Impulse balance equilibrium and feedback in first price auctions
实验发现，在密封第一价格拍卖中，提供失败出价的反馈会降低拍卖收入。本文提出加权冲动平衡均衡概念，基于事后理性并考虑社会比较，能够解释这一数据。
Experimental sealed-bid first-price auctions with private values in which feedback on the losing bids is provided yield lower revenues than auctions where this feedback is not given. The concept of weighted impulse balance equilibrium, which is based on a principle of ex-post rationality and incorporates a concern for social comparison, captures the data.