Bidding ‘as if’ risk neutral in experimental first price auctions without information feedback
实验研究在无信息反馈的一级价格密封拍卖中，投标者的平均出价低于风险中性纳什均衡预测，但随着重复而趋近该均衡。
Abstract Experimental research on first price sealed bid auctions has usually involved repeated settings with information feedback on winning bids and payoffs after each auction round. Relative to the risk neutral Nash equilibrium, significantly higher bidding has been reported. The present paper reports the results of experimental first price auctions with n = 7 where feedback on payoffs and winning bids is withheld. Under these conditions, average bidding is below the risk neutral Nash equilibrium prediction but converges to it with repetition.