This paper compares various methods used for measuring price trends in sequential auctions and draws on index number theory. Data from wine auctions are used to show that different methods applied to the same data may lead to significantly diffŽrent conclusions. Moreover the same method can even lead to opposite results depending on the way pairs are selected within the set of similar objects sold sequentially. Finally, the number of identical objects being sold also influences the price trend.
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Find related papers by JEL classification: C15 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: General - - - Statistical Simulation Methods C43 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Index Numbers and Aggregation D44 - Microeconomics - - Market Structure and Pricing - - - Auctions
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