Regret and information at first price auctions: a study with brazilian decision-makers
Autor(a) principal: | |
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Data de Publicação: | 2020 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Independent Journal of Management & Production |
Texto Completo: | http://www.ijmp.jor.br/index.php/ijmp/article/view/1276 |
Resumo: | Studies point out that the utility of the decision maker in the results depends on the profit. However, acting rationally in an auction environment can be difficult, and the reasons may be due to cognitive aspects such as regret. The "Winner's Regret" bias is characterized by the regret that the winner suffers for bidding too high compared to his opponent. The "Loser’s regret" comes from realizing that his very low bid made him lose. Therefore, the objective of this study was to investigate the effect of regret and information on first price auctions in Brazilian individuals and compare with studies conducted abroad, checking if there is a difference in bias amplitude. Initially, a literature review on behavioral operations, auctions and the effect of regret in auctions was performed. Regarding the methodology, the sample applied was non-probabilistic and for convenience. The experiment design had four treatments: Winner's Regret, Loser's Regret, Both and None, manipulated in a 4x1 experiment with college students. Regarding the winner's regret, the results were similar to studies abroad and in the hypothesis of the loser's regret the results were different. |
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Independent Journal of Management & Production |
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Regret and information at first price auctions: a study with brazilian decision-makersBehaviorRegret in auctionsProductionStudies point out that the utility of the decision maker in the results depends on the profit. However, acting rationally in an auction environment can be difficult, and the reasons may be due to cognitive aspects such as regret. The "Winner's Regret" bias is characterized by the regret that the winner suffers for bidding too high compared to his opponent. The "Loser’s regret" comes from realizing that his very low bid made him lose. Therefore, the objective of this study was to investigate the effect of regret and information on first price auctions in Brazilian individuals and compare with studies conducted abroad, checking if there is a difference in bias amplitude. Initially, a literature review on behavioral operations, auctions and the effect of regret in auctions was performed. Regarding the methodology, the sample applied was non-probabilistic and for convenience. The experiment design had four treatments: Winner's Regret, Loser's Regret, Both and None, manipulated in a 4x1 experiment with college students. Regarding the winner's regret, the results were similar to studies abroad and in the hypothesis of the loser's regret the results were different.Independent2020-09-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdftext/htmlhttp://www.ijmp.jor.br/index.php/ijmp/article/view/127610.14807/ijmp.v11i5.1276Independent Journal of Management & Production; Vol. 11 No. 5 (2020): Independent Journal of Management & Production (Special Edition IFLOG); 1696-17072236-269X2236-269Xreponame:Independent Journal of Management & Productioninstname:Instituto Federal de Educação, Ciência e Tecnologia de São Paulo (IFSP)instacron:IJM&Penghttp://www.ijmp.jor.br/index.php/ijmp/article/view/1276/1440http://www.ijmp.jor.br/index.php/ijmp/article/view/1276/1441Copyright (c) 2020 Glaucia Miura Ota, Adriano Maniçoba da Silvainfo:eu-repo/semantics/openAccessOta, Glaucia MiuraSilva, Adriano Maniçoba da2020-09-01T11:10:14Zoai:www.ijmp.jor.br:article/1276Revistahttp://www.ijmp.jor.br/PUBhttp://www.ijmp.jor.br/index.php/ijmp/oaiijmp@ijmp.jor.br||paulo@paulorodrigues.pro.br||2236-269X2236-269Xopendoar:2020-09-01T11:10:14Independent Journal of Management & Production - Instituto Federal de Educação, Ciência e Tecnologia de São Paulo (IFSP)false |
dc.title.none.fl_str_mv |
Regret and information at first price auctions: a study with brazilian decision-makers |
title |
Regret and information at first price auctions: a study with brazilian decision-makers |
spellingShingle |
Regret and information at first price auctions: a study with brazilian decision-makers Ota, Glaucia Miura Behavior Regret in auctions Production |
title_short |
Regret and information at first price auctions: a study with brazilian decision-makers |
title_full |
Regret and information at first price auctions: a study with brazilian decision-makers |
title_fullStr |
Regret and information at first price auctions: a study with brazilian decision-makers |
title_full_unstemmed |
Regret and information at first price auctions: a study with brazilian decision-makers |
title_sort |
Regret and information at first price auctions: a study with brazilian decision-makers |
author |
Ota, Glaucia Miura |
author_facet |
Ota, Glaucia Miura Silva, Adriano Maniçoba da |
author_role |
author |
author2 |
Silva, Adriano Maniçoba da |
author2_role |
author |
dc.contributor.author.fl_str_mv |
Ota, Glaucia Miura Silva, Adriano Maniçoba da |
dc.subject.por.fl_str_mv |
Behavior Regret in auctions Production |
topic |
Behavior Regret in auctions Production |
description |
Studies point out that the utility of the decision maker in the results depends on the profit. However, acting rationally in an auction environment can be difficult, and the reasons may be due to cognitive aspects such as regret. The "Winner's Regret" bias is characterized by the regret that the winner suffers for bidding too high compared to his opponent. The "Loser’s regret" comes from realizing that his very low bid made him lose. Therefore, the objective of this study was to investigate the effect of regret and information on first price auctions in Brazilian individuals and compare with studies conducted abroad, checking if there is a difference in bias amplitude. Initially, a literature review on behavioral operations, auctions and the effect of regret in auctions was performed. Regarding the methodology, the sample applied was non-probabilistic and for convenience. The experiment design had four treatments: Winner's Regret, Loser's Regret, Both and None, manipulated in a 4x1 experiment with college students. Regarding the winner's regret, the results were similar to studies abroad and in the hypothesis of the loser's regret the results were different. |
publishDate |
2020 |
dc.date.none.fl_str_mv |
2020-09-01 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://www.ijmp.jor.br/index.php/ijmp/article/view/1276 10.14807/ijmp.v11i5.1276 |
url |
http://www.ijmp.jor.br/index.php/ijmp/article/view/1276 |
identifier_str_mv |
10.14807/ijmp.v11i5.1276 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
http://www.ijmp.jor.br/index.php/ijmp/article/view/1276/1440 http://www.ijmp.jor.br/index.php/ijmp/article/view/1276/1441 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2020 Glaucia Miura Ota, Adriano Maniçoba da Silva info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2020 Glaucia Miura Ota, Adriano Maniçoba da Silva |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf text/html |
dc.publisher.none.fl_str_mv |
Independent |
publisher.none.fl_str_mv |
Independent |
dc.source.none.fl_str_mv |
Independent Journal of Management & Production; Vol. 11 No. 5 (2020): Independent Journal of Management & Production (Special Edition IFLOG); 1696-1707 2236-269X 2236-269X reponame:Independent Journal of Management & Production instname:Instituto Federal de Educação, Ciência e Tecnologia de São Paulo (IFSP) instacron:IJM&P |
instname_str |
Instituto Federal de Educação, Ciência e Tecnologia de São Paulo (IFSP) |
instacron_str |
IJM&P |
institution |
IJM&P |
reponame_str |
Independent Journal of Management & Production |
collection |
Independent Journal of Management & Production |
repository.name.fl_str_mv |
Independent Journal of Management & Production - Instituto Federal de Educação, Ciência e Tecnologia de São Paulo (IFSP) |
repository.mail.fl_str_mv |
ijmp@ijmp.jor.br||paulo@paulorodrigues.pro.br|| |
_version_ |
1797220492998868992 |