Theory and Misbehavior of First-Price Auctions

摘要: Recent experimental evidence appears to reject simple Nash equilibrium models of bidding behavior in first-price auctions. The author presents a methodological critique this evidence. Existing tests have concentrated on deviations subjects from predictions the message space action: bid deviations. suggests that it is more natural evaluate subject expected payoff space. He concludes against not significant enough warrant their rejection. Copyright 1989 by American Economic Association.