A Computer-Assisted Educational Auction Simulation

Noy, Avraham

doi:10.1177/1046878114549287

Cited by 2 publications

(3 citation statements)

References 53 publications

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“…A database driven online multiplayer auction game was developed for two reasons: a) computerized simulations are widely used today in academic courses and in professional training, and b) a database driven solution enables researchers to collect decision related data continuously (Noy, 2014). Additionally, the debriefing was an important source for gaining insights into the decision making processes during the game.…”

Section: Methodsmentioning

confidence: 99%

Investigating the Winner’s Curse Based on Decision Making in an Auction Environment

Karl

2016

Simulation & Gaming

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Background. The majority of bidding models, such as those developed by Friedman and Gates focus on the mark-up decision. Despite a large body of literature, particularly related to the construction industry, these bidding models largely ignore human behavior. Aim. This article has two aims. The first is to contribute to the potential use of business games to study the results of auction behavior in a construction business environment. The second is to investigate the winner’s curse and its effects on individual companies and the market. Method. The methodology for this study is rooted in game theory. The reasoning which leads to the winner’s curse is explored through a behavioral multi-actor experiment. I developed a database-driven, online multiplayer auction game which served as a laboratory experiment. The study included 42 participants. Data were collected during the game, and debriefing results were analyzed. Results. The results show that contractors suffer from the winner’s curse for a variety of reasons including their own bidding strategy, strong competition within the construction market, and inaccurate estimates of project costs. These reasons affect the behavior of contractors and the intention to win the project’s bid as well as their willingness to take risks. Conclusion and Recommendations. The approach outlined in this article contributes to decision-making research in the context of the ‘reverse’ auction low bid method. I recommend that future researchers consider second-price, sealed-bid auctions (Vickrey auctions); this type of auction is also easy to implement.

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Section: Methodsmentioning

confidence: 99%

Investigating the Winner’s Curse Based on Decision Making in an Auction Environment

Karl

2016

Simulation & Gaming

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“…Acquiring management skills is not an easy task; however, it appears that elearning content delivery can provide an efficient and cost effective way of doing so. Moreover, literature suggests that computer simulations do have positive impact on employee skills (Noy, 2014;Noy, Raban, & Ravid, 2006). However, there appear to be very limited research related to the role of online simulations and more specifically, the use of competency-based simulations in e-learner's management skills enhancements.…”

Section: E-learning and Life-long Learningmentioning

confidence: 99%

“…Having said that, computer simulations and competency-based projects have a significant role in helping learners hone such skills. In general, while their use is not widespread as in other fields, computer simulations and competency-based projects have demonstrated great value in management education (Keys & Wolfe, 1990;Noy, 2014;Noy et al, 2006). Furthermore, research studies have demonstrated that computer simulations and competency-based projects can indeed assist in providing students with achieving fundamental skills that are needed upon graduation (Keh et al, 2008;Koh et al, 2010).…”

Section: Skills and Competenciesmentioning

confidence: 99%

An Assessment of Competency-Based Simulations on E-Learners’ Management Skills Enhancements

Levy

Ramim

2015

IJELL

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There is a growing interest in the assessment of tangible skills and competence. Specifically, there is an increase in the offerings of competency-based assessments, and some academic institutions are offering college credits for individuals who can demonstrate adequate level of competency on such assessments. An increased interest has been placed on competency-based computer simulations that can assist learners to gain tangible skills. While computer simulations and competency-based projects, in general and particularly in management, have demonstrated great value, there are still limited empirical results on their benefits to e-learners. Thus, we have developed a quasi-experimental research, using a survey instrument on pre- and post-tests, to collect the set of 12 management skills from e-learners attending courses that included both competency-based computer simulations and those that didn’t. Our data included a total of 253 participants. Results show that all 12 management skills measures demonstrated very high reliability. Our results also indicate that all 12 skills of the competency-based computer simulations had higher increase than those that didn’t. Analyses on the mean increases indicated an overall statistically significant difference for six of the 12 management skills enhancements between the experimental and control groups. Our findings demonstrate that overall computer simulations and competency-based projects do provide added value in the context of e-learning when it comes to management skills.

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A Computer-Assisted Educational Auction Simulation

Cited by 2 publications

References 53 publications

Investigating the Winner’s Curse Based on Decision Making in an Auction Environment

Investigating the Winner’s Curse Based on Decision Making in an Auction Environment

An Assessment of Competency-Based Simulations on E-Learners’ Management Skills Enhancements

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