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1999-04-25Buch DOI: 10.18452/3285
Learning to Bid
dc.contributor.authorGüth, Werner
dc.contributor.authorIvanova, Radosveta
dc.contributor.authorKönigstein, Manfred
dc.contributor.authorStrobel, Martin
dc.date.accessioned2017-06-15T20:29:37Z
dc.date.available2017-06-15T20:29:37Z
dc.date.created2005-09-09
dc.date.issued1999-04-25
dc.identifier.issn1436-1086
dc.identifier.urihttp://edoc.hu-berlin.de/18452/3937
dc.description.abstractWe examine learning behavior in auctions and Fair division games with independent private values under two different price rules, first and second price. Participants face these four games repeatedly and submit complete bid functions rather than single bids. This allows us to examine whether learning is in‡uenced by the structural di¤erences between games. We …nd that within the time horizon which we investigate, learning does not drive toward risk neutral equilibrium bidding and characterize some features of observed learning: Bid functions are adjusted globally rather than locally, decision time matches the sequencing structure of game types, game rules do matter, and directional learning theory o¤ers a partial explanation for bid adjustments. The evidence supports a cognitive approach to learning.eng
dc.language.isoeng
dc.publisherHumboldt-Universität zu Berlin, Wirtschaftswissenschaftliche Fakultät
dc.subjectLearningeng
dc.subjectAuctionseng
dc.subjectFair Division Gameseng
dc.subject.ddc330 Wirtschaft
dc.titleLearning to Bid
dc.typebook
dc.subtitleAn Experimental Study of Bid Function Adjustments in Auctions and Fair Division Games
dc.identifier.urnurn:nbn:de:kobv:11-10046599
dc.identifier.doihttp://dx.doi.org/10.18452/3285
local.edoc.container-titleSonderforschungsbereich 373: Quantification and Simulation of Economic Processes
local.edoc.pages25
local.edoc.type-nameBuch
local.edoc.container-typeseries
local.edoc.container-type-nameSchriftenreihe
local.edoc.container-volume1999
local.edoc.container-issue70
local.edoc.container-year1999
local.edoc.container-erstkatid2135319-0

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