Boening, Mark Van; Rassenti, Stephen; Smith, Vernon - In: Experimental Economics 1 (1998) 2, pp. 147-159
We use numerical methods to compute Nash equilibrium (NE) bid functions for four agents bidding in a first-price auction. Each bidder i is randomly assigned: ri ɛ [0, rmax], where 1 − ri is the Arrow-Pratt measure of constant relative risk aversion. Each ri is independently drawn from...
