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by aelhaji
2686 days ago
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It's done with so-called value induced auctions. In this type of auction you simply bid on a voucher that's worth $x dollars, where x is different for each participant. Theory predicts that your bid should be $x (your maximum willingness-to-pay). Considering value is induced, researchers know both the prediction and the observation, and calculating the difference determines the 'truth revealing efficiency' of an auction. See for example: https://www.sciencedirect.com/science/article/pii/S016726810... |
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