The article discusses how experiments help us understand auctions better. In auctions where people bid for one item based on their own value, the theory doesn't always predict the revenue accurately, but bidders do follow the basic rules of bidding. In auctions where bidders have to guess the item's value, new bidders often overpay (winner's curse), but experienced bidders do better. The research also looks at auctions on the internet, auctions with mixed values, and auctions where multiple items are sold.