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| Topic: |
Miscellaneous
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| Number of pages / Number of words: |
20 / 5438 |
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40), prompting calls for theoretical and empirical research from an economic as well as a behavioral perspective (Rothkopf and Harstad 1994).
In addition, most items now being sold in auctions are mass-produced and/or relatively inexpensive, and participants who bid on these products in auctions may receive utility from factors other than the price...
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Biases arising in these contexts are liable to be less costly than when bidding on one-of-a-kind, big-ticket items such as oil leases or Impressionist paintings. Thus, few of the assumptions required for the theory to be applicable exist in these auction marketplaces. Consequently, researchers need to focus on consumer characteristics and auction mechanisms that affect behavior in these choice contexts...
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