Martin Kocher

Martin Kocher is Scientific Director of the Institute for Advanced Studies, Vienna, and Full Professor in Economics at the Department of Economics, University of Vienna. He has previously held positions at the University of Munich, the University of East Anglia, the Queensland University of Technology, Brisbane, the University of Amsterdam and the University of Innsbruck, where he obtained his doctorate. He has held the positions of Dean and Dean of Studies at Munich. He is editor-in-chief of the Journal of Economic Psychology, director at the Vienna Center of Experimental Economics at the University of Vienna, Visiting Professor at the Economics Department, University of Gothenburg, and CESifo Research Fellow. Martin Kocher’s research studies the effects of uncertainty and insurance on economic decision making, cooperation and trust, economic behavior of children and adolescents, auction design, public policy, and moral behavior. He has published around 60 papers in internationally peer-reviewed journals such as, for instance, the American Economic Review, the Review of Economic Studies, Management Science, the Economic Journal and the European Economic Review. Martin Kocher provides and has provided expertise in panels and solicited studies to the Governments of Austria, Germany, and Liechtenstein and to private companies.

CV

Abstract:
We analyze the impact of time pressure on bidding behavior in different auction formats. The experimental design also varies the way how time pressure allows for updating bids. Not surprisingly, our results indicate that time pressure reduces the frequency of equilibrium bids in second price auctions. In first price auctions, time pressure however leads to less overbidding and thus bids closer to the Nash equilibrium. We discuss mechanisms behind our main results.