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This work deals with the study of subjects´ behavior in an auction and attempts to contribute a small part of understanding to the big picture of this topic by targeting the following two research questions: Is there a difference between outside options for all or a lottery for an outside option for one "loser" with equivalent expected value? Does group size influence bids in a second price auction? To answer these questions we conducted an experiment at the Max Jung laboratory, sited at Graz University.

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Born in Graz, Austria. Bachelor´s and master´s degree at Karl-Franzens-University of Graz with focus on finance and management.

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