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Learning to play second-price auctions, an experimental study

Authors
Publisher
Elsevier B.V.
Publication Date
Volume
85
Issue
2
Identifiers
DOI: 10.1016/j.econlet.2004.04.016
Keywords
  • Second-Price Auctions
  • Overbidding
  • Underbidding

Abstract

Abstract Existing experimental results in second-price auctions show that subjects bid consistently above their valuations. Experience, gained repeating a second-price auction, does not improve subject's bidding behavior. When subjects ‘introspect,’ bidding behavior improves. Overbidding and underbidding fall significantly.

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