paper examines the relationship between sale rates and price surprises over time in art auctions. Using data on contemporary … strong positive relationship of sale rates to unexpected aggregate price changes, which is reminiscent of a Phillips curve … that sale rates revert to "normal" very quickly following a price surprise. We estimate an empirical model to measure …

We show that standard menu cost models cannot simultaneously reproduce the dispersion in the size of micro-price … changes and the extent to which the fraction of price changes increases with inflation in the U.S. time-series. Though the … Golosov and Lucas (2007) model generates fluctuations in the fraction of price changes, it predicts too little dispersion in …

Aggregate art price patterns mask a lot of underlying variation--both in the time series and in the cross- section. We … discuss relevant recent literature, and illustrate the potential of this approach through a historical study of art price … organization of the art market for long-term price trends …

effects of the auction institution on price formation. There is now considerable theoretical research on strategic behavior in …This paper contains a review of the burgeoning research that has been designed to shed light on how the art auction … system actually works and what it indicates about price formation. First, we find that in recent years returns on art assets …

, deterring serious bidders from entering the auction, and lowering the expected transaction price of the auction. We also present …Sellers in eBay auctions have the opportunity to choose both a public minimum bid amount and a secret reserve price. We …, versus the option of making the reserve public by using it as the minimum bid level. In a field experiment, we auction 50 …

of the failed Waxman-Markey bill. First, the MAC is revealed by the price of traded permits. Second, the permit price is …

timber auctions, the Forest Service publicly announces its estimates of the tract characteristics before the auction, and …

drop in foreign producer surplus relative to free trade. Previous estimates of auction revenue are in the range of $3 7 … auction revenue is $1 3-2.15 billion, and the foreign loss is $0.5-O.7 billion relative to free trade. One alternative to … auction quotas is a system of tariff-rate quotas, which are designed to keep supplier countries welfare equal to that in free …