Universität Wien
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040201 UK Auctions and Experiments (2011S)

4.00 ECTS (2.00 SWS), SPL 4 - Wirtschaftswissenschaften
Prüfungsimmanente Lehrveranstaltung

An/Abmeldung

Hinweis: Ihr Anmeldezeitpunkt innerhalb der Frist hat keine Auswirkungen auf die Platzvergabe (kein "first come, first served").

Details

max. 50 Teilnehmer*innen
Sprache: Englisch

Lehrende

Termine (iCal) - nächster Termin ist mit N markiert

  • Montag 02.05. 14:00 - 16:00 (Seminarraum 2 Hohenstaufengasse 9 1.Stock)
  • Dienstag 03.05. 17:30 - 20:15 (Seminarraum 2 Hohenstaufengasse 9 1.Stock)
  • Mittwoch 04.05. 09:00 - 11:00 (Seminarraum 2 Hohenstaufengasse 9 1.Stock)
  • Donnerstag 05.05. 11:00 - 13:00 (Seminarraum 2 Hohenstaufengasse 9 1.Stock)
  • Freitag 06.05. 17:00 - 19:00 (Seminarraum 2 Hohenstaufengasse 9 1.Stock)
  • Montag 09.05. 14:00 - 16:00 (Seminarraum 2 Hohenstaufengasse 9 1.Stock)
  • Dienstag 10.05. 17:30 - 20:15 (Seminarraum 2 Hohenstaufengasse 9 1.Stock)
  • Mittwoch 11.05. 18:00 - 20:00 (Seminarraum 2 Hohenstaufengasse 9 1.Stock)
  • Donnerstag 12.05. 11:00 - 13:00 (Seminarraum 2 Hohenstaufengasse 9 1.Stock)
  • Freitag 13.05. 17:00 - 19:00 (Seminarraum 2 Hohenstaufengasse 9 1.Stock)
  • Dienstag 17.05. 17:30 - 19:30 (Seminarraum 2 Hohenstaufengasse 9 1.Stock)
  • Donnerstag 19.05. 11:00 - 13:00 (Seminarraum 2 Hohenstaufengasse 9 1.Stock)

Information

Ziele, Inhalte und Methode der Lehrveranstaltung

We will attempt in a short time to introduce students to markets in which prices arise from well-understood rules, covering both aspects of the theory of auctions, and empirical study via laboratory experiments. Given the short time, our goal is to make the students educated consumers of auction theory and auction experimental literatures, and to help them see appropriate roles for each in furthering our knowledge about these important markets.
Highly tentative schedule (the following topics are each estimated to take 3-3 1/2 hours of class time):
1st: Introduction to auction markets, basics of theoretical treatment, basics of experimental treatment.
2nd: Focus on comparative statics, theory and experiment.
3rd: Focus on the roles of assumptions in auction theory.
4th: Efficiency in laboratory and in field experiments, pitfallsin experiments evaluating theory.
Note that the above topics are not partitions; some overlap and cross-reference are to be expected.
The remaining class time will include discussion of the limits to theory, limits to experiments, and questions to ask about replicability before putting a lot of faith in experimental reports; some attempt will be made to adapt class time to multiple expressions of interest in particular topics.

Art der Leistungskontrolle und erlaubte Hilfsmittel

Each student's grade will be based entirely on his/her contributions to the learning of other students in the class. These contributions can include asking or answering questions or offering useful comments in class, arranging to summarize for the class a theory paper of interest, an experiment of interest (sometimes as little as 5 minutes) or the relationship between a couple experiments or between an experiment and the theory it is testing. These summaries can be on the course website or in class. In addition, postings on the website of questions and answers, links to websites of interest, and/or discussion of ongoing controversies can count as contributions.

Mindestanforderungen und Beurteilungsmaßstab

Prüfungsstoff

Literatur

Generally to be selected by the students; in most cases, only one student in class will read any particular journal article, working paper or book chapter. Douglas Davis and Charles Holt, Experimental Economics, Princeton Press, 1995, and John Kagel and Alvin Roth, The Handbook of Experimental Economics, Princeton Press, 1995, are the standard about how to do experimental economics and a survey of results to 1995, respectively, and it may be that all students will choose to read the introduction of each book. The Holt/Davis book has little to say a bout auction experiments in particular; Kagel provides a chapter about experiments in the handbook. Charles R. Plott and Vernon L. Smith, Handbook of Experimental Economics Results, Elsevier, 2008, is longer and with more contributors than Kabel and Roth. I presume it has one or more chapters on auction experiments; I have not looked that up.
An extensive experimental economics bibliography (a decade old now) is at http://www.people.virginia.edu/~cah2k/y2k.htm
There is no background text on auction theory at a suitable level. The readings below: A is useful for all, at least to skim; B and C provide a perspective (al students should read the intro of each, glance at the rest and choose a section or two to read carefully); D is an introduction to auction theory, fairly accessible for those with a strong mathematics background.
A. Klemperer, P. Why Every Economist Should Learn Some Auction Theory in Advances in Economics and Econometrics: Invited Lectures to 8th World Congress of the Econometric Society, M. Dewatripont, L. Hansen and S. Turnovsky (eds.), Cambridge University Press (2003).
B. Rothkopf, M. H. and R. M. Harstad (1994a), "Modeling Competitive Bidding: A Critical Essay"; Management Science, 40, 364-84 (pdf).
C. Harstad, R. M., and A. Pekec "Relevance to Practice and Auction Theory: A Memorial Essay for Michael Rothkopf"; Interfaces, 38 (2008), 367-380 (pdf).
D. Klemperer, P. Auction Theory: A Guide to the Literature, (2000).

Zuordnung im Vorlesungsverzeichnis

Letzte Änderung: Mo 07.09.2020 15:28