Learning to bid: The design of auctions under uncertainty and adaptation

► We model competitive auctions for a good in the absence of private information. ► Agents are risk neutral, adaptive, and lack private information. ► Agent strategies never converge to the Bertrand-Nash equilibrium. ► In second-price auctions, revenue does not converge to the Bertrand prediction. ► If good value is random, revenue does not converge to the Bertrand prediction.