Smith, Vernon L.; Walker, James M. - In: Handbook of experimental economics results : volume 1, (pp. 1054-1060). 2008
The trading rules for the first price auction can be summarized as follows. A single object is offered in perfectly inelastic supply to N 2 bidders. Each bidder submits a single bid for the commodity with the understanding that the commodity will be awarded to the highest bidder at a price...