Are ‘true’ preferences revealed in repeated markets? An experimental demonstration of context-dependent valuations
实验证明市场参与者会受前期价格影响调整出价，即使个体价值与市场价格无关，说明市场行为揭示的是情境依赖偏好而非真实偏好。
Abstract This paper reports a new and significant experimental demonstration that market participants adjust their bids towards the price observed in previous market periods when—by design—individuals’ values should not be affiliated with the market price. This demonstration implies that market prices may not adjust as standard comparative statics predicts and emphasizes the significance of social aspects even in market contexts. Hence, the present study shows that market behaviour is not anomaly-free. Indeed, market behaviour does not reveal the underlying true preferences but rather context-dependent preferences.