Iriberri's work on this project began when she was affiliated with the University of California, San Diego. We are grateful to the National Science Foundation (Crawford), the Centro de Formación del Banco de España (Iriberri), and the Barcelona Economics Program of CREA (Iriberri) for research support; to Pierpaolo Battigalli, Yong Chao, Gary Charness, Olivier Compte, Ignacio Esponda, Erik Eyster, Drew Fudenberg, Charles Holt, Mark Isaac, Philippe Jehiel, John Kagel, Navin Kartik, Muriel Niederle, David Miller, Thomas Palfrey, Charles Plott, Matthew Rabin, Jose Gonzalo Rangel, Ricardo Serrano-Padial, Joel Sobel, Yixiao Sun, and, especially, Dan Levin for helpful discussions; and to Kagel for locating and providing the data from the experiments of Kagel and Levin (1986, 2002), Garvin and Kagel (1994), Kagel, Levin, and Harstad (1995), and Avery and Kagel (1997). A web appendix provides further analysis and detailed calculations.
Level-k Auctions: Can a Nonequilibrium Model of Strategic Thinking Explain the Winner's Curse and Overbidding in Private-Value Auctions?
Article first published online: 19 OCT 2007
Volume 75, Issue 6, pages 1721–1770, November 2007
How to Cite
Crawford, V. P. and Iriberri, N. (2007), Level-k Auctions: Can a Nonequilibrium Model of Strategic Thinking Explain the Winner's Curse and Overbidding in Private-Value Auctions?. Econometrica, 75: 1721–1770. doi: 10.1111/j.1468-0262.2007.00810.x
- Issue published online: 19 OCT 2007
- Article first published online: 19 OCT 2007
- Manuscript received October, 2005; final revision received June, 2007.
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