The net effect of advice on strategy-proof mechanisms : An experiment for the Vickrey auction

Material type: 文書・図像類

Author: Masuda, Takehitoほか

Publisher: The Institute of Social and Economic Research, Osaka University

Publication date: 2020-12

Material Format: Paper

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Note (General)：: We conducted laboratory experiments for the multi-unit Vickrey auction with and without advice to subjects on strategy-proofness. The rate of truth-te...

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Paper

Material Type: 文書・図像類
Title: The net effect of advice on strategy-proof mechanisms : An experiment for the Vickrey auction
Author/Editor: Masuda, Takehito
Mikami, Ryo
Sakai, Toyotaka
Serizawa, Shigehiro
Wakayama, Takuma
Author Heading: Masuda, Takehito
https://nrid.nii.ac.jp/nrid/1000080725060
Mikami, Ryo
Sakai, Toyotaka
https://nrid.nii.ac.jp/nrid/1000050404976
Serizawa, Shigehiro
https://nrid.nii.ac.jp/nrid/1000090252717
Wakayama, Takuma
https://nrid.nii.ac.jp/nrid/1000080448654
Publication, Distribution, etc.: The Institute of Social and Economic Research, Osaka University
Publication Date: 2020-12
Publication Date (W3CDTF): 2020-12
Periodical title: Institute of Social and Economic Research Discussion Papers
No. or year of volume/issue: 1109
Volume: 1109
Pages: 1-32
ISSN (Periodical Title): PISSN : 0473453X
EISSN : 24350982
Text Language Code: eng
Subject Heading: advice effect
strategy-proofness
Vickrey auction
pay-your-bid auction
market design
Target Audience: 一般
Note (General): We conducted laboratory experiments for the multi-unit Vickrey auction with and without advice to subjects on strategy-proofness. The rate of truth-telling among the subjects without advice was 20%, whereas the rate increased to 47% among those who received advice. By conducting similar experiments for the pay-your-bid auction, which is not strategy-proof, we confirm that the increase in truth-telling owes significantly to the net advice effect, i.e., the effect beyond the so-called experimenter demand effect. Moreover, providing advice improves efficiency in the Vickrey auction, particularly in the early periods, when subjects are less experienced. It is well known that subjects tend to overbid in Vickrey auction experiments. Our results indicate the possibility that providing a piece of simple advice decreases such overbidding by promoting a better understanding of the strategy-proofness property in the Vickrey auction. Strategy-proof mechanisms are sometimes criticized because players often fail to find the benefit in telling the truth; however, our observations show that introducing advice on the property of strategy-proofness helps them behave “correctly.”
References (URI): URI
http://www.iser.osaka-u.ac.jp/library/dp/2020/DP1109.pdf
Data Provider (Database): 国立情報学研究所 : 学術機関リポジトリデータベース（IRDB）（機関リポジトリ）
https://irdb.nii.ac.jp
Original Data Provider (Database): 大阪大学 : 大阪大学学術情報庫　桜華