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An Experimental Analysis of Ending Rules in Internet Auctions Author info | Abstract | Publisher info | Download info | Related research | Statistics Dan Ariely () (Massachusetts Institute of Technology)
Axel Ockenfels () (University of Cologne)
Alvin E. Roth () (Harvard University)
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A great deal of late bidding has been observed on eBay, which employs a second-price auction with a fixed deadline. Much less late bidding has been observed on Amazon, which can only end when ten minutes have passed without a bid. In controlled experiments, we find that the difference in the ending rules is sufficient by itself to produce the differences in late bidding observed in the field data. The data also allow us to examine bid amounts in relation to private values, and how behavior is shaped by the different opportunities for learning provided in the auction conditions. Ordering information: This article can be ordered from https://pubs3.rand.org/cgi-bin/rje/pdf.cgi .
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Article provided by The RAND Corporation in its journal RAND Journal of Economics .
Volume (Year): 36 (2005)
Issue (Month): 4 (Winter)
Pages: 890-907
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Handle: RePEc:rje:randje:v:36:y:2005:4:p:890-907Contact details of provider: Web page: http://www.rje.org
Order Information: Web: http://gemini.econ.umd.edu/cgi-bin/rje_online.cgi
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Paper Dan Ariely & Axel Ockenfels & Alvin E. Roth, 2002.
"An Experimental Analysis of Ending Rules in Internet Auctions ,"
Papers on Strategic Interaction
2002-47, Max Planck Institute of Economics, Strategic Interaction Group.
[Downloadable!] Dan Ariely & Axel Ockenfels & Alvin E Roth, 2003.
"An Experimental Analysis of Ending Rules in Internet Auctions ,"
Levine's Bibliography
506439000000000433, UCLA Department of Economics.
[Downloadable!] Dan Ariely & Axel Ockenfels & Alvin E. Roth, 2003.
"An Experimental Analysis of Ending Rules in Internet Auctions ,"
CESifo Working Paper Series
CESifo Working Paper No. , CESifo Group Munich.
[Downloadable!] References listed on IDEAS 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.: Ernan Haruvy & Alvin E. Roth & M. Utku Unver, 2004.
"The Dynamics of Law Clerk Matching: An Experimental and Computational Investigation of Proposals for Reform of the Market ,"
Experimental
0404001, EconWPA.
[Downloadable!]
Other versions: Paul R. Milgrom, 1985.
"Auction Theory ,"
Cowles Foundation Discussion Papers
779, Cowles Foundation, Yale University.
[Downloadable!]
Ockenfels, Axel & Roth, Alvin E., 2006.
"Late and multiple bidding in second price Internet auctions: Theory and evidence concerning different rules for ending an auction ,"
Games and Economic Behavior ,
Elsevier, vol. 55(2), pages 297-320, May.
[Downloadable!] (restricted)
Other versions: Gary Bolton & Elena Katok & Axel Ockenfels, 2002.
"How Effective are Online Reputation Mechanisms? ,"
Papers on Strategic Interaction
2002-25, Max Planck Institute of Economics, Strategic Interaction Group.
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Simon Gaechter & Arno Riedl, 2002.
"Moral Property Rights in Bargaining ,"
CESifo Working Paper Series
CESifo Working Paper No. , CESifo Group Munich.
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Other versions: Axel Ockenfels & Alvin E. Roth, 2001.
"The Timing of Bids in Internet Auctions: Market Design, Bidder Behavior, and Artificial Agents ,"
Papers on Strategic Interaction
2002-33, Max Planck Institute of Economics, Strategic Interaction Group.
[Downloadable!]
Christopher Avery & Christine Jolls & Richard Posner & Alvin E. Roth, 2007.
"The New Market for Federal Judicial Law Clerks ,"
NBER Working Papers
13213, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Other versions: John H. Kagel & Alvin E. Roth, 2000.
"The Dynamics Of Reorganization In Matching Markets: A Laboratory Experiment Motivated By A Natural Experiment ,"
The Quarterly Journal of Economics ,
MIT Press, vol. 115(1), pages 201-235, February.
[Downloadable!] (restricted)
Alvin E. Roth & Axel Ockenfels, 2002.
"Last-Minute Bidding and the Rules for Ending Second-Price Auctions: Evidence from eBay and Amazon Auctions on the Internet ,"
American Economic Review ,
American Economic Association, vol. 92(4), pages 1093-1103, September.
[Downloadable!]
Other versions: Nick Feltovich, 2000.
"Reinforcement-Based vs. Belief-Based Learning Models in Experimental Asymmetric-Information ,"
Econometrica ,
Econometric Society, vol. 68(3), pages 605-642, May.
Alvin E. Roth & Elliott Peranson, 1999.
"The Redesign of the Matching Market for American Physicians: Some Engineering Aspects of Economic Design ,"
NBER Working Papers
6963, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Other versions: John Asker & Brit Grosskopf & C. Nicholas McKinney & Muriel Niederle & Alvin E. Roth & Georg Weizsäcker, 2004.
"Teaching Auction Strategy Using Experiments Administered via the Internet ,"
Journal of Economic Education ,
Helen Dwight Reid Foundation, vol. 35(4), pages 330-342.
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repec:bep:theadv:v:6:y:2006:i:1:p:1261-1261 is not listed on IDEAS
Other versions:
Eric Rasmusen, 2004.
"Strategic Implications of Uncertainty Over One’s Own Private Value in Auctions ,"
Working Papers
2004-13, Indiana University, Kelley School of Business, Department of Business Economics and Public Policy.
[Downloadable!] Eric B. Rasmusen, 2001.
"Starategic Implications of Uncertainty Over One's Own Private Value in Auctions ,"
CIRJE F-Series
CIRJE-F-127, CIRJE, Faculty of Economics, University of Tokyo.
[Downloadable!] Roth, Alvin E & Xing, Xiaolin, 1994.
"Jumping the Gun: Imperfections and Institutions Related to the Timing of Market Transactions ,"
American Economic Review ,
American Economic Association, vol. 84(4), pages 992-1044, September.
[Downloadable!] (restricted)
Kagel, John H & Harstad, Ronald M & Levin, Dan, 1987.
"Information Impact and Allocation Rules in Auctions with Affiliated Private Values: A Laboratory Study ,"
Econometrica ,
Econometric Society, vol. 55(6), pages 1275-1304, November.
[Downloadable!] (restricted)
Alvin E. Roth, 2002.
"The Economist as Engineer: Game Theory, Experimentation, and Computation as Tools for Design Economics ,"
Econometrica ,
Econometric Society, vol. 70(4), pages 1341-1378, July.
[Downloadable!] (restricted)
Patrick Bajari & Ali Hortacsu, 2000.
"Winner's Curse, Reserve Prices and Endogenous Entry: Empirical Insights from eBay Auctions ,"
Econometric Society World Congress 2000 Contributed Papers
1927, Econometric Society.
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Werner Güth & Maria Vittoria Levati & Boris Maciejovsky, 2001.
"Deadline Effects in Ultimatum Bargaining: An Experimental Study of Concession Sniping with Low or no Costs of Delay ,"
Papers on Strategic Interaction
2001-01, Max Planck Institute of Economics, Strategic Interaction Group.
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Roth, Alvin E & Murnighan, J Keith & Schoumaker, Francoise, 1988.
"The Deadline Effect in Bargaining: Some Experimental Evidence ,"
American Economic Review ,
American Economic Association, vol. 78(4), pages 806-23, September.
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Urs Fischbacher, 2007.
"z-Tree: Zurich toolbox for ready-made economic experiments ,"
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Full
references 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.)
Nicola Dimitri, 2007.
"Last minute bidding equilibrium in second price internet auctions ,"
Department of Economic Policy, Finance and Development (DEPFID) University of Siena
001, Department of Economic Policy, Finance and Development (DEPFID), University of Siena.
[Downloadable!]
Gary Bolton & Elena Katok & Axel Ockenfels, 2002.
"How Effective are Online Reputation Mechanisms? ,"
Papers on Strategic Interaction
2002-25, Max Planck Institute of Economics, Strategic Interaction Group.
[Downloadable!]
Marta Stryszowska, 2004.
"Late and Multiple Bidding in Competing Second Price ,"
Working Papers
2004.16, Fondazione Eni Enrico Mattei.
[Downloadable!]
Gary Bolton, 2003.
"How Effective are Electronic Reputation Mechanisms? ,"
Working Papers
gb1, The Pennsylvania State University, Laboratory for Economic Mangement and Auctions, revised 01 Aug 2003.
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Gary Bolton & Elena Katok & Axel Ockenfels, 2002.
"Bridging the Trust Gap in Electronic Markets ,"
Papers on Strategic Interaction
2002-26, Max Planck Institute of Economics, Strategic Interaction Group.
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Stanley Reynolds & John Wooders, 2009.
"Auctions with a buy price ,"
Economic Theory ,
Springer, vol. 38(1), pages 9-39, January.
[Downloadable!] (restricted)
Other versions: Alvin E. Roth & Axel Ockenfels, 2002.
"Last-Minute Bidding and the Rules for Ending Second-Price Auctions: Evidence from eBay and Amazon Auctions on the Internet ,"
American Economic Review ,
American Economic Association, vol. 92(4), pages 1093-1103, September.
[Downloadable!]
Other versions: Gary E. Bolton & Elena Katok & Axel Ockenfels, 2003.
"How Effective are Electronic Reputation Mechanisms? An Experimental Investigation ,"
Working Paper Series in Economics
3, University of Cologne, Department of Economics.
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Ladislav Wintr, 2008.
"Some evidence on late bidding in eBay auctions ,"
Research series
200801-25, National Bank of Belgium.
[Downloadable!]
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
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[Downloadable!]
Other versions: Axel Ockenfels & Alvin E. Roth, 2001.
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Papers on Strategic Interaction
2002-33, Max Planck Institute of Economics, Strategic Interaction Group.
[Downloadable!]
Axel Ockenfels, 2002.
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Papers on Strategic Interaction
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Anderson, Steven & Friedman, Daniel & Milam, Garrett & Singh, Nirvikar, 2007.
"Seller strategies on eBay: Does size matter? ,"
MPRA Paper
4324, University Library of Munich, Germany.
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James R. Wolf & Hal R. Arkes & Waleed A. Muhanna, 2008.
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Judgment and Decision Making ,
Society for Judgment and Decision Making, vol. 3(6), pages 476-482, August.
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Steve Anderson & Daniel Friedman & Garrett Milam & Nirvikar Singh, 2004.
"Seller Strategies on eBay ,"
Santa Cruz Department of Economics, Working Paper Series
1024, Department of Economics, UC Santa Cruz.
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Other versions: Sascha Füllbrunn, 2007.
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FEMM Working Papers
07025, Otto-von-Guericke University Magdeburg, Faculty of Economics and Management.
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Tim Grebe & Radosveta Ivanova-Stenzel & Sabine Kröger, 2006.
"How eBay Sellers set “Buy-it-now” prices - Bringing The Field Into the Lab ,"
Discussion Papers
181, 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.
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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 Group Munich.
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Other versions: Axel Ockenfels & Reinhard Selten, 2004.
"Impulse Balance Equilibrium and Feedback in First Price Auctions ,"
Working Paper Series in Economics
7, University of Cologne, Department of Economics.
[Downloadable!]
Other versions:
Axel Ockenfels & Reinhard Selten, 2002.
"Impulse Balance Equilibrium and Feedback in First Price Auctions ,"
Papers on Strategic Interaction
2002-12, Max Planck Institute of Economics, Strategic Interaction Group.
[Downloadable!] Ockenfels, Axel & Selten, Reinhard, 2005.
"Impulse balance equilibrium and feedback in first price auctions ,"
Games and Economic Behavior ,
Elsevier, vol. 51(1), pages 155-170, April.
[Downloadable!] (restricted) Axel Ockenfels, 2002.
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Papers on Strategic Interaction
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Brit Grosskopf & Alvin E. Roth, 2006.
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Levine's Bibliography
122247000000001017, UCLA Department of Economics.
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