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. Copyright 2004 Royal Economic Society.
Download Info
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. In case of further problems read
the IDEAS help
page. Note that these files are not on the IDEAS
site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
For technical questions regarding this item, or to correct its listing, contact: (Christopher F. Baum).
Related research
Keywords:
Cited by: (explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)