Toward an Understanding of Insincere Bidding in a Vickrey Auction Experiment

Material type: 文書・図像類

Author: Serizawa, Shigehiroほか

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

Publication date: 2024-02

Material Format: Paper

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Note (General)：: This study explores two key factors influencing subjects’ deviation from sincere bidding in Vickrey auction experiments. The first factor examines sub...

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Paper

Material Type: 文書・図像類
Title: Toward an Understanding of Insincere Bidding in a Vickrey Auction Experiment
Author/Editor: Serizawa, Shigehiro
Shimada, Natsumi
Tse, Tiffany Tsz Kwan
Author Heading: Serizawa, Shigehiro
https://nrid.nii.ac.jp/nrid/1000090252717
Shimada, Natsumi
https://nrid.nii.ac.jp/nrid/1000000897879
Tse, Tiffany Tsz Kwan
Publication, Distribution, etc.: The Institute of Social and Economic Research, Osaka University
Publication Date: 2024-02
Publication Date (W3CDTF): 2024-02
Periodical title: Institute of Social and Economic Research Discussion Papers
No. or year of volume/issue: 1229
Volume: 1229
Pages: 1-34
ISSN (Periodical Title): PISSN : 0473453X
EISSN : 24350982
Text Language Code: eng
Subject Heading: Market design
Strategy-proofness
Vickrey auction
Hints
Human interaction
Human vs robot rivals
Target Audience: 一般
Note (General): This study explores two key factors influencing subjects’ deviation from sincere bidding in Vickrey auction experiments. The first factor examines subjects’ under-standing of strategy-proofness (SP), while the second focuses on “human interaction” which includes social preferences (spite and altruism), responses to strategic uncertainty, and tacit collusion. To analyze the effect of understanding SP, we quiz subjects before an experimental Vickrey auction and examine whether their bid-ding behavior changes if one of the quizzes includes hints about SP. We design the quiz carefully, incorporating implicit hints about SP and ensuring the avoidance of explicit demands or advice to mitigate experimenter demand effects. However, completing the quiz enables the subjects to understand SP themselves. To analyze the effects of human interaction, we examine whether subjects’ bidding behavior changes if they compete against robots instead of human rivals in the auctions. We design 2×2 treatments by varying the type of quiz (with or without hints about SP) and the nature of the rivals (humans or robots). We found that the quiz with hints about SP increases sincere bidding. The nature of rivals also influences the bidding behavior; nonetheless, its impact is not as robust as that of SP hints. Thus, the main factor causing insincere bidding in Vickrey auction experiments is not human interaction but a lack of understanding of SP.
References (URI): URI
https://www.iser.osaka-u.ac.jp/library/dp/2024/DP1229.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