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Agent's behaviour in a sequential Dutch auction: evidence from the Pescara wholesale fish market

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  • Gianfranco Giulioni
  • Edgardo Bucciarelli

Abstract

In this article we perform an empirical investigation to detect whether and to what extent agents' behaviour departs from those foreseen by the orthodox economic theory in the Pescara wholesale fish market, which has a centralized structure. Using non-parametric techniques and tools from statistical physics, we tackle the issue investigating features such as the dynamics of the structure of attendance in auctions, the varieties of fish presentation during the seller's turn and the presence of long-term relationships between buyers and sellers. We follow this way instead of focusing on the price dispersion and dynamics to avoid risking that the unobserved quality differences of the traded products might bias the results of the analysis.

Suggested Citation

  • Gianfranco Giulioni & Edgardo Bucciarelli, 2011. "Agent's behaviour in a sequential Dutch auction: evidence from the Pescara wholesale fish market," Applied Economics Letters, Taylor & Francis Journals, vol. 18(5), pages 455-460.
    • Handle: RePEc:taf:apeclt:v:18:y:2011:i:5:p:455-460
    DOI: 10.1080/13504851003705266
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    References listed on IDEAS

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    1. Kathryn Graddy, 1995. "Testing for Imperfect Competition at the Fulton Fish Market," RAND Journal of Economics, The RAND Corporation, vol. 26(1), pages 75-92, Spring.
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    Cited by:

    1. Ma, Gang & Zheng, Junjun & Wei, Ju & Wang, Shilei & Han, Yefan, 2021. "Robust optimization strategies for seller based on uncertainty sets in context of sequential auction," Applied Mathematics and Computation, Elsevier, vol. 390(C).
    2. Zhen Li & Ching-Chung Kuo, 2013. "Design of discrete Dutch auctions with an uncertain number of bidders," Annals of Operations Research, Springer, vol. 211(1), pages 255-272, December.

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