auction system works, what it indicates about price formation, and how well it performs. We begin with a short description of … competitive behavior of auction houses in the determination of prices. We move on to discuss the role of experts and price … the mechanics of the auction system and then organize the remainder of our discussion around two major topics. The first …

In this paper, the sequence of winning bids in the public auction of used cars in New Jersey is examined for the … presence of price anomalies. Unlike many studies of heterogeneous objects where the effect of the order of sale on the price … sale. In a further contrast to many other studies, these data indicate that the prices tend to increase as the auction …

posted prices. I find that competition among buyers intensifies more in the posted price format than in the auction format …

about the trustworthiness of the sellers, but both are significant drivers of price. Thus, seller reputation complements …Do bidders behave as auction theory predicts they should? How do bidders (and thus, prices) react to different types of … information? This paper derives implications of auction theory with respect to the dispersion of private information signals in an …

, there is no clear theoretical explanation for why the reserve price should be disclosed publicly or kept secret. Therefore … reserve price results in increased revenue for the seller. Our study offers insights into the preferences of buyers and … sellers in auctions with independent private values and suggests that selling reserve price information to buyers can lead to …

This study investigates the reference price effect of historical price lists - which are provided in the auction … for range theory. Specifically, the maximum price on the historical price list positively impacts the auction ending price … description - on ending prices. This paper estimates and compares three different theories for the reference price effect of price …

This paper tests for the presence of adverse selection in thoroughbred yearling auction markets. Thoroughbred auctions … auction (breeders). If racers use private information, keeping those yearlings with a higher probability of on-track success …, they are likely to receive a lower price for similar yearlings as compared to breeders. Using data from Keeneland's 1994 …

auction in the world. We find that there is a substantial price decline and suggest that the presence of a buyer's option …, whereby the winner of the first auction has the opportunity to buy the remaining units at the winning price, is a main … this declining price anomaly. In this paper we analyze data on sequential Dutch auctions of roses from the largest flower …

include these costs and explain this belief. We first present a decision-theoretic model of a slow Dutch auction. While simple … develop a game-theoretic model of a slow Dutch auction. We derive two symmetric, payoff-equivalent equilibria of the game in …

detailed price information. Accounting for non-randomness of the sites are auctioned, we find that an obligation to divest … evidence for price effects on nearby competitors …