Perfect Equilibria in Budget-Constrained Sequential Auctions: An Experimental Study
通过实验研究预算约束和完全信息下序贯拍卖中的投标行为，检验了纳什均衡精炼（颤抖手完美均衡）对价格的预测能力。
This article presents an experimental study of bidding behavior in sequential auctions in which there are budget constraints and perfect information. Our experiments test both the properties of such auctions and the predictive power of a refinement of the Nash equilibrium concept. We find that budget constraints affect the behavior of bidders and that the trembling-hand perfect equilibrium is generally a good predictor of prices.