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Experimental sealed-bid first-price auctions with private values in which feedback on the losing bids is provided yield lower revenues than auctions where this feedback is not given. The concept of weighted impulse balance equilibrium, which is based on a principle of ex-post rationality and incorporates a concern for social comparison, captures the data.
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Axel Ockenfels
University of Cologne
Reinhard Selten
University of Bonn
Games and Economic Behavior
University of Bonn
University of Cologne
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Ockenfels et al. (Wed,) studied this question.
synapsesocial.com/papers/6a1fbedce871d59106268427 — DOI: https://doi.org/10.1016/j.geb.2004.04.002