Experiments >> OSA: One-Sided Auction Experiment Software >> Setting Parameters for a Dutch Auction >>
Setting Up Parameters for a First-Price Auction
A first-price sealed bid auction involves the simultaneous submission of a single bid by each bidder. The highest bidder wins the auction and pays the price they bid. For more details on this type of auction, see the Handbook section on First Price Auctions.
Parameters are configured in the right-hand panel: Parameters for Regime #1
Period length: Here the experimenter specifies the length of each auction period (2 minutes by default).
After setting these institution specific parameters, it is time to set up inducements by clicking on the Inducement tab. For details click here.