Universität zu Köln

Avci, Ezgi, Bunn, Derek, Ketter, Wolfgang ORCID: 0000-0001-9008-142X and van Heck, Eric (2019). Agent-level determinants of price expectation formation in online double-sided auctions. Decis. Support Syst., 124. AMSTERDAM: ELSEVIER. ISSN 1873-5797

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Abstract

For an auctioneer it is of utmost importance to design an auction mechanism that gives robust price signals which in turn increases auction performance. Information architecture and forward trading platforms are the two main information sources that could generate these price signals. However the traditional presumption that agents form rational expectations by accurately processing all available information in the online trading environment and forming their expectations accordingly has found mixed support. We develop a research model that empirically tests the impact of agent's attitudes on their price expectation through their trading behaviour. Using a unique data set, we tested our hypotheses on real ex ante forecasts, evaluated ex post, in an electricity day ahead auction context. This paper is one of the first to take an information-based view to study the trading behaviour of agents and their price expectations; with results that suggest a re-consideration of some of the conventional concepts.

Item Type:	Journal Article
Creators:	Creators Email ORCID ORCID Put Code Avci, Ezgi UNSPECIFIED UNSPECIFIED UNSPECIFIED Bunn, Derek UNSPECIFIED UNSPECIFIED UNSPECIFIED Ketter, Wolfgang UNSPECIFIED orcid.org/0000-0001-9008-142X UNSPECIFIED van Heck, Eric UNSPECIFIED UNSPECIFIED UNSPECIFIED
URN:	urn:nbn:de:hbz:38-143027
DOI:	10.1016/j.dss.2019.05.008
Journal or Publication Title:	Decis. Support Syst.
Volume:	124
Date:	2019
Publisher:	ELSEVIER
Place of Publication:	AMSTERDAM
ISSN:	1873-5797
Language:	English
Faculty:	Faculty of Management, Economy and Social Sciences
Divisions:	Center of Excellence C-SEB Faculty of Management, Economics and Social Sciences > Business Administration > Information Systems > Chair for Information Systems and Systems Development
Subjects:	Economics
Uncontrolled Keywords:	Keywords Language INFORMATION-REVELATION POLICIES; SALES FORECASTING PRACTICES; MARKET-STRUCTURE; RATIONAL-EXPECTATIONS; FUTURES MARKETS; TRANSPARENCY; ELECTRICITY; TECHNOLOGY; MANAGEMENT; EFFICIENCY Multiple languages Computer Science, Artificial Intelligence; Computer Science, Information Systems; Operations Research & Management Science Multiple languages
Refereed:	Yes
URI:	http://kups.ub.uni-koeln.de/id/eprint/14302