Group Decision-Making and the Winner's Curse

Hayne, Stephen

Abstract

This collaborative project between Arizona State University and the University of Arizona proposes to study group decision making for bidding in auctions. Existing data suggest that group bids are particularly subject to the winner's curse phenomenon - the tendency for winning bidders in auctions to pay systematically too much for the item purchased.. The PIs propose to run pilot experiment to analyze the role of individual information among group members and explore alternative decision rules for the group. %` ¢??ÕÁ?¥ ¥? ¥©Á ??>>Á? ¢ ???¢Á ?©Á>?_Á>?> ¥ ©Á ¥Á>?Á>?` Â?? ??>>?>À ????Á?¢ ?> /??¥??>¢ ¥? ?/` ¢`¢¥Á_/¥??/%%` ¥?? _??© Â?? ¥©Á ?¥Á_ ????©/¢Á? ¼©Á &¿¢ ?????¢Á ¥? ??> ??%?¥ Á??Á??_Á>¥ ¥?/>/%`:Á ¥©Á ??%Á ? ?>??????/% ?>Â??_/¥??> /_?>À À???? _Á_?Á?¢ />? Á??%??Á /%¥Á?>/¥??Á ?Á??¢??> ??%Á¢ Â?? ¥©Á À ????

Funding Agency

• Agency: National Science Foundation (NSF)
• Institute: Division of Social and Economic Sciences (SES)
• Type: Standard Grant (Standard)
• Application #: 9709423
• Program Officer: Hal R. Arkes
• Budget Start: 1997-09-01
• Budget End: 1998-08-31
• Fiscal Year: 1997
• Total Cost: $15,000

Institution

• Name: Arizona State University
• City: Tempe
• State: AZ
• Country: United States
• Zip Code: 85281