Three essays in economics

Tao, Cong

Three essays in economics

Tao, Cong

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Publication Type:: Thesis
Issue Date:: 2024

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Field	Value	Language
dc.contributor.author	Tao, Cong
dc.date.accessioned	2025-03-27T03:27:33Z
dc.date.available	2025-03-27T03:27:33Z
dc.date.issued	2024
dc.identifier.uri	http://hdl.handle.net/10453/186246
dc.description	University of Technology Sydney. Faculty of Business.	en_US.UTF-8
dc.description.abstract	My research explores auction mechanisms and behavioural models in market design. Two chapters focus on the theoretical and experimental study of innovative auction formats in perishable goods markets. In Chapter 1, I analyse a hybrid auction used in fish markets, notably in Honolulu and Sydney, that combines Dutch and English elements. This auction balances speed and efficiency, particularly when bidders face time constraints. Through theoretical modelling and laboratory experiments, I show that this hybrid format is faster and more beneficial to bidders than traditional Dutch auctions, particularly when bidder numbers are small, or time costs are high. In Chapter 2, I examine the Istanbul Flower Auction's unique design, which also integrates Dutch and English features, and its ability to handle large volumes of perishable goods. My analysis shows that this format outperforms standard auctions in terms of efficiency and social welfare under time pressure. The final chapter models player behavior in Gacha games using prospect theory. It demonstrates how game providers exploit naive players' misperception of probabilities to increase engagement and profits.	en_US.UTF-8
dc.format	Thesis (PhD)
dc.language.iso	en_US	en_US.UTF-8
dc.relation	https://opus.lib.uts.edu.au/bitstream/10453/186246/1/thesis.pdf
dc.rights	info:eu-repo/semantics/openAccess
dc.rights	The author owns the copyright in this thesis including all reproduction and reuse rights for the work. The work may not be altered without the permission of the copyright owner. Attribution is essential when quoting or paraphrasing from this thesis.
dc.rights	© 2024 Cong Tao
dc.rights	au.edu.uts.lib/cph
dc.title	Three essays in economics	en_US.UTF-8
dc.type	Thesis
utslib.copyright.status	open_access	*

Abstract:

My research explores auction mechanisms and behavioural models in market design. Two chapters focus on the theoretical and experimental study of innovative auction formats in perishable goods markets. In Chapter 1, I analyse a hybrid auction used in fish markets, notably in Honolulu and Sydney, that combines Dutch and English elements. This auction balances speed and efficiency, particularly when bidders face time constraints. Through theoretical modelling and laboratory experiments, I show that this hybrid format is faster and more beneficial to bidders than traditional Dutch auctions, particularly when bidder numbers are small, or time costs are high. In Chapter 2, I examine the Istanbul Flower Auction's unique design, which also integrates Dutch and English features, and its ability to handle large volumes of perishable goods. My analysis shows that this format outperforms standard auctions in terms of efficiency and social welfare under time pressure. The final chapter models player behavior in Gacha games using prospect theory. It demonstrates how game providers exploit naive players' misperception of probabilities to increase engagement and profits.

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http://hdl.handle.net/10453/186246