Kirchkamp, Oliver; Reiss, J. Philipp - 2008
Deviations from equilibrium bids in auctions can be related to inconsistent expectations with correct best replies (see … Eyster and Rabin, 2005; Crawford and Iriberri, 2007) or correct expectations but small (perhaps quantal-response) mistakes in … and study expectations together with best replies. We extensively test the internal validity of this setup. We find that …