id	author	title	date	pages	extension	mime	words	sentences	flesch	summary	cache	txt
work_psvvxvlnrzc6jmojgzyhpirq6e	Stefano Galavotti	Sophisticated Bidders in Beauty-Contest Auctions	2018	59	.pdf	application/pdf	34862	12707	95	In fact, the firm/type that makes the highest bid d̄ can win the AB auction only ABL auction, in the limit, the (expected) distance of a firm's bid from A3 is strictly decreasing 20A two-sample Kolmogorov-Smirnov test confirms that the distribution of bids by highly and lowly sophisticated firms are statistically different in both auction formats. at this sample is illuminating because it allows us not only to test the role of firms' sophistication in a different average bid format, but also to address potential measurement error The results for the ABL auctions32 confirm that the number of past participations positively affect future bidding performance (the coefficient of log(PastPart) is always negative The analysis presented in the previous section provides evidence that supports, at least qualitatively, a non-equilibrium model of bidding behavior by firms in average bid auctions: observed deviations from the optimal bid are related to a measure of firms' capacity of bidding	./cache/work_psvvxvlnrzc6jmojgzyhpirq6e.pdf	./txt/work_psvvxvlnrzc6jmojgzyhpirq6e.txt