Last-Minute Bidding in Sequential Auctions with Unobserved, Stochastic Entry

Last-Minute Bidding in Sequential Auctions with Unobserved, Stochastic Entry Using a dataset of calculator auctions on eBay, we first show that last-minute bidding is not merely the result of bidders’ going to the next-to-close auction. Instead, bidding is concentrated at the end of the period in which the auction is the next to close, suggesting the existence of strategic last-minute bidding. Then, we model repeated, ascending price auctions for homogeneous goods with unobserved, stochastic entry. We show that the dynamic game has a pure-strategy symmetric equilibrium in which entrants always reveal themselves by bidding in the auction in which they arrive, and bidding occurs at the last minute. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Review of Industrial Organization Springer Journals

Last-Minute Bidding in Sequential Auctions with Unobserved, Stochastic Entry

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Publisher
Springer US
Copyright
Copyright © 2011 by Springer Science+Business Media, LLC.
Subject
Economics; Industrial Organization; Microeconomics
ISSN
0889-938X
eISSN
1573-7160
D.O.I.
10.1007/s11151-011-9328-2
Publisher site
See Article on Publisher Site

References

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