A learning approach to auctions Hon-Snir, Shlomit; Monderer, Dov; Sela, Aner

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Hon-Snir, Shlomit ; Monderer, Dov ; Sela, Aner
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Journal of Economic Theory
Economics; Auctions -- Economic aspects; Business
To link to full-text access for this article, visit this link: http://dx.doi.org/10.1006/jeth.1998.2419 Byline: Shlomit Hon-Snir, Dov Monderer, Aner Sela Abstract: We analyze a repeated first-price auction in which the types of the players are determined before the first round. It is proved that if every player is using either a belief-based learning scheme with bounded recall or a generalized fictitious play learning scheme, then after sufficiently long time, the players' bids are in equilibrium in the one-shot auction in which the types are commonly known.Journal of Economic Literature Classification Numbers: C72, C73, D44, D83. Article History: Received 17 November 1996; Revised 23 February 1998 Article Note: (footnote) [star] First version: september 1996. An Internet version of this paper can be found in the Economics Working Paper Archive http://econwpa.wustl.edu (No. 9610004). We thank the participants of the microeconomics workshop, held at Northwestern University in August 1996 for their useful comments, and in particular we thank Larry Samuelson for Example 3. We also thank Ezra Einy, Doron Sonsino, Benyamin Shitovitz, anonymous associate editor, anonymous referee and especially Ron Holzman and Drew Fudenberg for helpful discussions. This work was supported by the Fund for the Promotion of Research in the Technion. Financial support from the Deutche Forschungsgemeinschaft, sonderforchungsbereich 303 at the university of Bonn is gratefully acknowledged., [star][star] L. HorwiczD. SchmeidlerH. Sonnenschein
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