Experiments with Economic Principles						
Auctions						

88-110, 21 November, 2003 (collected by JHM)

Below are the data needed to complete your lab notes and homework.

pg 370  Table 13.1:  Outcome of English Auction

                                Group A Group B 
        Highest Bid                54      94      
        High Bidder's Buyer Value  97      95 
        High Bidder's Profits
        Highest Buyer Value        97      95   
        2nd-Highest Buyer Value    53      94      

pg 370
        Table 13.2:  Outcome of Dutch Auction

                                Group A Group B 
        Winning Bid                  80      84    
        Winning Bidder's Buyer Value 89      86
        Winning Bidder's Profits
        Highest Buyer Value          89      86  
        2nd-Highest Buyer Value      54      75

pg 371
        Table 13.3:  Outcome of Sealed-Bid, First-Price Auction

                                Group A Group B 
        Highest Bid                 90      70 
        High Bidder's Buyer Value   99      79
        High Bidder's Profits
        Highest Buyer Value         99      79   
        2nd-Highest Buyer Value     96      39  

pg 371
        Table 13.4:  Outcome of Sealed-Bid, Second-Price Auction

                                Group A Group B 
        Highest Bid                 84      95
        Second-Highest Bid          75      71     
        High Bidder's Buyer Value   84      95  
        High Bidder's Profits
        Highest Buyer Value         95      95  
        2nd-Highest Buyer Value     84      71

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The data below is not needed for the workbook, but we will
refer to it in class.

$1 auction (escalation auction)
The highest bid was $2.60, the second highest bid was $2.50.
(Thus, the $1 was sold for $5.10.)

Rubber Band Auction.  There were 29 rubber bands in the box (thus, the good
was worth $29 to the buyer).

The bids were (first number is x10, remaining number are second digits):
10 1
.
.
5 1100000000
4 1100000000
3 3100000000
2 3000100000
1 0000102030

Accountant auction.  The average was $120 (thus, the good was worth
$120 to the buyer).

The bids were (along with the associated estimates):

170 (120)
160 (160)
150 (150)
138 (170)
130 (130,170))
125 (100)
115 (140)
100 (130,160)
95 (150)
89 (90,140)
70 (100)
50 (70)
32.5 (70)

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