'Catalogue’ vs 'Order-of-Sale’ Effects in Sequential Auctions : Theory and Evidence From A Rare Book Sale  

Oleh:

Deltas, George ; Kosmopoulou, Georgia

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Economic Journal (EBSCO) vol. 114 no. 492 (Jan. 2004), page 28-54.
Topik: auction; catalogue; order of sale; sequential; auctions; rare book sale
Fulltext: 28.pdf (179.41KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: EE28.12 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

We examine bidding in a rare book sequential auction that has features of a natural experiment : lots were arranged in alphabetical order, the reserve set non - strategically and half the bids placed by mail - in bidders. We distinguish between the effects induced by the print order of the catalogue from those by the sequential nature of the sale. We document the existence of distinct 'catalogue’ effects on prices, number of bids, and price variability and determine their causes. We demonstrate that these catalogue effects also influence floor bidder behaviour. We derive a theoretical model that generates key aspects of floor bidder behaviour.

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