Self serving reference points in double auctions
| Autor: | Husnain Fateh Ahmad |
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| Rok vydání: | 2019 |
| Předmět: | |
| Zdroj: | Bulletin of Economic Research. 72:77-85 |
| ISSN: | 1467-8586 0307-3378 |
| Popis: | We present a novel approach for modelling self serving bias by way of reference dependence. Bias is modelled as a systematic individual level deviation of the endogenous reference point from the expected price of a good in a two person k‐double auction. We find that bias decreases the efficiency of the model, and that efficiency is decreasing in both the level of bias and reference dependence. |
| Databáze: | OpenAIRE |
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