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| Author: | Harrison, G.W. List, J.A. |
| Title: | Naturally occurring markets and exogenous laboratory experiments: a case study of the winner's curse |
| Journal: | Economic Journal
2008 : APR, VOL. 118:528, p. 822-843 |
| Index terms: | economics research experiment design field research theories |
| Language: | eng |
| Abstract: | The relevance of experimental results from laboratory settings that abstract from the field context of the task theory purports to explain is examined in this paper. Common value auction is used as a guide to identify naturally occurring settings in which one can test the theory. Experienced agents bidding in familiar roles do not fall prey to the winner's curse. Yet, experienced agents fall prey to the winner's curse when bidding in an unfamiliar role. It is concluded that the theory predicts field behaviour well when one is able to identify naturally occurring field counterparts to the key theoretical conditions. |
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