Our experiments investigate the extent to which traders learn from the price, differentiating between situations where orders are submitted before versus after the price has realized. In simultaneous markets with bids that are conditional on the price, traders neglect the information conveyed by the hypothetical value of the price. In sequential markets where the price is known prior to the bid submission, traders react to price to an extent that is roughly consistent with the benchmark theory. The difference’s robustness to a number of variations provides insights about the drivers of this effect. (JEL D44, D82, D84, G12, G14)

中文翻译：

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从未实现价格与已实现价格中学习

我们的实验调查了交易者从价格中学习的程度，区分了在价格实现之前和之后提交订单的情况。在以价格为条件的同时出价的市场中，交易者忽略了价格的假设价值所传达的信息。在提交投标之前价格已知的顺序市场中，交易者对价格的反应程度与基准理论大致一致。这种差异对许多变化的稳健性提供了有关这种影响驱动因素的见解。(JEL D44、D82、D84、G12、G14)