Auction Price Anomalies: Evidence from Wool Auctions in Australia
AbstractUsing detailed Australian wool auction data we test for further evidence of pricing anomalies at sequential auctions. We find that an anomaly frequently exists and order is frequently endogenously determined. Moreover, prices increase through some sales and decrease through others. We examine whether it is possible to explain the variation in the anomaly across sales and conclude that there is no systematic relationship between the direction of the price anomaly and the characteristics of the wool or the auction. We do, however, find evidence that an anomaly is more likely in longer sales. Copyright � 2004 Economic Society of Australia..
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Bibliographic InfoArticle provided by The Economic Society of Australia in its journal The Economic Record.
Volume (Year): 80 (2004)
Issue (Month): 250 (09)
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Other versions of this item:
- Jones, C. & Menezes, F. & Vella, F., 1996. "Auctions Price Anomalies: Evidence from Wool Auctions in Australia," Papers 303, Australian National University - Department of Economics.
- D44 - Microeconomics - - Market Structure and Pricing - - - Auctions
- D40 - Microeconomics - - Market Structure and Pricing - - - General
- L79 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - Other
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- Flavio Marques Menezes & Richard Engelbrecht-Wiggans, 2001.
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- Gerard J. van den Berg & Jan C. van Ours & Menno P. Pradhan, 1999. "Declining Prices in the Sequential Dutch Flower Auction of Roses," Tinbergen Institute Discussion Papers 99-074/3, Tinbergen Institute.
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- Stuart Kells, 2001. "Prices In Sequential Auctions: Preliminary Evidence From Australian Rare Book Auctions," Department of Economics - Working Papers Series 820, The University of Melbourne.
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