search query: @author Engelbrecht-Wiggans, R. / total: 8
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| Author: | Engelbrecht-Wiggans, R. |
| Title: | The effect of regret on optimal bidding in auctions. |
| Journal: | Management Science
1989 : JUN, VOL. 35:6, p. 685-692 |
| Index terms: | BIDDING |
| Language: | eng |
| Abstract: | While most models of auctions and competitive bidding assume that each bidder's utility for an outcome depends only on his own profit, the utility is allowed to also depend on any regret that a bidder suffers after the fact and characterize when and how this affects bidding. It is shown that for risk-neutral bidders a bidder's optimal bidding strategy will not depend on the relative weight given to profit versus regret if both forms of regret weigh equally heavily. |
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