Uncertainty and Auction Outcomes: Evidence from Used Car Actions

Uncertainty and Auction Outcomes: Evidence from Used Car Actions I study the sequence of bidding in an open-outcry English auction to examine how uncertainty affects auction outcomes. I do this by analyzing a data set that was collected from a series of public auctions of used cars in New Jersey. I conjecture that the uncertainty is related to the auction’s progress and demonstrate that, empirically, an increase in the uncertainty is associated with an increase in the number of rounds that is required to sell an object and with a reduction in the ratio of the selling price to the presale estimate. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Review of Industrial Organization Springer Journals

Uncertainty and Auction Outcomes: Evidence from Used Car Actions

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Publisher
Springer Journals
Copyright
Copyright © 2009 by Springer Science+Business Media, LLC.
Subject
Economics; Industrial Organization; Microeconomics
ISSN
0889-938X
eISSN
1573-7160
D.O.I.
10.1007/s11151-009-9212-5
Publisher site
See Article on Publisher Site

Abstract

I study the sequence of bidding in an open-outcry English auction to examine how uncertainty affects auction outcomes. I do this by analyzing a data set that was collected from a series of public auctions of used cars in New Jersey. I conjecture that the uncertainty is related to the auction’s progress and demonstrate that, empirically, an increase in the uncertainty is associated with an increase in the number of rounds that is required to sell an object and with a reduction in the ratio of the selling price to the presale estimate.

Journal

Review of Industrial OrganizationSpringer Journals

Published: Jul 18, 2009

References

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