Selection Bias, Demographic Effects, and Ability Effects in Common Value Auction Experiments
研究发现，缺乏经验的女性、经济学和商科专业学生以及SAT/ACT分数较低的受试者更容易陷入赢家诅咒。破产和低收入者较少返回作为有经验受试者导致的选择效应，若忽略会误导对学习效应的估计。
Inexperienced women, along with economics and business majors, are much more susceptible to the winner's curse, as are subjects with lower SAT/ACT scores. There are strong selection effects in bid function estimates for inexperienced and experienced subjects due to bankruptcies and bidders who have lower earnings returning less frequently as experienced subjects. These selection effects are not identified using standard econometric techniques but are identified through experimental treatment effects. Ignoring these selection effects leads to misleading estimates of learning.