We revisit the result that, in laboratory independent private values auction, the first-price sealed bid and descending clock (or Dutch) implementations are not isomorphic. We investigate the hypothesis that this arises from framing and presentation effects. Our design focuses on a careful...

This paper reports an experiment to determine whether subjects will learn to stop using a strictly dominated strategy that can be an above average reply. It is difficult to find an experimental design that eliminates the play of the strictly dominated strategy completely. The least effective...

A central question in economics is how do markets coordinate the behavior of anonymous decision makers in a many person decentralized economy. Economic theory has traditionally addressed the question using the equilibrium method, which abstracts away from an important aspect of the general...