This paper reports a new and significant experimental demonstration that market participants adjust their bids towards the price observed in previous market periods when - by design - individuals' values should not be affiliated with the market price. This demonstration implies that market...

There has been a dramatic increase in the use of experimental methods in the past two decades. An oft-cited reason for this rise in popularity is that experimental methods provide the necessary control to estimate treatment effects in isolation of other confounding factors. We examine the...