Learning to bid – an experimental study of bid function adjustments in auctions and fair division games
通过让参与者重复提交完整出价函数，研究在两种价格规则下拍卖和公平分配游戏中的学习行为，发现学习并未使出价趋近基准解，而是全局调整，方向学习理论只能部分解释变化。
We examine learning behaviour in auction and fair division experiments with independent private values under two different price rules, first and second price. Participants play all four games repeatedly and submit complete bid functions rather than single bids. This allows us to study how institutional changes are anticipated and whether learning is influenced by the structural differences between games. We find that learning does not drive bidding towards the benchmark solution. Bid functions are adjusted globally rather than locally. Directional learning theory offers a partial explanation for bid changes. The data support a cognitive approach to learning.