Bayona, Anna; Brandts, Jordi; Vives, Xavier - 2016
predicted in Bayesian equilibrium - costs that are positively correlated lead to steeper supply functions and less competitive … outcomes than do uncorrelated costs. We find that the majority of subjects bid in accordance with the equilibrium prediction … when the environment is simple (uncorrelated costs treatment) but fail to do so in a more complex environment (positively …
