J. Andreoni, and J. Miller. Games and Economic Behavior, 10 (1):
39-64(July 1995)
Abstract
Experiments on auctions find that subjects make systematic
bidding errors that cannot be explained within the context of
Nash equilibrium bidding models. Experimenters and others have
conjectured that learning by subjects could lead to errors
consistent with those observed. Here, we create and analyze a
model of adaptive learning and demonstrate that such a model can
capture the bidding patterns evident among human subjects in
experimental auctions. Moreover, our model provides a variety of
insights into the nature of learning across different auction
institutions.
%0 Journal Article
%1 AndreoniM1995
%A Andreoni, J.
%A Miller, J. H.
%D 1995
%J Games and Economic Behavior
%K imported
%N 1
%P 39-64
%T Auctions With Artificial Adaptive Agents
%V 10
%X Experiments on auctions find that subjects make systematic
bidding errors that cannot be explained within the context of
Nash equilibrium bidding models. Experimenters and others have
conjectured that learning by subjects could lead to errors
consistent with those observed. Here, we create and analyze a
model of adaptive learning and demonstrate that such a model can
capture the bidding patterns evident among human subjects in
experimental auctions. Moreover, our model provides a variety of
insights into the nature of learning across different auction
institutions.
@article{AndreoniM1995,
abstract = {Experiments on auctions find that subjects make systematic
bidding errors that cannot be explained within the context of
Nash equilibrium bidding models. Experimenters and others have
conjectured that learning by subjects could lead to errors
consistent with those observed. Here, we create and analyze a
model of adaptive learning and demonstrate that such a model can
capture the bidding patterns evident among human subjects in
experimental auctions. Moreover, our model provides a variety of
insights into the nature of learning across different auction
institutions.},
added-at = {2006-09-13T17:44:28.000+0200},
author = {Andreoni, J. and Miller, J. H.},
biburl = {https://www.bibsonomy.org/bibtex/2ea361519c78731969dbbe5209c31dc08/jmm},
description = {JMM master bibtex},
interhash = {dc2db1080465cdf3ed6bf32594da3cb3},
intrahash = {ea361519c78731969dbbe5209c31dc08},
journal = {Games and Economic Behavior},
keywords = {imported},
month = {July},
number = 1,
pages = {39-64},
timestamp = {2006-09-13T17:44:28.000+0200},
title = {Auctions With Artificial Adaptive Agents},
volume = 10,
year = 1995
}