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Going, going, gone: competitive decision-making in Dutch auctions
AbstractIn a Dutch auction, an item is offered for sale at a set maximum price. The price is then gradually lowered over a fixed interval of time until a bid is made, securing the item for the bidder at the current price. Bidders must trade-off between certainty and price: bid early to secure the item and you pay a premium; bid later at a lower price but risk losing to another bidder. These properties of Dutch auctions provide new opportunities to study competitive decision-making in a groupdoi:10.1186/s41235-020-00259-w pmid:33252772 fatcat:6kahsdvt5zfalbf6hk3mmy63wi