By: |
Sackett-Brian, Hillary M.;
Shupp, Robert |
Abstract: |
A growing literature exists on the design, implementation and evaluation of
experimental auctions with a variety of non-market valuation applications.
With behavioral economic models becoming more mainstreamed in the discipline,
a natural question arises about how personality traits might affect bidding
behavior in experimental auctions. To address this question, a series of
induced-value experiments were carried out in the fall of 2012. Personality
traits were measured in pre- and post-surveys aligning with the Midlife
Development Inventory Analysis. Regression analysis determined the effects of
personality traits on over- and under-bidding behaviors across four frequently
used auction mechanism: the Becker-Degroot-Marschak, 2nd Price, Random Nth
Price, and English auctions. Results indicate that only the BDM and Random Nth
price auctions are significantly affected by personality profile.
Specifically, openness, extraversion, and neuroticism are associated with
overbidding behavior and agreeableness is associated with underbidding
behaviors. |
Keywords: |
Experimental Auctions, Personality, Procedural Invariance, Behavior, Institutional and Behavioral Economics, Research Methods/ Statistical Methods, |
Date: |
2014 |
URL: |
http://d.repec.org/n?u=RePEc:ags:aaea14:170478&r=neu |