The Impact of Participant’s Risk Attitude on Auctions Results: An Experimental Approach to Electricity Markets
作者： Friedrich Kunz , Michael Baumgärtner , Hans-Christian Seeliger , Linda Stolze , Florian U. Leuthold
DOI: 10.2139/SSRN.1488834
关键词: Risk aversion 、 Common value auction 、 Economics 、 Electricity 、 Outcome (game theory) 、 Homogeneous 、 Experimental economics 、 Actuarial science 、 Risk-seeking 、 Affect (psychology)
摘要: We analyze the impact of risk attitude participating subjects in both single-sided uniform and pay-as-bid auctions using an experimental approach. The experiments are conducted a stable demand environment with homogeneous groups, each consisting five participants that exhibit either complete seeking or aversion. results show attitudes significantly affect outcome auctions. also note our differ substantially from other literature on economics. conclude it is important to consider participants’ especially when conducting small groups.
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