BIDDING BEHAVIOR IN A NATURAL EXPERIMENT: TV GAME SHOW “I DON’T KNOW, MY SPOUSE KNOWS”

Year 2019, Volume: 4 Issue: 1, 1 - 17, 30.06.2019

Jale Oran E. Serra Yurtkoru

Abstract

Behavioral
finance deals with the financial decision making that violates the classical
finance and economic theories, and underlying reasons for such anomalous
behavior by economic actors. There are several environments in which financial
decisions are made. Financial markets are the most popular one; but auction
markets are somehow neglected by behavioral finance researchers. We examine
bidding behavior in a TV game show, broadcasted first in Germany with the name
“Mein Mann Kann”, and later adopted by a TV channel in Turkey as “I Don’t Know,
My Spouse Knows”. It mimics an actual sequential open-outcry auction as a
natural experiment. To our knowledge, this study will be the first one made
regarding this show.  Results indicate no
age, marital status difference in risk aversion, but significant difference
between winners’ and losers’ bids where losers’ bids were higher, which is possible
indication of loss aversion. Women and men are taking risks equally, contrary
to the majority of research findings. The results expected to contribute to the
behavioral finance and auction literature and may illuminate further research
in both fields.

Keywords

Behavioral finance, auctions, bidder behavior, risk aversion

BIDDING BEHAVIOR IN A NATURAL EXPERIMENT: TV GAME SHOW “I DON’T KNOW, MY SPOUSE KNOWS”

Abstract

Davranışçı finans klasik finans ve ekonomi teorilerinin
aksine bulgular ve ekonomik aktörlerin bu normal dışı davranışlarını
açıklamayla ilgilidir. Finansal kararların verildiği çeşitli ortamlar vardır.
Finans piyasaları en popüler alandır. Ancak müzayede piyasaları davranışçı
finans araştırmacıları tarafından ihmal edilmiştir. Daha önce Almanya’da “Mein
Mann Kann” adıyla, daha sonra bir Türk TV kanalı tarafından adapte edilip “Ben
Bilmem Eşim Bilir” adıyla yayınlanan yarışma programındaki pey sürme davranışı
incelenmiştir. Doğal bir deney olarak aşamalı, açık katılımlı bir müzayedeyi
taklit eden bu yarışma için bilindiği kadarıyla yapılan ilk araştırmadır. Riskten
kaçma ile ilgili cinsiyet, yaş, medeni durum açısından bir fark gözlenmemiştir.
Ancak kazanan ve kaybedenler arasında verdikleri teklif açısından istatistiki
olarak önemli fark vardır ve kayıptan kaçmanın bir işareti olarak kabul
edilmiştir. Önceki araştırmaların çoğunun aksine kadın ve erkeklerin eşit risk
aldıkları görülmüştür.  Sonuçların hem
davranışçı finans hem de müzayede literatürüne katkıda bulunması ve bundan
sonraki araştırmalara ışık tutması beklenmektedir.

Keywords

Davranışçı finans, müzayedeler, pey sürme davranışı, riskten kaçma

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