Previous works applying hedonic price technique to determine the formation of auction prices of objects of art have found no conclusive result about the impact of auction houses on final prices. In these studies the object of art has been the unit, and influence of auction houses is analysed by testing whether auction house impact on price is significant or not within a framework of central tendencies. In order to focus on auction houses as a unit we have applied a benchmarking technique, DEA, developed for efficiency studies. Categorial and continuous variables are used as inputs and auction prices as outputs. Performance indicators are defined and calculated giving an insight into auction house differences impossible to obtain using hedonic price approach.
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Paper provided by ICER - International Centre for Economic Research in its series ICER Working Papers with number
07-2001.
Length: 32 pages Date of creation: May 2001 Date of revision: Handle: RePEc:icr:wpicer:07-2001
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Find related papers by JEL classification: C6 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming D2 - Microeconomics - - Production and Organizations Z1 - Other Special Topics - - Cultural Economics
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.:
Afriat, Sidney N, 1972.
"Efficiency Estimation of Production Function,"
International Economic Review,
Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 13(3), pages 568-98, October.
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