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Auction Fever! How Time Pressure and Social Competition Affect Bidders’ Arousal and Bids in Retail Auctions.

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Title: Auction Fever! How Time Pressure and Social Competition Affect Bidders’ Arousal and Bids in Retail Auctions.
Authors: Adam, Marc T.P., Krämer, Jan, Müller, Marius B.
Source: Journal of Retailing. Sep2015, Vol. 91 Issue 3, p468-485. 18p.
Subjects: Auctions, Time pressure, Bidders, Bids, Economic competition -- Social aspects
Abstract: Auction sites on the Internet frequently put bidders under time pressure or highlight the social competition that is inherent to auctions. Both aspects are believed to elicit an exciting shopping experience, which may culminate in auction fever. In two laboratory experiments, we investigate the process of auction fever in retail auctions and demonstrate when and how auction fever affects bidding behavior. In contrast to previous studies, we employ physiological measurements as an objective and continuous assessment of bidders’ arousal in addition to a subjective assessment of bidders’ emotions through psychometric scales. Moreover, we explicitly study the interaction of time pressure and social competition on arousal and bids. We find that bidders’ arousal is increased in high time pressure auctions and that this leads to higher bids in ascending auctions—but only when bidders compete with human opponents. Thus, social competition is the actual driver underlying the auction fever phenomenon. Furthermore, we show that the “joy of winning” is significantly stronger than the “frustration of losing” in ascending auctions. Finally, we discuss the implications of our findings for the design of retail auctions. [ABSTRACT FROM AUTHOR]
Copyright of Journal of Retailing is the property of Elsevier B.V. and its content may not be copied or emailed to multiple sites without the copyright holder's express written permission. Additionally, content may not be used with any artificial intelligence tools or machine learning technologies. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
Database: Psychology and Behavioral Sciences Collection
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DbLabel: Psychology and Behavioral Sciences Collection
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PubType: Academic Journal
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  Data: Auction Fever! How Time Pressure and Social Competition Affect Bidders’ Arousal and Bids in Retail Auctions.
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  Data: <searchLink fieldCode="AR" term="%22Adam%2C+Marc+T%2EP%2E%22">Adam, Marc T.P.</searchLink><br /><searchLink fieldCode="AR" term="%22Krämer%2C+Jan%22">Krämer, Jan</searchLink><br /><searchLink fieldCode="AR" term="%22Müller%2C+Marius+B%2E%22">Müller, Marius B.</searchLink>
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  Data: <searchLink fieldCode="JN" term="%22Journal+of+Retailing%22">Journal of Retailing</searchLink>. Sep2015, Vol. 91 Issue 3, p468-485. 18p.
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  Data: <searchLink fieldCode="DE" term="%22Auctions%22">Auctions</searchLink><br /><searchLink fieldCode="DE" term="%22Time+pressure%22">Time pressure</searchLink><br /><searchLink fieldCode="DE" term="%22Bidders%22">Bidders</searchLink><br /><searchLink fieldCode="DE" term="%22Bids%22">Bids</searchLink><br /><searchLink fieldCode="DE" term="%22Economic+competition+--+Social+aspects%22">Economic competition -- Social aspects</searchLink>
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  Label: Abstract
  Group: Ab
  Data: Auction sites on the Internet frequently put bidders under time pressure or highlight the social competition that is inherent to auctions. Both aspects are believed to elicit an exciting shopping experience, which may culminate in auction fever. In two laboratory experiments, we investigate the process of auction fever in retail auctions and demonstrate when and how auction fever affects bidding behavior. In contrast to previous studies, we employ physiological measurements as an objective and continuous assessment of bidders’ arousal in addition to a subjective assessment of bidders’ emotions through psychometric scales. Moreover, we explicitly study the interaction of time pressure and social competition on arousal and bids. We find that bidders’ arousal is increased in high time pressure auctions and that this leads to higher bids in ascending auctions—but only when bidders compete with human opponents. Thus, social competition is the actual driver underlying the auction fever phenomenon. Furthermore, we show that the “joy of winning” is significantly stronger than the “frustration of losing” in ascending auctions. Finally, we discuss the implications of our findings for the design of retail auctions. [ABSTRACT FROM AUTHOR]
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  Data: <i>Copyright of Journal of Retailing is the property of Elsevier B.V. and its content may not be copied or emailed to multiple sites without the copyright holder's express written permission. Additionally, content may not be used with any artificial intelligence tools or machine learning technologies. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract.</i> (Copyright applies to all Abstracts.)
PLink https://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=pbh&AN=108845762
RecordInfo BibRecord:
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      – Type: doi
        Value: 10.1016/j.jretai.2015.01.003
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      – Code: eng
        Text: English
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      Pagination:
        PageCount: 18
        StartPage: 468
    Subjects:
      – SubjectFull: Auctions
        Type: general
      – SubjectFull: Time pressure
        Type: general
      – SubjectFull: Bidders
        Type: general
      – SubjectFull: Bids
        Type: general
      – SubjectFull: Economic competition -- Social aspects
        Type: general
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      – TitleFull: Auction Fever! How Time Pressure and Social Competition Affect Bidders’ Arousal and Bids in Retail Auctions.
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            NameFull: Krämer, Jan
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            NameFull: Müller, Marius B.
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              M: 09
              Text: Sep2015
              Type: published
              Y: 2015
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              Value: 91
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            – TitleFull: Journal of Retailing
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