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In particular: Section A and B contain the proofs of Proposition 1 and 2, respectively; Section C presents the results of a simulation exercise that support the theoretical predictions of the Cognitive Hierarchy model; Section D contains additional descriptive and inferential evidence that is discussed in the empirical part of the paper. ∗Department of Economics and Management, University of Padova, Via del Santo 33, 35123 Padova, Italy. Email: stefano.galavotti@unipd.it. †Centre d’Economie de la Sorbonne, Université Paris 1 Panthéon-Sorbonne, 106-112 Bvd de l’Hôpital, 75013 Paris, France. Email: luigi.moretti@univ-paris1.fr. ‡Department of Economics and Management, University of Padova, Via del Santo 33, 35123 Padova, Italy; Higher School of Economics, National Research University, Moscow-Perm, Russia. 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In particular: Section A and B contain the proofs of Proposition 1 and 2, respectively; Section C presents the results of a simulation exercise that support the theoretical predictions of the Cognitive Hierarchy model; Section D contains additional descriptive and inferential evidence that is discussed in the empirical part of the paper. ∗Department of Economics and Management, University of Padova, Via del Santo 33, 35123 Padova, Italy. Email: stefano.galavotti@unipd.it. †Centre d’Economie de la Sorbonne, Université Paris 1 Panthéon-Sorbonne, 106-112 Bvd de l’Hôpital, 75013 Paris, France. Email: luigi.moretti@univ-paris1.fr. ‡Department of Economics and Management, University of Padova, Via del Santo 33, 35123 Padova, Italy; Higher School of Economics, National Research University, Moscow-Perm, Russia. Email: paola.valbonesi@unipd.it.","publication_date":"2017,,"},"document_type":"paper","pre_hit_view_count_baseline":null,"quality":"high","language":"en","title":"Sophisticated Bidders in Beauty-Contest Auctions Online Appendix","broadcastable":false,"draft":null,"has_indexable_attachment":true,"indexable":true}}["work"]; window.loswp.workCoauthors = [12512249]; window.loswp.locale = "en"; window.loswp.countryCode = "SG"; window.loswp.cwvAbTestBucket = ""; window.loswp.designVariant = "ds_vanilla"; window.loswp.fullPageMobileSutdModalVariant = "control"; window.loswp.useOptimizedScribd4genScript = false; window.loswp.appleClientId = 'edu.academia.applesignon';</script><script defer="" src="https://accounts.google.com/gsi/client"></script><div class="ds-loswp-container"><div class="ds-work-card--grid-container"><div class="ds-work-card--container js-loswp-work-card"><div class="ds-work-card--cover"><div class="ds-work-cover--wrapper"><div class="ds-work-cover--container"><button class="ds-work-cover--clickable js-swp-download-button" data-signup-modal="{"location":"swp-splash-paper-cover","attachmentId":79894328,"attachmentType":"pdf"}"><img alt="First page of “Sophisticated Bidders in Beauty-Contest Auctions Online Appendix”" class="ds-work-cover--cover-thumbnail" src="https://0.academia-photos.com/attachment_thumbnails/79894328/mini_magick20220129-10443-18yi9ui.png?1643527923" /><img alt="PDF Icon" class="ds-work-cover--file-icon" src="//a.academia-assets.com/assets/single_work_splash/adobe.icon-574afd46eb6b03a77a153a647fb47e30546f9215c0ee6a25df597a779717f9ef.svg" /><div class="ds-work-cover--hover-container"><span class="material-symbols-outlined" style="font-size: 20px" translate="no">download</span><p>Download Free PDF</p></div><div class="ds-work-cover--ribbon-container">Download Free PDF</div><div class="ds-work-cover--ribbon-triangle"></div></button></div></div></div><div class="ds-work-card--work-information"><h1 class="ds-work-card--work-title">Sophisticated Bidders in Beauty-Contest Auctions Online Appendix</h1><div class="ds-work-card--work-authors ds-work-card--detail"><a class="ds-work-card--author js-wsj-grid-card-author ds2-5-body-md ds2-5-body-link" data-author-id="12512249" href="https://unipd.academia.edu/PValbonesi"><img alt="Profile image of Paola Valbonesi" class="ds-work-card--author-avatar" src="https://0.academia-photos.com/12512249/6917018/7802708/s65_paola.valbonesi.jpg" />Paola Valbonesi</a></div><div class="ds-work-card--detail"><p class="ds-work-card--detail ds2-5-body-sm">2017</p></div><p class="ds-work-card--work-abstract ds-work-card--detail ds2-5-body-md">This Online Appendix contains additional material that complements the paper “Sophisticated Bidders in Beauty-Contest Auctions”. In particular: Section A and B contain the proofs of Proposition 1 and 2, respectively; Section C presents the results of a simulation exercise that support the theoretical predictions of the Cognitive Hierarchy model; Section D contains additional descriptive and inferential evidence that is discussed in the empirical part of the paper. ∗Department of Economics and Management, University of Padova, Via del Santo 33, 35123 Padova, Italy. Email: stefano.galavotti@unipd.it. †Centre d’Economie de la Sorbonne, Université Paris 1 Panthéon-Sorbonne, 106-112 Bvd de l’Hôpital, 75013 Paris, France. Email: luigi.moretti@univ-paris1.fr. ‡Department of Economics and Management, University of Padova, Via del Santo 33, 35123 Padova, Italy; Higher School of Economics, National Research University, Moscow-Perm, Russia. Email: paola.valbonesi@unipd.it.</p><div class="ds-work-card--button-container"><button class="ds2-5-button js-swp-download-button" data-signup-modal="{"location":"continue-reading-button--work-card","attachmentId":79894328,"attachmentType":"pdf","workUrl":"https://www.academia.edu/70003193/Sophisticated_Bidders_in_Beauty_Contest_Auctions_Online_Appendix"}">See full PDF</button><button class="ds2-5-button ds2-5-button--secondary js-swp-download-button" data-signup-modal="{"location":"download-pdf-button--work-card","attachmentId":79894328,"attachmentType":"pdf","workUrl":"https://www.academia.edu/70003193/Sophisticated_Bidders_in_Beauty_Contest_Auctions_Online_Appendix"}"><span class="material-symbols-outlined" style="font-size: 20px" translate="no">download</span>Download PDF</button></div></div></div></div><div data-auto_select="false" data-client_id="331998490334-rsn3chp12mbkiqhl6e7lu2q0mlbu0f1b" data-doc_id="79894328" data-landing_url="https://www.academia.edu/70003193/Sophisticated_Bidders_in_Beauty_Contest_Auctions_Online_Appendix" data-login_uri="https://www.academia.edu/registrations/google_one_tap" data-moment_callback="onGoogleOneTapEvent" id="g_id_onload"></div><div class="ds-top-related-works--grid-container"><div class="ds-related-content--container ds-top-related-works--container"><h2 class="ds-related-content--heading">Related papers</h2><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="0" data-entity-id="21477370" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/21477370/Sophisticated_Bidders_In_Beauty_Contest_Auctions">Sophisticated Bidders In Beauty-Contest Auctions</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="12512249" href="https://unipd.academia.edu/PValbonesi">Paola Valbonesi</a></div><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"Sophisticated Bidders In Beauty-Contest Auctions","attachmentId":41901187,"attachmentType":"pdf","work_url":"https://www.academia.edu/21477370/Sophisticated_Bidders_In_Beauty_Contest_Auctions","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/21477370/Sophisticated_Bidders_In_Beauty_Contest_Auctions"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="1" data-entity-id="73279787" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/73279787/Essays_on_Auction_Theory_and_Application">Essays on Auction Theory and Application</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="122984495" href="https://umcp.academia.edu/STu">Shunjie Tu</a></div><p class="ds-related-work--metadata ds2-5-body-xs">2019</p><p class="ds-related-work--abstract ds2-5-body-sm">Title of dissertation: ESSAYS ON AUCTION THEORY AND APPLICATION Shunjie Tu Doctor of Philosophy, 2019 Dissertation directed by: Professor Daniel Vincent Department of Economics This dissertation contributes to auction theory with application of the theory to the analysis of some real-life problem. 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As suggested in the literature, bidding occurs in these auctions in an inherently ambiguous environment due to lack of information about bidders ’ risk attitudes and bidding strategies. I show that bidding in first-price auctions can be rationalized as a combination of reactions to underlying ambiguity and anticipated loss aversion. Using data from experimental auctions, I provide evidence that in induced value auctions against human bidders this approach works well. In auctions with prior experience and /or against risk-neutral Nash bidders where ambiguity effects could be altogether irrelevant, anticipated loss aversion by itself can explain aggressive bidding. This is a novel result in the literature. Using data from experiments I find that ambiguity effects become negligible in auctions with prior experience (with loss aversion) against (i) experienced human bidders and (i...</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"1 Reference-Dependent Preferences in First Price Auctions","attachmentId":93934431,"attachmentType":"pdf","work_url":"https://www.academia.edu/90346252/1_Reference_Dependent_Preferences_in_First_Price_Auctions","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/90346252/1_Reference_Dependent_Preferences_in_First_Price_Auctions"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="8" data-entity-id="70255779" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/70255779/Optimal_favoritism_in_all_pay_auctions_and_lottery_contests">Optimal favoritism in all-pay auctions and lottery contests</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="99548011" href="https://tu-dortmund.academia.edu/WolfgangLeininger">Wolfgang Leininger</a></div><p class="ds-related-work--metadata ds2-5-body-xs">European Economic Review</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"Optimal favoritism in all-pay auctions and lottery contests","attachmentId":80081122,"attachmentType":"pdf","work_url":"https://www.academia.edu/70255779/Optimal_favoritism_in_all_pay_auctions_and_lottery_contests","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/70255779/Optimal_favoritism_in_all_pay_auctions_and_lottery_contests"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="9" data-entity-id="16410593" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/16410593/_Individual_Behavior_In_Auctions_with_Price_Proportional_Benefits">Individual Behavior In Auctions with Price Proportional Benefits</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="35554186" href="https://independent.academia.edu/TimothySalmon">Timothy Salmon</a><span>, </span><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="35700300" href="https://fsu.academia.edu/MarkIsaac">Mark Isaac</a></div><p class="ds-related-work--metadata ds2-5-body-xs">Florida State University, 2008</p><p class="ds-related-work--abstract ds2-5-body-sm">Individual Behavior In Auctions with Price Proportional Benefits R. Mark Isaac* Florida State University Svetlana Pevnitskaya$ Florida State University Timothy C. Salmon* Florida State University July 2008 ... Elfenbein and McManus (2007) take data from e&Bayls Giving Works ...</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"Individual Behavior In Auctions with Price Proportional Benefits","attachmentId":42494445,"attachmentType":"pdf","work_url":"https://www.academia.edu/16410593/_Individual_Behavior_In_Auctions_with_Price_Proportional_Benefits","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/16410593/_Individual_Behavior_In_Auctions_with_Price_Proportional_Benefits"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div></div></div><div class="ds-sticky-ctas--wrapper js-loswp-sticky-ctas hidden"><div class="ds-sticky-ctas--grid-container"><div class="ds-sticky-ctas--container"><button class="ds2-5-button js-swp-download-button" data-signup-modal="{"location":"continue-reading-button--sticky-ctas","attachmentId":79894328,"attachmentType":"pdf","workUrl":null}">See full PDF</button><button class="ds2-5-button ds2-5-button--secondary js-swp-download-button" data-signup-modal="{"location":"download-pdf-button--sticky-ctas","attachmentId":79894328,"attachmentType":"pdf","workUrl":null}"><span class="material-symbols-outlined" style="font-size: 20px" translate="no">download</span>Download PDF</button></div></div></div><div class="ds-below-fold--grid-container"><div class="ds-work--container js-loswp-embedded-document"><div class="attachment_preview" data-attachment="Attachment_79894328" style="display: none"><div class="js-scribd-document-container"><div class="scribd--document-loading js-scribd-document-loader" style="display: block;"><img alt="Loading..." src="//a.academia-assets.com/images/loaders/paper-load.gif" /><p>Loading Preview</p></div></div><div style="text-align: center;"><div class="scribd--no-preview-alert js-preview-unavailable"><p>Sorry, preview is currently unavailable. 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Tsirelson</a><span>, </span><a class="js-related-work-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="38280703" href="https://independent.academia.edu/Landsberger">Michael Landsberger</a></div><p class="ds-related-work--metadata ds2-5-body-xs">SSRN Electronic Journal, 2000</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"Contests: A Unique, Mixed Strategy Equilibrium","attachmentId":39980375,"attachmentType":"pdf","work_url":"https://www.academia.edu/18297970/Contests_A_Unique_Mixed_Strategy_Equilibrium","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-related-work-grid-card-view-pdf" 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href="https://www.academia.edu/106475065/Value_Construction_and_Bidding_Behavior_in_Descending_and_Ascending_Auctions">Value Construction and Bidding Behavior in Descending and Ascending Auctions</a><div class="ds-related-work--metadata"><a class="js-related-work-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="89841035" href="https://vt.academia.edu/DipankarChakravarti">Dipankar Chakravarti</a></div><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"Value Construction and Bidding Behavior in Descending and Ascending Auctions","attachmentId":105662682,"attachmentType":"pdf","work_url":"https://www.academia.edu/106475065/Value_Construction_and_Bidding_Behavior_in_Descending_and_Ascending_Auctions","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span 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ds2-5-body-xs">Marketing Letters, 2005</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"Economics, Psychology, and Social Dynamics of Consumer Bidding in Auctions","attachmentId":52097054,"attachmentType":"pdf","work_url":"https://www.academia.edu/31797390/Economics_Psychology_and_Social_Dynamics_of_Consumer_Bidding_in_Auctions","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-related-work-grid-card-view-pdf" href="https://www.academia.edu/31797390/Economics_Psychology_and_Social_Dynamics_of_Consumer_Bidding_in_Auctions"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" 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