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Economics and emotion: Institutions matter

Kip Smith, John Dickhaut
2005 Games and Economic Behavior  
In the Dutch (English) auctions we find (no) evidence that knowledge of emotional intensity affects our ability to predict price setting behavior.  ...  In two different types of institutions, English-and Dutch auctions, we collect heart rate data, a proxy for emotion, to test hypotheses based on findings in neural science about the effect of emotion on  ...  In this study we move the study of emotion in choice to real economic institutions, Dutch and English auctions. In particular we focus on the choices made in these auctions that determine prices.  ... 
doi:10.1016/j.geb.2004.06.017 fatcat:u5s2g4ewk5clzlq56uv3fr64xy

An Interpretive Approach to Meanings of Prices

Olav Velthuis
2004 The Review of Austrian Economics  
In this paper I show that prices also convey social and cultural meanings. This calls for an interpretive approach, which a younger generation of Austrian economists has advocated.  ...  Austrian economists have repeatedly argued that the price mechanism is not just an allocative, but also a communicative system: as a solution to the dispersed knowledge problem, prices convey meanings  ...  To give some examples in the history of art: in 1914, the outstanding collection of a small group of French investors known as La Peau de l'Ours, came up at auction at the Parisian Hôtel Drouot.  ... 
doi:10.1023/b:raec.0000044637.79989.db fatcat:2i53n46htfcxfk3ybtzyuc3bjq

Sizing Up Objects: The Effect of Diminutive Forms on Positive Mood, Value, and Size Judgments

Michał Parzuchowski, Konrad Bocian, Pascal Gygax
2016 Frontiers in Psychology  
In this paper, we examined this idea by focusing on a particular linguistic form of diminution used in many languages (e.g., in Polish, Spanish, and Portuguese) to refer to an object as being "smaller.  ...  Across three experiments conducted in Polish, we examined this lexical ambiguity in terms of mood (Experiment 1), subjective quality and monetary value (Experiment 2), and choice selection (Experiment  ...  conducting Experiment 1 and Natalia Frankowska in developing the materials for Experiment 3.  ... 
doi:10.3389/fpsyg.2016.01452 pmid:27721802 pmcid:PMC5033980 fatcat:ghzzjfnrabf3jemlpwp3jz4ble

Understanding auction fever: a framework for emotional bidding

Marc T. P. Adam, Jan Krämer, Caroline Jähnig, Stefan Seifert, Christof Weinhardt
2011 Electronic Markets  
In order to gain a better understanding of its causes, we develop a conceptual framework to analyze emotions in auctions, which is based on an exhaustive literature review.  ...  Auction fever is a multifaceted phenomenon that is frequently observed in both traditional and Internet auctions.  ...  Katok and Kwasnica (2008) showed that fast clock speeds yield lower prices in Dutch auctions than slow clock speeds.  ... 
doi:10.1007/s12525-011-0068-9 fatcat:v3tms72lojfahcavrt2cvpf5t4

Symbolic Meanings of Prices: Constructing the Value of Contemporary Art in Amsterdam and New York Galleries
Символические значения цены: конструирование ценности современного искусства в галереях Амстердама и Нью-Йорка

Olav Velthuis
2008 Economic Sociology  
On the basis of in-depth interviews with art dealers in New York and Amsterdam, I address two pricing norms: one norm inhibits art dealers from decreasing prices; the other induces them to set prices according  ...  Previously, meanings of prices have been recognized in signaling theories within economics. However, these meanings are restricted to pro¢t opportunities.  ...  up; price and value are in other words constituted simultaneously.  ... 
doi:10.17323/1726-3247-2008-3-33-59 fatcat:u4agc3o5fjg7zj7xodukodkxly

Economics, Psychology, and Social Dynamics of Consumer Bidding in Auctions

Amar Cheema, Peter T. L. Popkowski Leszczyc, Rajesh Bagchi, Richard P. Bagozzi, James C. Cox, Utpal M. Dholakia, Eric A. Greenleaf, Amit Pazgal, Michael H. Rothkopf, Michael Shen, Shyam Sunder, Robert Zeithammer
2005 Marketing letters  
auctions.  ...  With increasing numbers of consumers in auction marketplaces, we highlight some recent approaches that bring additional economic, social, and psychological factors to bear on existing economic theory to  ...  Such costs may apply to Filene's Basement (Bell and Starr, 1993) , which marks down prices by a schedule, and could be considered a slow Dutch auction.  ... 
doi:10.1007/s11002-005-5901-5 fatcat:cdu2hc3vungnjawtrhaqyk6s44

Going, going, gone: competitive decision-making in Dutch auctions

Murray Bennett, Rachel Mullard, Marc T. P. Adam, Mark Steyvers, Scott Brown, Ami Eidels
2020 Cognitive Research  
AbstractIn a Dutch auction, an item is offered for sale at a set maximum price.  ...  We show the model is sensitive to variation in auction starting price and can predict the associated changes in group bid prices that were observed in our data.  ...  prices set in a Dutch auction by sellers.  ... 
doi:10.1186/s41235-020-00259-w pmid:33252772 fatcat:6kahsdvt5zfalbf6hk3mmy63wi

Research on Consumer Behaviour in Online Auctions: Insights from a Critical Literature Review

Xiling Cui, Vincent Lai, Connie Liu
2008 Electronic Markets  
On the emotional front, research has reported that bidders experience strong emotions in terms of their excitement at winning and frustration at losing, and that these emotions change dynamically as a  ...  In online settings, multi-unit auctions may extend the sealed second-price mechanism to third-price or even further down the line, and the bids are not necessarily sealed.  ... 
doi:10.1080/10196780802420752 fatcat:jiqeif7t3nd5lnmip2j3td5dhm

Emotional Bidders—An Analytical and Experimental Examination of Consumers' Behavior in a Priceline-Like Reverse Auction

Min Ding, Jehoshua Eliashberg, Joel Huber, Ritesh Saini
2005 Management science  
This paper adds to economic analysis a formal representation of the emotions evoked by the auction process, specifically, the excitement of winning if a bid is accepted, and the frustration of losing if  ...  dynamic nature of the bidding behavior-that is, how winning and losing in previous bids influence their future bidding behavior.  ...  Similarly, frustration and its monetary equivalence are measured. These relationships are used to convert measurements of excitement and frustration into monetary equivalences in the 20 rounds.  ... 
doi:10.1287/mnsc.1040.0331 fatcat:hyjzh2rurraspdfjspchagzn24

The Impact of Computerized Agents on Immediate Emotions, Overall Arousal and Bidding Behavior in Electronic Auctions

Timm Teubner, Marc Adam, Ryan Riordan
2015 Journal of the AIS  
In particular, we use skin conductance response and heart rate measurements as proxies for the immediate emotions and overall arousal of human bidders in a lab experiment with human and computerized counterparts  ...  Our results show that computerized agents mitigated 1) the intensity of bidders' immediate emotions in response to discrete auction events, such as submitting a bid and winning or losing an auction, and  ...  Teubner et al. / Computerized Agents in Electronic Auctions Journal of the  ... 
doi:10.17705/1jais.00412 fatcat:5z452clnebgsfiqwldtyoj7z3i

Bid Takers or Market Makers? The Effect of Auctioneers on Auction Outcome

Nicola Lacetera, Bradley J. Larsen, Devin G. Pope, Justin R. Sydnor
2016 American Economic Journal: Microeconomics  
Auction environments are exciting and emotions may sway bidders.  ...  Another auctioneer stated that a good auctioneer "knows when to slow down and give someone that extra second to think to make the sale or for some people speed up so they get caught up in the bidding and  ... 
doi:10.1257/mic.20150020 fatcat:nhadcadig5fa5hkn645j2zznaa

Economic Insights from Internet Auctions

Patrick Bajari, Ali Hortaçsu
2004 Journal of Economic Literature  
However, these experiments reported higher prices in firstprice auctions than Dutch auctions, with Dutch auctions yielding 5-percent lower revenues on average.  ...  between Dutch and sealed-bid first-price auctions follows quite generally, since the only piece of information available to bidders in a Dutch auction that is not available to bidders in a sealedbid first-price  ... 
doi:10.1257/0022051041409075 fatcat:nohuw5t365gkdjdzjvhlag7jhq

Innovative Exuberance: Fluctuations in the Painting Production in the 17th-Century Netherlands

Weixuan Li
2019 Arts  
However, existing studies have not explored the use of known paintings to specify and visualize the fluctuations of painting production in the Dutch Republic.  ...  The surprising and rapid flowering of Dutch art and the Dutch art market from the late 16th century to the mid-17th century have propelled scholars to quantify the volume of production and to determine  ...  From a system point of view, a downturn after 15 Existing studies use extensive data on the price of painting in auctions and sales across time to develop a price index to identify abnormal bumps in  ... 
doi:10.3390/arts8020072 fatcat:ovhfng647ndy5lu2b2xmalu72a

The Landscape of Electronic Market Design

G. Anandalingam, Robert W. Day, S. Raghavan
2005 Management science  
In this way they are able to "divide up the pie" without driving up the prices on one another.  ...  The former provides justification for the persistence of strategically naive behavior, while the latter examines the effect of emotional factors (excitement and frustration) on bidder behavior and auction  ... 
doi:10.1287/mnsc.1040.0345 fatcat:5cp7d3fgs5hnbl77kgtnhedhhm

9. Auctions A Survey of Experimental Research [chapter]

John H. Kagel, Dan Levin, John H. Kagel, Alvin E. Roth
2016 The Handbook of Experimental Economics, Volume Two  
In the Dutch-English auctions the first unit was sold following Dutch auction rules, with the second unit sold using English auction rules with a starting price equal to the winning Dutch auction price  ...  RM compared bidding in three types of sequential auctions: Dutch (descending-price), English (ascending-price) and mixed Dutch and English. A round of Dutch auctions was conducted as follows.  ... 
doi:10.1515/9781400883172-010 fatcat:qlhofgsdhva47e44vanm3vsu7u
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