Black, Jane; De Meza, David - In: Journal of Economics & Management Strategy 1 (1992) 4, pp. 607-28
Identical cases of wine are often auctioned one immediately after another. Ashenfelter (1989) reprots that on average, the later lots fetch less. Such a systematic price difference seems anomalous, the more so because it is shown here that rational expectations imp,y not equal, but rising,...