Abstract

http://ssrn.com/abstract=2257921
 


 



Bidding for Classes: Course Allocation Under the Colorado College Auction System


Cassandra Michele Benson


Colorado College Economics and Business

Daniel K. N. Johnson


Colorado College - Department of Economics and Business

Kristina M. Lybecker


Colorado College - Department of Economics & Business

April 24, 2013

Colorado College Working Paper No. 2013-2

Abstract:     
Colorado College uses an economic system to allocate scarce course seats: annually during a sealed-bid auction, each student receives nontransferrable, nonbankable currency with which to bid on courses. We estimate an instrumental variables probit model to determine whether particular student populations are a) implicitly wealthier, having the ability to afford more expensive electives, or b) more risk-averse, choosing to avoid ambiguity by bidding more strongly and/or remaining in a class rather than selecting another after pre-registration. Beyond the anticipated department-specific and instructor-specific effects attributable to popular majors or charismatic instructors, we find strong evidence that students bid more strongly for courses that have perceived scarcity of seats, courses that offer a higher expected grade, courses taught by an instructor similar to themselves, or courses with special attributes like limited enrollment or field trip components. We also find evidence of some populations being more willing to “shop around” for new class experiences after the pre-registration period.

Number of Pages in PDF File: 19

Keywords: sealed-bid auction, resource allocation, risk aversion, instrumental variables probit

working papers series





Download This Paper

Date posted: April 30, 2013  

Suggested Citation

Benson, Cassandra Michele and Johnson, Daniel K. N. and Lybecker, Kristina M., Bidding for Classes: Course Allocation Under the Colorado College Auction System (April 24, 2013). Colorado College Working Paper No. 2013-2. Available at SSRN: http://ssrn.com/abstract=2257921 or http://dx.doi.org/10.2139/ssrn.2257921

Contact Information

Cassandra Michele Benson
Colorado College Economics and Business ( email )
14 E Cache La Poudre Street
Colorado Springs, CO 80903
United States
Daniel Kent Neil Johnson (Contact Author)
Colorado College - Department of Economics and Business ( email )
14 E Cache La Poudre Street
Colorado Springs, CO 80903
United States
719-389-6654 (Phone)
719-389-6927 (Fax)
HOME PAGE: http://faculty1.coloradocollege.edu/~djohnson
Kristina M. Lybecker
Colorado College - Department of Economics & Business ( email )
14 E Cache La Poudre Street
Colorado Springs, CO 80903
United States
719-389-6445 (Phone)
719-389-6927 (Fax)
Feedback to SSRN


Paper statistics
Abstract Views: 371
Downloads: 62
Download Rank: 212,792

© 2014 Social Science Electronic Publishing, Inc. All Rights Reserved.  FAQ   Terms of Use   Privacy Policy   Copyright   Contact Us
This page was processed by apollo2 in 0.328 seconds