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A Learning Approach to Auctions

Paper:ewp-game/9610004
From:    
Date: Sun, 6 Oct 96 07:03:40 CDT
Date (revised): Mon, 7 Oct 96 11:07:51 CDT

Title: A Learning Approach to Auctions
Author: Shlomit Hon-Snir (The Technion) and Dov Monderer (The Technion) and Aner Sela (Bonn University)
Contact:
Comments: Type of Document - Postscript; prepared on Unix; to print on HP/PostScript; pages: 28
Keywords: Auctions Learning
JEL: c72 c73 d83 d44
EWPA-references:
Report-no: abs-9610002

Abstract:

We analyze a repeated first-price auction in which the types of the players are determined before the first round. It is proved that if every player is using either a belief-based learning scheme with bounded recall or a generalized fictitious play learning scheme, then for sufficiently large time, the players' bids are in equilibrium in the one-shot auction in which the types are commonly known.

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A Chinese curse states May you live in intersting times. I have. Bob Parks - Jan 2006