This work deals with the study of subjects behavior in an auction and attempts to contribute a small part of understanding to the big picture of this topic by targeting the following two research questions: Is there a difference between outside options for all or a lottery for an outside option for one "loser" with equivalent expected value? Does group size influence bids in a second price auction? To answer these questions we conducted an experiment at the Max Jung laboratory, sited at Graz University.
This work deals with the study of subjects behavior in an auction and attempts to contribute a small part of understanding to the big picture of this ...