The Times They Are A-Changing: Experimenting with Dynamic Adverse Selection
研究动态匹配环境中逆向选择随时间缓慢累积的现象，发现多数参与者即使有经验也采用固定策略，只有少数能随时间调整接近最优反应。
We examine a common value dynamic matching environment where adverse selection accrues slowly over time. Theoretical best responses are therefore time varying, and the prior experimental literature suggests that sequential environments might lead to greater understanding of adverse selection in this dynamic setting. However, while a sophisticated minority in our experiment do condition on time and are close to a best response, the majority use a stationary response, even after extended experience. In an environment with persistent uncertainty, our results indicate that sequentiality is insufficient for the large majority of participants to recognize the effects of adverse selection.