Gilley, Otis W.; Karels, Gordon V.; Leone, Robert P. - In: Management Science 32 (1986) 6, pp. 673-682
This paper presents an empirical test of the major hypothesis of the currently-accepted bidding models in two regions … given all else is constant. No such relationship was observed, however, in the sale where there was previous bidding … experience reduces uncertainty. In the analysis of the competitive bidding situation, we use a two-stage procedure which adjusts …