the converse is not generally true. Moreover, first- and second-price auctions are not always revenue equivalent. Indeed …, economies of scale make the second-price format more profitable for the seller, whereas revenue equivalence holds in the case of …

price rules, first and second price. Participants face these four games repeatedly and submit complete bid functions rather … sequencing structure of game types, game rules do matter, and directional learning theory offers a partial explanation for bid …

of prices during the day and analyse the relation between the final price struck and the proposals of the two parties. We … show what happens to the seller's first price and to the transaction price as the seller revises his idea of the … distribution of the buyer's reservation price. We show that periods with no buyer refusals, of offers or bargaining with no …