The paper reports on market-entry experiments that manipulate both payoff structures and payoff levels to assess two stationary models of behaviour: Exploration vs Exploitation (EvE, which is equivalent to Quantal Response Equilibrium) and Impulse Balance Equilibrium (IBE). These models explain...

The paper reports on the e¤ects of one-sided imperfect information on bidding behaviour in simultaneous and sequential first-price auctions of non-identical objects when bidders have multi-unit demands. The analysis provides the following four main results. First, when different objects are to...

We use laboratory data from first-price auctions and manipulate the quantity and the quality of information available to assess the robustness of structural inferences (i.e., estimates, revenue predictions and optimal reserve price recommendations). We show that the latter are sensitive to the...