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

Öz

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.

Anahtar Kelimeler

• Behavioral finance,auctions,bidder behavior,risk aversion

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

Öz

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.

Anahtar Kelimeler

• Davranışçı finans,müzayedeler,pey sürme davranışı,riskten kaçma

Kaynakça

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