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This paper explores the performance of Experience Weighted Attraction (EWA) in two different auction institutions: First Price Sealed Bid, and Becker-DeGroot-Marschak. The results suggest that learning has some promise as a possible explanation for previously documented cross-institutional choice anomalies usually attributed to risk aversion. Additionally, the author present results on the likely econometric (ir) recoverability of EWA parameters in these institutions. Do time series data from auctions tell one about risk aversion - or something else? Bidders' risk preference parameters play a key role in the Constant Relative Risk Aversion Model (CRRAM) of bidding in the First Price Sealed Bid Auction (FPSB).
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