Learning by Bidding: Evidence from a Large-Scale Natural Experiment

Jan Hanousek and Evžen Kočenda

CERGE-EI Working Papers from The Center for Economic Research and Graduate Education - Economics Institute, Prague

Abstract: Learning is a subject of intense research in experimental economics. We contribute to this debate by presenting persuasive evidence that learning took place among uninformed heterogeneous agents on a quasi-stock market during a large-scale natural experiment that by size, incentives, and variation belongs among the largest experiments ever conducted. To detect and quantify learning we develop new measures of individual performance during the bidding process when prices of goods vary over succeeding stages of bidding.

Keywords: Learning; Natural experiment; Auction; Stock market; Privatization; Heterogeneous agents; Transition. (search for similar items in EconPapers)
JEL-codes: C14 C93 D44 D82 D83 G14 P43 (search for similar items in EconPapers)
Date: 2005-01
New Economics Papers: this item is included in nep-cbe and nep-fin
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Related works:
Journal Article: Learning by investing (2011)
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Persistent link: https://EconPapers.repec.org/RePEc:cer:papers:wp247

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