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Does it pay to invest in Art? A Selection-corrected Returns Perspective
Korteweg, Arthur; Kräussl, Roman; Verwijmeren, Patrick - 2013
investment strategy, once selection bias is accounted for. Our results have important implications for other illiquid asset …This paper shows the importance of correcting for sample selection when investing in illiquid assets with endogenous … paintings with higher price appreciation are more likely to trade. This strongly biases estimates of returns. The selection …
Persistent link: https://www.econbiz.de/10010326195
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Aftermarket welfare and procurement auctions
Karamychev, Vladimir A. - 2023
-price procurement auctions are welfare-equivalent. When it increases (or decreases) with price, first-price (or second-price) auctions …
Persistent link: https://www.econbiz.de/10014469623
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Spatial search
Cai, Xiaoming; Gautier, Pieter; Wolthoff, Ronald - 2024
buyers than other locations (for example popular shopping streets or the first page of a search engine). When sellers are … heterogeneous in terms of the quality of their product and/or the probability that a given buyer likes their product, it is …
Persistent link: https://www.econbiz.de/10014547787
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Competitive Bidding in Auctions with Private and Common Values
Goeree, Jacob K.; Offerman, Theo - 2000
The objects for sale in most auctions possess both private and common value elements. This salient feature has not yet been incorporated into a strategic analysis of equilibrium bidding behaviour. This paper reports such an analysis for a stylised model in which bidders receive a private value...
Persistent link: https://www.econbiz.de/10010324705
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Fairness and Reciprocity in the Hawk-Dove Game
Neugebauer, Tibor; Poulsen, Anders; Schram, Arthur J.H.C. - 2002
We study fairness and reciprocity in a Hawk-Dove game. This alllows us to testvarious models in one framework. We observe a large extent of selfish and rationalbehavior. Our results are inconsistent with leading models in this field.
Persistent link: https://www.econbiz.de/10010324979
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If Winning isn't Everything, why do they keep Score? A Structural Empirical Analysis of Dutch Flower Auctions
van den Berg, Gerard J.; van der Klaauw, Bas - 2007
This paper provides a structural empirical analysis of Dutch auctions of houseplants at the flower auction in Aalsmeer, the Netherlands. The data set is unique for Dutch auctions in the sense that it includes observations of all losing bids in an interval adjacent to the winning bid. The size of...
Persistent link: https://www.econbiz.de/10010325217
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Demand Reduction and Preemptive Bidding in Multi-Unit License Auctions
Goeree, Jacob; Offerman, Theo; Sloof, Randolph - 2004
Multi-unit ascending auctions allow for equilibria in which bidders strategically reduce their demand and split the market at low prices. At the same time, they allow for preemptive bidding by incumbent bidders in a coordinated attempt to exclude entrants from the market. We consider an...
Persistent link: https://www.econbiz.de/10010325228
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Null or Zero Players: The Difference between the Shapley Value and the Egalitarian Solution
van den Brink, René - 2004
A situation in which a finite set of players can generate certain payoffs by cooperation can be described by a cooperative game with transferable utility. A solution for TU-games assigns to every TU-game a distribution of the payoffs that can be earned over the individual players. Two well-known...
Persistent link: https://www.econbiz.de/10010325253
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Auctions with Numerous Bidders
Caserta, Silvia; de Vries, Casper G. - 2005
We study auctions in which the number of potential bidders is large, such as in Internet auctions. With numerous bidders, the expected revenue and the optimal bid function in a first price auction result in complicated expressions, except for a few simple distribution function for the bidders'...
Persistent link: https://www.econbiz.de/10010325276
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Auctions, Market Prices and the Risk Attitude Effect
Janssen, Maarten C.W.; Karamychev, Vladimir A. - 2005
prices in the aftermarket comparedto a more random allocation mechanism. Key ingredients in the argumentare differences in … attitude effect. Firms that are less risk aversetend to set higher prices (or higher quantities in case quantity is the …
Persistent link: https://www.econbiz.de/10010325283