Volume 43, Issue 4 p. 715-733

SILENT AUCTIONS IN THE FIELD AND IN THE LABORATORY

R. Mark Isaac

R. Mark Isaac

Isaac: Professor, Department of Economics, Florida State University, Tallahassee, FL 32306-2180. Phone 1-850-644-7081, Fax 1-850-644-4535, E-mail [email protected]

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Kurt Schnier

Kurt Schnier

Schnier: Assistant Professor, Department of Environmental and Natural Resource Economics, University of Rhode Island, Kingston, RI 02881. Phone 1-401-874-4565, Fax 1-401-782-4766, E-mail [email protected]

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First published: 26 March 2007
Citations: 30

Abstract

We analyze data from hundreds of auctions from three field silent auction sessions. We focus on the descriptive statistics and on a parametric model of jump bidding. We then report data from six laboratory sessions of silent auctions. As a controlled environment, this allows us to evaluate the auctions in ways not available within the field. The laboratory experiments capture essential features of the field sessions and thus comprise a credible laboratory testbed for further examination of institutional perturbations in the silent auction. (JEL D44, H41)

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