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EWA learning in bilateral call markets

Camerer, Colin F. and Hsia, David and Ho, Teck-Hua (2002) EWA learning in bilateral call markets. In: Experimental Business Research. Springer , Boston, MA, pp. 255-284. ISBN 978-1-4419-4910-3.

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This paper is about learning in bilateral call markets. In these markets, a buyer and a seller are privately informed of their values and submit their bids anonymously. If the buyer’s bid is (weakly) more than the seller’s ask, they trade at the midpoint of their bids. Understanding learning in bilateral call markets serves as a foundation for studying learning in more complex market institutions such as posted offers and double auctions. It also forces a generalization of learning models developed for simpler games to environments in which learning contingent on one realized random variable, such as a buyer’s valuation in one trial. Similarity-based generalization is a natural way to extend what is learned locally, which is undoubtedly important when people learn in very complex environments (which has not been thoroughly explored experimentally).

Item Type:Book Section
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URLURL TypeDescription ItemWorking Paper
Camerer, Colin F.0000-0003-4049-1871
Ho, Teck-Hua0000-0001-5210-4977
Additional Information:© 2002 Kluwer Academic Publishers. Thanks to James Walker and Terry Daniel for supplying data and to Amnon Rapoport for valuable comments on an earlier version of this manuscript. This research has been supported by NSF grant SBR 9730364 and a MacArthur Foundation Preferences Network postdoctoral fellowship to David Hsia.
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John D. and Catherine T. MacArthur FoundationUNSPECIFIED
Record Number:CaltechAUTHORS:20110217-111301805
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Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:22352
Deposited By: Tony Diaz
Deposited On:09 Mar 2011 18:48
Last Modified:09 Nov 2021 16:04

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