[Bloat] What is wrong with Microsoft's receive window auto-tuning?

[Jerry Jongerius]

I am noticing (via WireShark traces) at times that Microsoft's (Windows 7)
receive window auto-tuning goes horribly wrong, causing significant buffer
bloat.  And at other times, the tuning appears to work just fine.

For example, BDP suggests a receive window of 750k, and most often Windows
tunes around 1MB -- but at other times, it will tune to 3.8MB (way more than
it should).

Is anyone aware of any research either pointing out how their tuning
algorithm works, or of known bugs/problems with the algorithm?