Experimental Auctions with Securities
Abstract
Security-bid auctions are used around the world to sell the rights to control projects (assets) that generate millions of dollars in future cash flows. In these auctions, bidders bid with securities (i.e., financial instruments other than cash), which link payments to the project's ex-post revenue. We implement security-bid auctions in a laboratory experiment, using debt and equity as securities, to evaluate the effects of security choice and auction design on revenue and efficiency. We also study the drivers of bidding behaviour, including risk aversion, heuristic thinking, and experience.
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An online seminar series on Experimental and Behavioural Economics organized by the Centre for Unified Behavioural and Economic Sciences (CUBES) of the School of Economics at The University of Queensland.
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