Tt t hu *) Uhi@tit i _it}ih<t hiii u tui *) 4@) M iht EhL} L ulh t hit* ul**ltg `i tui *) 4@) UL tc i U@Uit Lu }i } i t4@** 4i@thi Lu )Tit ** 4@!i ih) } M_t Atc i *Ltt _Ui_ M) U@TT} i M_t Lu L M iht t L LL *@h}i i L Uhi@t} 4@h}@* ULt t*} Uhi@ti M_t t hi*@ i*) *itt ULt *) L 4Lhi tu )Tit ** _ LT 4@* L Uhi@ti ih M_ T L 4@ 44 OiUi i 4i@thi Lu )Tit ulh U i < Rxu dqdo vlv grhv qrw ghshqg rq dq uhjxodulw dvvxpswlrqv1 43 Wklv lqwxlwlrq dssolhv lq jhqhudo/ qr pdwwhu zkdw wkh vkdsh ri wkh rvw ixqwlrq lv1 D

7 L ulh i _it}ih }i t * 4@ i*) tl U@ _L4@ i i *Lttit M) U@TT} i M_t Lu L M iht i i_ Lu t 5iU L i u M ULi ULt uu Ltc ti 4@ 44 M_ t ulh i _it}ih ii u ti L 444 M_ LU*_} UL44i }@ ihi_ 5iU L D ** hi*i}@ i_ TTi_ +i*@ i_ w ih@ hi Ai iull4u * ih@ hi L UL @U Lt t ih) *@h}i L 4L_i*t UL4T*i i ulh4@ i L _gihi UL t U*_i `imih EbHDc +*i) Lh}@ Ebb.,^*Mh4 ^iitt tu 4L_i*t L T*@)iht t hi@ i_ wi}ih ihtul E2 ** iti T@Tiht t _) 4L_i*t *i@h ULt uu ULt h@i_ M iht h T@Tih t U*Lti*) hi*@ i_ L tiih@* UL hm Lt M) +LMih +LMih hitihi ThUi hiii 4@ 43} 4iU@t4 ulh ti**} Li LMiU L M u@ui *i@h UL44L E@_ UL44L!L*i_}i M_}i ULt h@ Lc Lht i LT 4@* hitihi ThUi ULt h@i_ M iht t i Li L ULt h@ t 5Ui ih L i M_}i ULt h@ t i L}iLt*) }ic +LMih @TTit i t ULt B@*i EbbH@ U@*U*@ i i M } i^*mh4 UL4T*i i ulh4@ UL it L M Lt Et} Lh ih4l*l}) *i@h ULt uu Lt W UL h@t L Lh _} *i@h ULt uu Ltc 44 Uhdoo wkh '954:5333 dqqxdo vdodu ds lpsrvhg rq QIO whdpv1 Lqwhuhvwlqjo / wkhuh lv dovr d plqlpxp vdodu uhtxluhphqw ri ' S

8 M_ i _it}ih<t hiii Aih hit* t _i L i Lt 2 @TT*U@ L L TL* U@* *LMM)} B@*i EbbHM t Lt ulh Li LMiU ihi M i*) @ML ) L T@) E )Ti L _4itL@* W ih 4L_i* i t)44i hu i^*mh4 M_ uu L _iti_t UL Lt*) L L i M_}i ULt h@ E#i L i iuu@* UL4T*i )c B@*i _L U@**) UL4T i _hiu Lit Aih 4@ L }iih@ i *Lih M_t TihuLh4 Mi ih tui M_}i ULt h@ t ** Mi M_} ulh *itt )Tit W @U L hiii _L4@ ht Lc ht L i*u@hi _L4@ L At *@t hit* t tl L }iih@*3i L uh@4ilh!t ihi i ih M } ULt U ULi uu L Lu ih M_ t +LMih EbbSc i M_}i ULt L Mi i L tmiu L B@*i E2 _ituhmi i LT 4@* 4iU@t4 ulh }LL_ M_}i ULt h@i_ M)ih L t Th@ i*) @ML ) L T@) At 4iU@t4 L*it L h@* ThUi _tuh4@ L Eihi@t Lh*i@i Lgih u i M_}i ULt h@i_ t!l 5UL ih EbHH t _) UL4T*i i ulh4@ Lt ULt h@i_ M L _iti_i LMiU t W T@h U*@hc i) TL i Lh_ih Lu t hiii kht@ EbbH i i_ t 4L_i* L L M ulh i LMiU ulh M_}i t ULti M) i M iht Ai) L i ti**ih 4@) Mii uhl4 i M_}i ULt t ui@ hi U@L LUUh ih 4L_i* u L*) Li LMiU Li_ W ih L LMiU ti^iui Lu Lt L L M iht W t LT 4@* ulh Li Lu i M iht L ulhui T i ThUi Lu i ht LMiU tui t _it*i it i M_}i Lu i L ih M i tiul_ LMiU ti**t Ui@T*) Ai ti**ih<t hiii t i ULt L 45 Ed h hw1 do1 +4<<6, dovr vwxg dq dv pphwul prgho zlwk rpsohwh lqirupdwlrq/ dqg vkrz wkdw h{oxglqj vrph elgghuv pd eh dgydqwdjhrxv iru wkh ehqhldu ri wkh oree lqj dwlylwlhv.

9 @_ Ebbb t _) i igiu Lu i M } ULt uu UL it 4L_i* ihi i _it}ih U@ i_ Th3i tiih@* Th3it @ ^i Th3i t LT 4@* u i UL *i@h Lh ULU@i ULt uu tiih@* Th3it U@ Uhi@ti i _it}ih<t hiii u UL t ULi ULt uu L i igiu tiul_ Th3i t t4*@h L i igiu Lu M_ U@TtG hi*@ i*) UL it c M iht ** _iuhi@ti ih M_tc *i M iht ** Uhi@ti ih M_t 2 Ai 4L_i* `i t M } _tm*i LMiU ih L ulh i LMiU c _il i_ M) c t Th@ i ulh4@ L L c 'c2cc ** M iht L TihUii h@_l4 ti*iu L L Lu i ih@* dc oc }Lihi_ M) i _t hm L uu L iti_i Lu L 8 t UL i _il i M) s i it ) uu @ se : 5 dc o,@u M ih tm4 M_ K _c ihi _ 5 dc o UL44L*)!L M_ U@T Ai U@T U@ Mi i L}iLt Ei}c _i L M_}i ULt h@ t Lh UL hl**i_ M) i UL it <t _it}ih tm4 iti_i *) Lu i@u L ih Ai M ih i }it M_ t i LMiU c i M iht T@) ih M_t M_% ULt }E%c ihi } G - n $ - n t hu *) Uhi@t} uu Lc Ui UL Lt*) }E ' Wu Li M ih tm4 t i }it M_c i i ih t h@_l4*) ti*iu i }it M iht Ei@U Li Lu i t@4i U@Ui L i LMiU wi@h ULt uu Lt W t tiu i ULt uu *i@hc ic }E% '% H

10 hltlt L UL it ihi M iht u@ui *i@h ULt M_ U@T _: U 8 3 E+_+ Ai i M_ U@T t L t)44i hu i^*mh4 c i M_ uu L Lu iih) M ih t }i M) h KE '8 3 E ] 8 3 E+_+c E hllug `i**!l hltlt L 2 UL it ihi M iht u@ui *i@h ULt M_ U@T _ _ U 8 3 E+_+ t)44i hu i^*mh4 i M_ uu L Lu t }i M) ; h KE u S A KE ' E2 A= _ u S ihi i Uh S ' SE_ t _i i_ M) _ ' SE 8 ES E 8 ES hllug 5ii TTi_ e 8 3 E+_+ 8 E ' EuLh4 _t hm L L dc o tt4 _ c i t)44i hu i^*mh4 M_ uu L t }i M) 2 ; A 2 2 u 2_ KE ' A= _ u 2_ Ai ul**l} }hi tlt i M_ uu M_ U@T }hi ihi 46 Lw dq eh vkrzq wkdw wkh v pphwul htxloleulxp lv xqltxh1 47 Odrqw dqg Urehuw +4<<9, xvh d gluhw uhyhodwlrq dssurdk wr doxodwh/ iru hdk w sh/ wkh htxloleulxp suredelolw ri jhwwlqj wkh sul}h dqg wkh sd phqw lq d uhyhqxh pd{lpl}lqj phkdqlvp zlwk d {hg exgjhw rqvwudlqw1 Wkdw dssurdk +zklk hpsor v dq dgglwlrqdo uhjxodulw rqglwlrq rq kd}dug udwhv, dq eh dovr xvhg wr ghulyh wkh htxloleulxp khuh1 Ee b

11 hltlt L ` *i@h ULt uu Ltc i i TiU i_ t4 Lu M_t Uhi@t} uu L Lu i M_ U@T Lu i 4Mih Lu M iht hllug 5ii TTi_ W T@h U*@hc i *@t hit* c hi}@h_*itt Lu i 4Mih Lu M _t hm L uu Ltc ti TTih ML_ L M_t t L _it}ih u@u} i t)44i hu M iht *i@h ULt t e L*i@h ULt uu Lt W t tiu L i ULt uu L } L _iti_ L*i@h*) L i M_ % ì _il i M) } 3 i ihti uu L Lu i t hu *) Uhi@t} uu L } ì ht _tt*@) i i^*mh4 M_ uu Lt t L hltlt L @U L ihi ULt uu L _ } 3 U 8 3 E+_+ D t)44i hu i^*mh4c i M_ uu L Lu t }i M) ; } A 3 hke u S KE ' ED A= _ u S ihi i Uh S t _i i_ M) _ ' } 3 SE 8 ES E 8 ES 8 3 E+_+ hllug L4T*i L i ThLLu Lu hltlt L 2 ES ì i c t4*@h*) L i *i@h U@tic i M ULU@i ULt uu Lt ti igiu i M_ U@T t L ulh i ti**ih 48 Dv lq wkh dvh ri olqhdu rvw ixqwlrqv/ kljkhu elg dsv kdyh qr lqxhqh rq wkh elgglqj ehkdylru1

12 hltlt L D ` ULU@i ULt uu Ltc i i TiU i_ t4 Lu M_t Uhi@t} uu L Lu i M_ U@T _ hllu 5ii TTi_ W UL h@t c i i hit* U@TT} M_t t LT 4@* ti**ih *@h}i il} 4Mih Lu M iht ULi ULt uu Lt hltlt L S UL it ihi i M ULi ULt uu i 4Mih Lu M iht t *@h}i igiu i M_ U@T _ Uhi@tit i _it}ih<t hiii S hllu 5ii TTi_ Ai i **t h@ it TiL4iL t4t*i U*@tt Lu ULt uu 2 8 }E% '% 6 c 6: wi _c _ i M_ U@T Ai t)44i hu i^*mh4 M_ uu L t 3 6 Mi ; A KE ' A= 3 6 u S _ u S c E. Ai Uh S uu L Lu _ t }i M)G t _ ' SE S 3 6 EH E S LESc ' KE_ n E S_ ' 6 S 6 6 nn 6 SE S 63 E S 3 6 Eb 49 Iru wklv uhvxow zh dvvxph wkdw wkh ghqvlw i lv rqh0 dqg wkdw wkh rvw ixqwlrq j lv wkuhh wlphv rqwlqxrvo glhuhqwldeoh 1

13 `i ** L c ulh *@h}i il} c _LEc i LT 4@* _S Uh t t hu *) A@ tc ti TTih ML : t ulh i ti**ih Ai LT 4@* Uh S t M) i i^@ L _LESc _S ' Wu t *@h}i il} i U@ }Lhi i t4@** i i^@ L _LESc _S 4@ i tl* L S r Wtih } t i ThittL ulh _c i LT 4@* M_ U@T ulh *@h}i 6 t _ q E6 6 E wi h K 3 E_ Mi i M_ Lu _ i t)44i hu i^*mh4 Lu L L M_ U@Tt h K 3 E_ q E6 E L U h K 3 E_ S }hi 2 ihi _ h KE _ t }@ Lu i ti**ih L M_ U@T _ hi*@ i*) L i L M_ U@T Eihi h KE t i t)44i hu i^*mh4 M_ uu L Lu U@Tt w!itic U h hke K 3 E _ t *Ltt Lu i ti**ih L M_ U@T _ hi*@ i*) L i L M_ U@T 5Ui i M_ uu L h K t ULi c Lu i h@}*it {A7 }hi 2t@ tu) { ' 2 Eh K 3 E_ SE_ h KES {A7 ' 2 Eh KE _E h K 3 E_ : ] hk 3 E_ S ] h K 3 E h KE _ c hke c E2 `i ThLUii_ L c ulh *@h}i il}c { : {A7 ) 2c t ti M_ U@T t ulh i ti**ih 2

14 54T*i Lt E i}*iu } i t4@** UL4TLi t )i*_g { {A7 q q # 6 c E6 $ 2 c E ihi c t ) h*i { *4 <" {A7 y *4 3 6 Ee <" ihi OiUic ulh 6:E ic ulh ULi ULt uu Lt i h@ L { {A7 }Lit L ) ) e 44 M_t i L}iLt M_}i ULt h@ _c +LMih @U hitihi ThUi o t i hiii4@ 43} 4iU@t4 Wu i ti**ih _ ti*uc i ^it i ih M_ U@Tt hi4@ igiu i i M iht Lt U@ Mi i U*_i_ uhl4 L Ai i u M ULi ULt uu Ltc ti 4@ 44 M_ 4@) Mi ulh i _it}ih ii u ti L 444 i ti**ih 444 M_ ^@_h@ U ULt uu Ltc i }E% '% ulh4*) _t hm Lih dc oc ic8 E ' wi ' Eo Mi i *Lit M_ *i@t *i S Mi i *Lit )Ti ulh L4 M Mit hit*) E t t i Uh M_ t }i M)

15 LESc c ' u v n SE S _ nes 3 E S n ED _LEScc ulh *@h}i S At _ c ulh *@h}i il}c i LT 4@* i^@* 3ihLc ic i LT 4@* i^@*t 3ihL OiUic @_ M_ LT 4@* ulh tui *) 4@) M iht D LU*_} +i4@h!t t 4L_i* UL it t ihi i _it}ih U@ hit hu M_t At ui@ hi t Lu i LMtihi_ hi@* *ui Lt i t)44i hu 4L_i*c hi*@ i_ i igiu ) Lu M_ U@Tt L i ulh4 Lu i M } ULt t MLh M) i UL t _ U@Tt *Lih i M_t Lu L ELh ) )Tit M Uhi@ti i M_ Lu 4 L )Tit LhiLihc U@Tt Uhi@ti M_ u i UL t u@ui Uhi@t} 4@h}@* ULt tc M i) _iuhi@ti u i M iht u@ui Lh _iuhi@t} 4@h}@* ULt t Aiti tiih@* 4T*U@ Lt ULt h@i_ M iht ihi i ti**ih U@ TLttM*i i itl t i t _) Lu i iht*@) Mi ii i L}iLt ULt h@ t M_}i 4@) Mi Th@ i ulh4@ i_l}ilt ULt h@ tc UL hl**i_ M) i _it}ih S TTi_ hlluluhltlt L2 i M_ uu L Lu iih) M ih c 9' c t }i M) ; h KE '8 A 3 E U 8 3 E+_+ u S KE ' A= _ u S c ES e

16 ihi i Uh S t@ t it _ ' SE 8 ES E 8 ES 8 3 E+_+ E. L i S ' tl*it i^@ L. ulh _ ' U 8 3 S i^@ L ulh _ ' LhiLih ^i tl* L i ih@* dc o ulh i@u _c _ U 8 3 E+_+c tui i uu L SE38 ES U S 8 3 E+_+ ' E38 ES d S E n 8 ESn8 3 ES U S 8 3 E+_+o t t hu *) Uhi@t} L dc o `i L K E 'KE t i Mit hittlti Lu M i L ih M iht< t h@ i}it Ai 4@ 43@ L ThLM*i4 Lu M L S t }i M) % 8 3 EK 3 E% % EH tmiu L % _ K E t UL Lt*) Sc i i ht Lh_ih UL_ L E 8 3 K 3 E% s K 3 E% K 3 E% ' W U@ Mi ih % ' KE tl* L Lu i i^@ L b Lt_ih L M_ % KES % _ t Mit hittlti ulh M ih c tui iih) tu M_ t _L4@ i_ M) % 0c ihi 0 t4@** TLt i 4Mih Ai i TiU i_ T@)Lg Lu M L tm4 t i M_ KES 'S8 3 ES U S 8 3 E+_+ t S8 3 ES KES ' 8 3 E+_+ E2 Ai ThLM@M* ) Lu M_ Lu _ t oe ' 8 3 ESn ESE 8 ES n 2 n 3 8 3e ESE 8 ES n n e [ 3 ' 8 3 ESE 8 ES 3 ' D ESE 8 ES 2 n E 8 ES 3 Eb

17 ' ' E 8 ES 8 ES E 8 ES [ ' 8 3 ESE 8 ES E2 Atc i i TiU i_ T@)Lg Lu M L Lu tm4 M_ Lu _ t SE 8 ES E 8 ES _ E22 ) ti }. 22 M L ' S t *) _gihi Mi ii tm4 } KES 'S8 3 ES U S 8 3 tm4 } i 4@ M )Tit :St hu *) M_ K E '_ *Lih M_ 6@**)ci@ culh@)_ U 8 3 E+_+c S h K 3 E_ i ULt h@i_ i^*mh4 M_ uu L _tul i Uh S 6Lh t t il} L S8 3 ES h KES _ / 8 3 E+_+ SE 8 ES E 8 ES 8 3 ES 8 3 E+_+ / n8 ESn8 2 ESn8 3 ES E2 Ai *@t i^@* ) U*i@h*) L*_t tui 8 3 ES 8 & ES & 2 hlluluhltlt L 6 i 4Mih Lu M iht Bi i M_ U@T _ ih@ i*)c i Uh Sc M_ t }i M) LESc ' ' ' ' KEsE_ n _ ] 8 3 EsE_ S se_ E ] 8 3 E+_+sE_ n _E 8 ES ] 8 E m S 8 E_ E8 E 8 3 E+_+ m S 8 E_ n_e 8 ES S 8 3 E_ n 8 E_ E2e S

18 } hittiu L S }it YLESc YS ' 8 3 ESn 8 ES E2D * T*)} r 'E re n r n r 2 n r n n r 3 )i*_t YdLESc o YS ' E 8 ESE n 8 ESn8 2 ESn n 8 32 ES E 8 3 ES : E 8 ESEE 8 32 ES E 8 3 ES : E2S A@ tc i _it}ih<t i TiU i_ hiiic LESc c Uhi@tit S `i i _iti_iui Lu i i TiU i_ hiii L i 4Mih Lu M iht i c *i SE Mi i Uh Ei 4@!i L i _iti_iui L i T*U SE Uhi@tit 5Ui LESc Uhi@titSc i At )i*_tg E nlese ncn E nlesecn E2. E nl ESE ncn LESEc E nlesecn LESEc ' Atc LESEc Uhi@tit i 4Mih Lu M iht hllu Lu hltlt L D 8 3 EE 8 E 2 _ : @ uu L Lu i i 4Mih Lu M iht t }i M) LESc ' KEsE_ n _ES E 8 ES KE '} E ] 8 3 E+_+ SE 8 _ES '} 3 ] ES S E 8 ES 8 3 E+_+. E2b E E

19 #i i 6 ' 6ES SE 8 ES E 8 ES r ' res SE 8 ES E 8 ES S8 3 ES 8 3 E+_+ E2 Aic i U@ hih i _ES '} 3 E6 ( KES '} 3 E6 r E, T@_} } 3 E6 r tiul_ Lh_ih A@)*Lh<t tihit i@h 6c KES '} 3 E6 r } 3 E% %'6 n 2 r2 } 3 E% %'+ ihi 6 r + 6 #ih@ } _ES hittiu L S )i*_t 8 _ ES 'E} 3 E% ES SsES8 3 ES %'6 n SsESE 8 ES E 8 ES E 8 ES ES Ee ED } hittiu L S tmt } c D c i YLESc YS ' EKES _ES sesne8es _ ES ' } 3 E% E 8 ES n8esn8 2 ESn8 3 ES 8 3 ES r %'6 n 2 ses } 3 E% %'+ r2 ES 5Ui } t ULU@ic } 3 E% 3 E% : AihiuLhic M_ Uhi@t} uu L Lu i Uh t iih LT 4@* L igiu i M_ U@T hllu Lu hltlt L S s t UL % } 3 t hii 4it UL Lt*) `i ** c ULi ULt uu L }c i@i YLESc i@hs 'ulh YS tui *) *@h}i OiUi i _it}ih<t hiii t _iuhi@t} S i@h S igiu i M_ U@T Eic S t LT 4@* H

20 Ai ht ) S L Ec ' 6Lh i tiul ih@ i Y 2 LESc m YS 2 S' ' dek _ s nek _s s_ ne8_ o m S' ' EK E 2_ E se ' E. Ai *@t i^@* ) ul**lt M) L K E ' 2_ E AihiuLhic i tiul ih@ i 3ihL `i L i h ih@ i t t hu *) i}@ S ' ) UL )c 4t Mi i}@ i ulh tl4i S Y LESc 'EK _ s n2ek _ s nek _s s _ 2s_ ne8_ EH YS u ih t} K E ' 2_ Ec i Y LESc m YS S' ' EK E _ E se n _ Es E Eb #i i 6ES SE 8 ES E 8 ES ES S8 3 ES 8 3 E+_+ ' S [3 8 ES ' 8 3 E+_+ 8 3 E+_+ Ee 6E ' E ' U 8 3 E+_+ OiUi E} 3 E6E ' E} 3 E E} 3 E6E 'E} 3 E E Ati@i K E ' } 3 E E E 2 s 2 E n } 3 E E E se n E E 2s 2 E n E s E _ E ' } 3 E6E s 2 EE 2 n e } 3 E6E # $ 2 s EE n s 2 3 E [ E ' Ee S 3 ' E ' E 2E i K E ' 2 s 2 E } 3 E E n 2 s 2 EE} 3 E E n JE 2 c _ E ' e 2 s 2 E } 3 E6E n 2 s 2 EE} 3 E E n JE 2 c _ E ' JE 2 Ee2 b

21 At Y LESc YS m S' 'EK E _ EsE n _ s ' e 2 s 2 E } 3 E6E n JE 2 Ee ) i ULi ) Lu }E%c E} 3 E6E OiUic ulh *@h}i il}c i Y LESc m YS S' 5Ui Y2 LESc m YS 2 S' 'c S ' 4@ 44 Lu i uu L YLESc YS 5Ui YLESc m YS S' 'c t )i*_t YLESc ulhs i U ) Lu _ithi_ YS. +iuihiuit wi}ihc ` EbbSt)44i U Lt WUL4T*i i WuLh4@ LG Ai i@lhc ec H +c klilu!c i Vhitc B Ebb+}}} i wlmm)} hluittg TT*U@ L Lu i **@) U L c 4ihU@,ULL4U +iic Hc 2Hb2be il c a kht@c V Ebbb* T*iMiU U Lt _}i L t h@i iht<c 4iL e ic B@*ic W L L* U@* wlmm)}c 4ihU@,ULL4U +iic HHc SeSD D ic B@*ic W U Lt 6@U@**) Lt h@i _ihtc +ii Lu,ULL4U 5 _itc SDc 2 S ic B@*ic W E2 Ai T 4@* iu@t4 ulh ti**} _}i Lt h@i_ )ih alh@* Lu,ULL4U AiLh)c b2c bh2. 6Lh c "h!c a EbbD hltttmt_3@ Lc WUi UL4it hl uittl@* 5TLh t wi@}it alh@* Lu,ULL4U w ih@ hic c 2SD2bb H 6h@!c LL! EbbDc Ai `iha@!i** 5LUi )c i vlh!g Ai 6hii hitt 2

22 b +*i)c a EbHbL* U@**) L +i Ah@tuihtc,UL L* Utc c.b kht@c Lh}@c a Lu i `@h Lu h i **@) U Lc alh@* Lu,ULL4U AiLh)c.2c es2 w@gl c +LMih c a EbbS T 4@* U Lt 6@U@**) Lt h@i ihtc,ull4u wi ihtc D2c H2HS 2 ihtulc E2c t iui Lu,^*Mh4 U +itihi huic i@lhc c He L*_L@c 5i*@c EbbbAi T 4@* **LU@ L Lu h3it L it tc 4iLc Niht ) e )ihtlc + EbHc T 4@* U L i4@ Ut Lu Tih@ Lt +iti@huc Sc DH. D 5UL ihc EbHHihuiU,^*Mh@ _}i Lt h@i_ U LtG, 5 _)c +@_ alh@* Lu,ULL4Utc bc SHH S `imihc + EbHDc U L4Ti i }c O vl}c i_c 6@h **LU@ Lc i4@ U@* 5LUi )c e. 2

23 6}hi G 22

24 increased bids decreased bids T * b(v) d B O S * * * A * 0 c e 1 v 6}hi 2G 2

25 SONDERFORSCHUNGSBereich 504 WORKING PAPER SERIES Nr. Author Title Eric Igou Herbert Bless Heiko Zuchel Martin Weber About the Importance o Arguments, or: Order Eects and Conversational Rules The Disposition Eect and Momentum Volker Stocké An Empirical Test o the Contingency Model or the Explanation o Heuristic-Based Framing-Eects Volker Stocké The Inluence o Frequency Scales on the Response Behavior. A Theoretical Model and its Empirical Examination Volker Stocké An Empirical Examination o Dierent Interpretations o the Prospect Theoryś Framing-Hypothesis Volker Stocké Socially Desirable Response Behavior as Rational Choice: The Case o Attitudes Towards Foreigners Phillipe Jehiel Benny Moldovanu Phillipe Jehiel Benny Moldovanu Arieh Gavious Benny Moldovanu Aner Sela Benny Moldovanu Karsten Fieseler Thomas Kittsteiner Raimond Maurer Martin Pitzer Steen Sebastian License Auctions and Market Structure The European UMTS/IMT-2000 License Auctions Bid Costs and Endogenous Bid Caps Partnerships, Lemons and Eicient Trade Construction o a Transaction Based Real Estate Index or the Paris Housing Market Martin Hellwig The Impact o the Number o Participants on the Provision o a Public Good Thomas Kittsteiner Partnerships and Double Auctions with Interdependent Valuations