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The Winner's Curse, Reserve Prices, and Endogenous Entry: Empirical Insights from eBay Auctions

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Author Info
 Bajari, Patrick
Hortacsu, Ali
Abstract

Internet auctions have recently gained widespread popularity and are one of the most successful forms of electronic commerce. We examine a unique dataset of eBay coin auctions to explore the determinants of bidder and seller behavior. We first document a number of empirical regularities. We then specify and estimate a structural econometric model of bidding on eBay. Using our parameter estimates from this model, we measure the extent of the winner's curse and simulate seller revenue under different reserve prices. Copyright 2003 by the RAND Corporation.

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Publisher Info
Article provided by The RAND Corporation in its journal RAND Journal of Economics.

Volume (Year): 34 (2003)
Issue (Month): 2 (Summer)
Pages: 329-55
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Handle: RePEc:rje:randje:v:34:y:2003:i:2:p:329-55

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  1. Sailer, Katharina, 2006. "Searching the eBay Marketplace," Discussion Papers in Economics 1234, University of Munich, Department of Economics. [Downloadable!]
    Other versions:
  2. MINGLI ZHENG & Robert McMillan & SAJID ANWAR, 2005. "Bidding Behavior in Competing Auctions: Evidence from eBay," Microeconomics 0505001, EconWPA. [Downloadable!]
    Other versions:
  3. Eric Rasmusen, 2006. "Strategic Implications of Uncertainty over One's Own Private Value in Auctions," Advances in Theoretical Economics, Berkeley Electronic Press, vol. 6(1), pages 1261-1261. [Downloadable!] (restricted)
    Other versions:
  4. Klein, Tobias & Lambertz, Christian & Spagnolo, Giancarlo & Stahl, Konrad O., 2006. "Last Minute Feedback," CEPR Discussion Papers 5693, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
    • Tobias J. Klein & Christian Lambertz & Giancarlo Spagnolo & Konrad O. Stahl, 2005. "Last Minute Feedback," Discussion Papers 62, SFB/TR 15 Governance and the Efficiency of Economic Systems, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich, revised Mar 2006. [Downloadable!]
  5. Cotton, Christopher, 2007. "Multiple-bidding in auctions as bidders become confident of their private valuations," MPRA Paper 1844, University Library of Munich, Germany. [Downloadable!]
  6. Axel Ockenfels & Alvin E. Roth, 2003. "Late and Multiple Bidding in Second Price Internet Auctions: Theory and Evidence Concerning Different Rules for Ending an Auction," CESifo Working Paper Series CESifo Working Paper No. , CESifo GmbH. [Downloadable!]
    Other versions:
  7. Anderson, Steven & Friedman, Daniel & Milam, Garrett & Singh, Nirvikar, 2007. "Buy it now: A hybrid market institution," MPRA Paper 4322, University Library of Munich, Germany. [Downloadable!]
  8. David Eaton, 2007. "The Impact of Reputation Timing and Source on Auction Outcomes," Topics in Economic Analysis & Policy, Berkeley Electronic Press, vol. 7(1), pages 1646-1646. [Downloadable!] (restricted)
  9. Young Han Lee & Ulrike Malmendier, 2007. "The Bidder's Curse," NBER Working Papers 13699, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  10. Gary E. Bolton & Axel Ockenfels, 2008. "Does Laboratory Trading Mirror Behavior in Real World Markets? Fair Bargaining and Competitive Bidding on EBay," CESifo Working Paper Series CESifo Working Paper No. , CESifo GmbH. [Downloadable!]
    Other versions:
  11. Xu, Pai & Shneyerov, Artyom & Marmer, Vadim, 2007. "What Model for Entry in First-Price Auctions? A Nonparametric Approach," Micro Theory Working Papers marmer-07-11-22-02-26-44, Microeconomics.ca Website, revised 22 Nov 2007. [Downloadable!]
  12. Quazi Shahriar, 2008. "Common Value Auctions with Buy Prices," Working Papers 0031, San Diego State University, Department of Economics. [Downloadable!]
  13. Patrick Bajari & Stephanie Houghton & Steve Tadelis, 2006. "Bidding for Incomplete Contracts: An Empirical Analysis," NBER Working Papers 12051, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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