In empirical studies of sequential auctions of identical objects prices have been found to decline.We study auctions of ancient Chinese porcelain recovered from shipwrecks.In these auctions there are very long sequences of lots of identical objects.We find that the average price decline is...

Pianists who achieve high scores in the Queen Elizabeth musical competition are rewarded by subsequent success.It is not clear whether this is caused by the score itself or because those who have high scores are better pianists anyway. Since the timing and the order of appearance are good...