Do Anomalies Disappear in Repeated Markets?
通过实验区分两种解释：个体在重复市场中学习按标准偏好行动，还是偏好被市场价格塑造，重点关注支付意愿与接受意愿的差异。
There is some evidence that, as individuals participate in repeated markets, "anomalies" tend to disappear. One interpretation is that individuals — particularly marginal traders — are learning to act on underlying preferences which satisfy standard assumptions. An alternative interpretation, the "shaping" hypothesis, is that individuals" preferences are adjusting in response to cues given by market prices. The paper reports an experiment designed to discriminate between these hypotheses with particular reference to the disparity between willingness to pay and willingness to accept. Copyright Royal Economic Society 2003