A Learning Approach to Auctions

Shlomit Hon-Snir, Dov Monderer and Aner Sela
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Dov Monderer: The Technion

Game Theory and Information from University Library of Munich, Germany

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.

Keywords: Auctions; Learning (search for similar items in EconPapers)
JEL-codes: C72 C73 D44 D83 (search for similar items in EconPapers)
Pages: 28 pages
Date: 1996-10-06, Revised 1996-10-07
Note: Type of Document - Postscript; prepared on Unix; to print on HP/PostScript; pages: 28
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Related works:
Journal Article: A Learning Approach to Auctions (1998)
Working Paper: A learning approach to auctions (1997)
Working Paper: A learning approach to auctions (1997)
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Persistent link: https://EconPapers.repec.org/RePEc:wpa:wuwpga:9610004

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