The authors also report regressions of bids on a set of variables that include a
dummy for the right-to-choose auction, and its coefficient is positive, large in magni-
tude, and highly significant. Then the inclusion of the risk aversion measure into the
same regression caused the coefficient on the auction format to fall from about 48 to
about 5 and to lose significance. Risk aversion is, as predicted, positively correlated
with individual bidding behavior in the right-to-choose format (p= 0.028 for the
variable that interacts this auction format with risk aversion). As the authors note, one ...
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