Learning from Unrealized versus Realized Prices
通过实验研究交易者从价格中学习的能力，发现当订单在价格实现前提交时，交易者会忽略价格所蕴含的信息；而在价格已知后提交订单时，交易者对价格的反应与理论基准一致。
Our experiments investigate the extent to which traders learn from the price, differentiating between situations where orders are submitted before versus after the price has realized. In simultaneous markets with bids that are conditional on the price, traders neglect the information conveyed by the hypothetical value of the price. In sequential markets where the price is known prior to the bid submission, traders react to price to an extent that is roughly consistent with the benchmark theory. The difference’s robustness to a number of variations provides insights about the drivers of this effect.