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| Author: | Hanousek, J. Kocenda, E. |
| Title: | Learning by investing |
| Journal: | Economics of transition
2011 : VOL. 19:1, p. 125-149 |
| Index terms: | stock markets investments auctions bidding learning privatization transition economies Central Europe Eastern Europe |
| Language: | eng |
| Abstract: | This study tests for learning among heterogeneous individuals engaged in bidding and having limited information about the auctioned assets. Used is an extensive dataset from an auction through which state-owned enterprises were privatized in the Czech Republic in 1993-1994. To test for learning, new measures of individual performance are developed to accommodate the varying prices of assets available in six successive bidding stages. Among others, it is found that learning took place among heterogeneous agents during a large-scale multi-stage auction, unique as to its size, incentives and variation. |
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