Penny auction game : sunk cost fallacy, loss aversion and bounded rationality.

• Main Authors: Chan, Pheng., Ng, Wei Liang., Wong, Heng Liang.
• Other Authors: School of Humanities and Social Sciences
• Format: Final Year Project
• Language: English
• Published: 2011
• Subjects: DRNTU::Social sciences::Economic theory
• Online Access: http://hdl.handle.net/10356/44476
• Institution: Nanyang Technological University

We have analyzed a new auction format where bid fees are incurred whenever bidders want to participate in auctions. We have collected a total of 464 auctions and captured 8431 bidders throughout a period of three months. Our research has adopted various techniques including regression and graphical...