A comment on "Can relaxation of beliefs rationalize the winner's curse? An experimental study"
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Ivanov, Levin, and Niederle (2010) use a common-value second-price auction experiment to reject beliefs-based explanations for the winner's curse. ILN's conclusion, however, stems from the misuse of theoretical arguments. Beliefs-based models are even compatible with some observations from ILN's experiment.
Costa-Gomes , M A & Shimoji , M 2015 , ' A comment on "Can relaxation of beliefs rationalize the winner's curse? An experimental study" ' , Econometrica , vol. 83 , no. 1 , pp. 375-383 . https://doi.org/10.3982/ECTA11000
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