academic interest in art, understanding of auction prices is limited. Price intransparency is exacerbated by contrasting … approaches in theory and practice: Theory is dominated by quantitative studies that measure the effects of individual factors … is no comprehensive theory of auction prices that combines both perspectives. To fill this gap, the author conducts three …

Curve ; forward-looking price setting ; rational expectations ; VAR model …

for a phase shift between the two cycles and add a price-wage block to the system. We estimate by maximum likelihood … Phillips curve-type equations, where the particular cycles enter the wage and price equations in levels though the trends are …