Experimental sealed-bid first-price auctions with private values in which feedback on the losing bids is provided yield lower revenues than auctions where this feedback is not given. The concept of weighted impulse balance equilibrium, which is based on a principle of ex-post rationality and incorporates a concern for social comparison, captures the data. © 2004 Elsevier Inc. All rights reserved.
Ockenfels, A., & Selten, R. (2005). Impulse balance equilibrium and feedback in first price auctions. Games and Economic Behavior, 51(1), 155–170. https://doi.org/10.1016/j.geb.2004.04.002