in strategic settings. This article studies the role of anchoring bias in private-value auctions. We test experimentally … biased beliefs. In Dutch auctions, the effect of a starting price, is negative. We demonstrate that the long …

We propose a novel approach to the modelling of second-price Maximum-Value auctions that assumes no belief about others …

In procurement auctions, bidders are usually better informed about technical, financial, or legal aspects of the goods …

toward the anchor in games where choices are strategic substitutes. …

equilibrium under fictitious play like learning processes. We use two 4 x 4 games each with a unique mixed Nash equilibrium; one … is stable and one is unstable under learning. Both games are versions of Rock-Paper-Scissors with the addition of a … fourth strategy, Dumb. Nash equilibrium places a weight of 1/2 on Dumb in both games, but the TASP places no weight on Dumb …