We examine a common value dynamic matching environment where adverse selection accrues slowly over time. Theoretical best responses are therefore time varying, and the prior experimental literature suggests that sequential environments might lead to greater understanding of adverse selection in this dynamic setting. However, while a sophisticated minority in our experiment do condition on time and are close to a best response, the majority use a stationary response, even after extended experience. In an environment with persistent uncertainty, our results indicate that sequentiality is insufficient for the large majority of participants to recognize the effects of adverse selection. (JEL C78, C92, D82, D91)

中文翻译：

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他们正在改变的时代：尝试动态逆向选择

我们研究了一个共同的价值动态匹配环境，逆向选择随着时间的推移缓慢累积。因此，理论上的最佳反应是随时间变化的，并且先前的实验文献表明，顺序环境可能会导致对这种动态环境中的逆向选择的更好理解。然而，虽然在我们的实验中，少数成熟的人确实按时调整并接近最佳响应，但大多数人使用固定响应，即使在扩展经验之后也是如此。在持续存在不确定性的环境中，我们的结果表明顺序性不足以让大多数参与者认识到逆向选择的影响。(JEL C78、C92、D82、D91)