In the context of repeated first-price auctions, we explore how a bid-rigging cartel can simultaneously overcome the difficulty of soliciting truthful private information about valuations and the difficulty of enforcing its internal mechanism. Focusing on the class of trigger-strategy collusive...

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...

We study an in.nitely-repeated .rst-price auction with common values. Initially, bid-ders receive independent private signals about the objects. value, which itself does not change over time. Learning occurs only through observation of the bids. Under one-sided incomplete information, this...