Arbeitspapier
Market experience and willingness to trade: Evidence from repeated markets with symmetric and asymmetric information
Many studies have found a gap between willingness-to-pay and willingness-to-accept that is inconsistent with standard theory. There is also evidence that the gap is eroded by experience gained in the laboratory and naturally occurring markets. This paper argues that the gap and the effects of experience are explained by a caution heuristic. This conjecture is tested in a repeated market experiment with symmetric and asymmetric information. The results support the conjecture: people do seem to use heuristics rather than reacting optimally and their behavior adjusts slowly when the environment changes.
- Sprache
-
Englisch
- Erschienen in
-
Series: Working Paper ; No. 5
- Klassifikation
-
Wirtschaft
Criteria for Decision-Making under Risk and Uncertainty
Asymmetric and Private Information; Mechanism Design
- Thema
-
WTA/WTP disparity
endowment effect
market experience
bounded rationality
asymmetric information
Willingness to pay
Beschränkte Rationalität
Asymmetrische Information
Auktionstheorie
Test
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Lindsay, Luke
- Ereignis
-
Veröffentlichung
- (wer)
-
University of Zurich, Department of Economics
- (wo)
-
Zurich
- (wann)
-
2011
- DOI
-
doi:10.5167/uzh-51509
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:45 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Lindsay, Luke
- University of Zurich, Department of Economics
Entstanden
- 2011
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