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Replication data for: Sophisticated Bidders in Beauty-Contest Auctions

Version
1
Resource Type
Dataset
Creator
  • Galavotti, Stefano
  • Moretti, Luigi
  • Valbonesi, Paola
Publication Date
2018-11-01
Description
  • Abstract

    We study bidding behavior by firms in beauty-contest auctions, i.e., auctions in which the winning bid is the one which gets closest to some function (average) of all submitted bids. Using a dataset on public procurement beauty-contest auctions, we show that firms' observed bidding behavior departs from equilibrium and can be predicted by a "sophistication" index, which captures the firms' capacity of bidding close to optimality in the past. We show that our empirical evidence is consistent with a Cognitive Hierarchy model of bidders' behavior. We also investigate whether and how firms learn to bid strategically through experience.
Availability
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Relations
  • Is supplement to
    DOI: 10.1257/mic.20150240 (Text)
Publications
  • Galavotti, Stefano, Luigi Moretti, and Paola Valbonesi. “Sophisticated Bidders in Beauty-Contest Auctions.” American Economic Journal: Microeconomics 10, no. 4 (November 2018): 1–26. https://doi.org/10.1257/mic.20150240.
    • ID: 10.1257/mic.20150240 (DOI)

Update Metadata: 2020-05-18 | Issue Number: 2 | Registration Date: 2019-10-13

Galavotti, Stefano; Moretti, Luigi; Valbonesi, Paola (2018): Replication data for: Sophisticated Bidders in Beauty-Contest Auctions. Version: 1. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset. https://doi.org/10.3886/E114347V1