Bidding Behavior for Risky and Ambiguous Prospects
| Autor: | Hsu, Chen-Chieh, 徐振傑 |
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| Rok vydání: | 2015 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 103 This study extends the research of Kocher and Trautmann (2013) for risky and ambiguous bidding behavior. Survey techniques were used to collect subjects’ biding behavior under different auction rules, distinguished more risk-averse and less risk-averse groups, and different risk preferences of subjects. Four different types of games are used to measure subjects’ biding behavior towards a risky or an ambiguous prospect. Game 1 is a first-price auction. Game 2 is a second-price auction. Game 3 is a discriminatory-price auction .Game 4 is a uniform-price auction, the two winners pay the highest rejected bids. Two-color choice task by Ellsberg(1961), representing the situation of risky and ambiguous prospects was used in this study. There are four main findings: (1) Most subjects chose to submit a bid for the risky prospect, leading to smaller markets for the ambiguous prospect. (2) Few people have a positive attitude towards ambiguous according to the question about winning chances, extremely negative attitudes are also rare for bidders in both auctions. (3) The ambiguous prospect was consist of relatively risk tolerant bidders. (4) Average bids for both risky and ambiguous prospects were similar even though the size of ambiguous prospect is smaller. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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