Learning by investing: evidence from a naturally occurring auction

Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216208%3A11640%2F11%3A00358762" target="_blank" >RIV/00216208:11640/11:00358762 - isvavai.cz</a>
Result on the web
<a href="http://dx.doi.org/10.1111/j.1468-0351.2010.00394.x" target="_blank" >http://dx.doi.org/10.1111/j.1468-0351.2010.00394.x</a>
DOI - Digital Object Identifier
<a href="http://dx.doi.org/10.1111/j.1468-0351.2010.00394.x" target="_blank" >10.1111/j.1468-0351.2010.00394.x</a>

Result language
angličtina
Original language name
Learning by investing: evidence from a naturally occurring auction
Original language description
We test for learning among heterogeneous individuals who are engaged in bidding and who possess limited information about the auctioned assets. We use an extensive dataset taken from an auction through which state-owned enterprises were privatized in theCzech Republic in 1993-94. To test for learning, we develop new measures of individual performance to accommodate the varying prices of assets available in six successive stages of bidding. We present evidence that learning took place among heterogeneous agents during a large-scale multi-stage auction that is unique in terms of its size, incentives and variation. The auction's design, with multiple market periods, allowed agents to learn based on accumulated experience. As individuals had to pay a feeto participate, and as the potential gain was in the magnitude of several months' salary, we conclude that large incentives were driving our results.
Czech name
—
Czech description
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Type
J<sub>x</sub> - Unclassified - Peer-reviewed scientific article (Jimp, Jsc and Jost)
CEP classification
AH - Economics
OECD FORD branch
—

Project
Result was created during the realization of more than one project. More information in the Projects tab.
Continuities
P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)<br>Z - Vyzkumny zamer (s odkazem do CEZ)

Publication year
2011
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

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