Economics Dictionary of ArgumentsHome
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| Auctions: Auctions are public sales where goods or services are offered to the highest bidder. Various types exist, like ascending (English), descending (Dutch), or sealed-bid formats. Auctions are used in diverse industries, from art and real estate to online marketplaces, facilitating efficient price discovery and allocation of items. See also Markets, Price, Allocation._____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. | |||
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Charles A. Holt on Auctions - Dictionary of Arguments
Parisi I 81 Auctions/Economic theories/Sullivan/Holt: Experiments without control group: (...) economic experiments are sometimes designed simply to measure and document how subjects behave in a given market structure or incentive environment without reference to any control group. Examples include experiments that test the efficiency of an auction structure, such as an innovative proposal to allow bidding for combinations of spectrum licenses in a way that protects firms from overpaying for pieces of a fragmented network.* >Experimental economics/Economic theories. Parisi I 83 At a more macro scale of observation, economic experiments can be used to think outside the box by considering rules and policies that have yet to be implemented. This approach to experimentation has been particularly fruitful in guiding the design of new types of auctions for fishing rights, emissions permits, or combinations of frequency bands in spectrum auctions.** * See Goeree and Holt (2010)(1) for a set of experiments used by the U.S. Federal Communications Commission to design and implement a major auction for spectrum licenses for the provision of wireless communications services in a geographic network. Even this paper, however, had a control treatment without package bidding opportunities, which showed problems that could arise if bidders were not permitted to submit "all or nothing" bids for combinations of licenses. >Experiments/Experimental economics. ** For example, see Holt et al. (2007)(2) for a report in which laboratory experiments were used to design the Regional Greenhouse Gas Initiative auctions that have been run quarterly since 2008. Similarly, Cummings, Holt, and Laury (2004)(3) used experiments in the lab and the field prior to implementing a special auction in which farmers would bid for payments to be received in exchange for irrigation reduction in a drought year. More recently, a special issue of the Agricultural and Resource Economics Review (vol. 39, number 2, April 2010)(4) contains articles that used laboratory experiments to study the allocation of fishery rights, water rights, emissions permits, and common pool resources. 1. Goeree, J. K. and C. A. Holt (2010). “Hierarchical Package Bidding: A Paper & Pencil Combinatorial Auction.” Games and Economic Behavior 70: 146 - 169. 2. Holt, C. A., W. Shobe, D. Burtraw, K. Palmer, and J. K. Goeree (2007). Auction Design for Selling CO2 Emission Allowances Under the Regional Greenhouse Gas Initiative (pp. 1–130), available at 3. Cummings, R. G., C. A. Holt, and S. K. Laury (2004). “Using Laboratory Experiments for Policymaking: An Example from the Georgia Irrigation Reduction Auction.” Journal of Policy Analysis and Management 23(2): 341–363. 4. https://www.cambridge.org/core/journals/agricultural-and-resource-economics-review/issue/724AAC3551E63C1ADC9A1A129B0DEF66 - (17.12.2020) Sullivan, Sean P. and Charles A. Holt. „Experimental Economics and the Law“ In: Parisi, Francesco (ed) (2017). The Oxford Handbook of Law and Economics. Vol 1: Methodology and Concepts. NY: Oxford University Press._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
Holt, Charles A. Parisi I Francesco Parisi (Ed) The Oxford Handbook of Law and Economics: Volume 1: Methodology and Concepts New York 2017 |
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