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...

Auctions are considered with a (non-symmetric) independent-private-value model of valuations. It shall be demonstrated that a utility equivalence principle holds for an agent if and only if she has constant absolute risk aversion.

Human judgments are systematically affected by various biases and distortions. The main goal of our study is to analyze the effects of five well-documented behavioral biases-namely, the disposition effect, herd behavior, availability heuristic, gambler's fallacy and hot hand fallacy-on the...