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Cyberspace Auctions and Pricing Issues: A Review of Empirical Findings

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Author Info
Patrick Bajari
Ali Hortacsu

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Abstract

April 2002

This article surveys empirical findings from recent studies of Internet auctions and summarizes the economic insights gained from these findings. The main questions addressed in this article are: What are the rules of the game used in online auctions and how do these rules influence bidding behavior, such as sniping or bid shading? Is a good reputation, as measured by a seller’s feedback, valued by bidders and is feedback important in making online markets function well? Is the “winner’s curse” present in online auctions? How do minimum bids and secret reserve prices affect bidding and final sale prices?

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Paper provided by Stanford University, Department of Economics in its series Working Papers with number 02005.

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Date of creation: Apr 2002
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Handle: RePEc:wop:stanec:02005

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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.:
  1. Paarsch, H.J., 1990. "Deciding Between The C Ommon And Private Value Paradigms In Empirical Models Of Auctions," UBC Departmental Archives 90-09, UBC Department of Economics.
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  2. Daniel Houser & John Wooders, 2006. "Reputation in Auctions: Theory, and Evidence from eBay," Journal of Economics & Management Strategy, Blackwell Publishing, vol. 15(2), pages 353-369, 06. [Downloadable!] (restricted)
  3. Roger B. Myerson, 1978. "Optimal Auction Design," Discussion Papers 362, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
  4. Michael Peters & Sergei Severinov, 2001. "Internet Auctions with Many Traders," Working Papers peters-01-01, University of Toronto, Department of Economics. [Downloadable!]
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  5. Levin, Dan & Smith, James L, 1994. "Equilibrium in Auctions with Entry," American Economic Review, American Economic Association, vol. 84(3), pages 585-99, June. [Downloadable!] (restricted)
  6. Alvin E. Roth & Axel Ockenfels, 2000. "Last Minute Bidding and the Rules for Ending Second-Price Auctions: Theory and Evidence from a Natural Experiment on the Internet," NBER Working Papers 7729, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  7. 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. [Downloadable!]
  8. Milgrom, Paul R & Weber, Robert J, 1982. "A Theory of Auctions and Competitive Bidding," Econometrica, Econometric Society, vol. 50(5), pages 1089-1122, September. [Downloadable!] (restricted)
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