Noe, Thomas H.; Rebello, Michael; Wang, Jun - In: Games and Economic Behavior 74 (2012) 2, pp. 620-636
We examine auction design in a context where symmetrically informed adaptive agents with common valuations learn to bid for a good. Despite the absence of private valuations, asymmetric information, or risk aversion, bidder strategies do not converge to the Bertrand–Nash equilibrium strategies...