Deltas, George; Engelbrecht-Wiggans, Richard - In: Management Science 51 (2005) 3, pp. 328-338
and unimodal. We then consider a sequence of such auctions with randomly selected participants from a population of naive … in the auctions. We show that the evolutionary equilibrium contains a strictly positive proportion of naive bidders … Internet and other low transaction-cost auctions of items that appeal to a mass audience may earn higher payoffs than their …