Robust Bidding in First-Price Auctions: How to Bid Without Knowing What Others Are Doing
提出一种在第一价格拍卖中仅知自身价值、不知他人出价时的稳健投标方法，通过排除不可能环境找到表现良好的规则，实验和实地数据表明该方法优于真实投标者。
We propose how to bid in first-price auctions when a bidder knows the own value but not how others will bid. To do this, we introduce a methodology to show how to make choices in strategic settings without assuming common knowledge or equilibrium behavior. Accordingly, we first eliminate environments that are believed not to occur and then find a robust rule that performs well in the remaining environments. We test our bids using data from laboratory experiments and the field and find that our bids outperform those made by real bidders. This paper was accepted by Omar Besbes, revenue management and market analytics. Supplemental Material: The online appendix and data are available at https://doi.org/10.1287/mnsc.2023.4899 .