The Sunk-Cost Fallacy in Penny Auctions¶
Augenblick. (2015). The Sunk-Cost Fallacy in Penny Auctions. The Review of Economic Studies.
Cited by¶
1 citation across 1 artifact.
Each citation links to the sentence it supports in the citing article.
Domain-specific¶
- Dollar Auction
- "Penny auction" websites such as Swoopo (studied by Ned Augenblick, 2016) commercialised exactly this structure
This sourceThe empirical study of penny auctions (two data sets covering 166,000 auctions) showing the mechanism is structurally all-pay while explaining bidder behaviour by a sunk-cost fallacy. The empirical study establishing that penny-auction bidders commit non-refundable costs for each bid as the auction continues.
Supported in partVerified against the publisher's abstract
“As in the US dollars or war-of-attrition, players in penny auctions commit higher non-refundable costs as the auction continues and only win if all other players stop bidding.”
- "Penny auction" websites such as Swoopo (studied by Ned Augenblick, 2016) commercialised exactly this structure
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Registry ID ref:688802b90904 · see in the full table