Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments February 20, 2015 erstellt
Beschreibung:
We experimentally compare under-revelation of supply and demand across alternative variations of ascending and descending two-sided price clock auctions. We find that buyers reduce demand more when the price is ascending but sellers' behavior is consistent across clock directions. As a result, the clock price rule has empirical effects on efficiency even though it is theoretically neutral