| Popis: |
This paper provides an example of a means of linking mathematical theory, laboratory experiments and standard empirical work. Theory, by necessity, abstracts from the naturally-occurring world and experiments designed to test theory must incorporate the same abstractions. On the other hand, empirical tests are generally performed on naturallyoccurring data, which may not reflect those same abstractions. Given this possible divergence, naturally-occurring data should be tested for consistency with theoretical assumptions, whenever possible. On the basis of standard symmetric bidding theory, this paper reports on a preliminary version of such a test for off-shore oil bidding data. |
