We empirically investigate the factors which influence a buyer's behavior in making an offer to purchase a car listed on eBay Motors using the “Best Offer” option. Our results indicate that a buyer's first offer is affected by observed information, including the number of buyers making an...

This paper proposes a simple model for multiple second-price auctions which run parallel to each other, in the sense that though they might not begin or end at the same time, they have certain periods of overlap. We characterize the equilibrium bidding strategy of the buyers and the equilibrium...

The popular Internet marketplace, eBay, introduced the Best Offer format in 2005. This paper studies buyer's behavior under such a mechanism. We characterize this mechanism as a sequential-move game between the seller of an item and its buyers. Our model suggests that a rational buyer's offer...