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The Declining Price Anomaly in Dutch Dutch Rose Auctions

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  • Gerard J. van den Berg
  • Jan C. van Ours
  • Menno P. Pradhan

Abstract

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Suggested Citation

  • Gerard J. van den Berg & Jan C. van Ours & Menno P. Pradhan, 2001. "The Declining Price Anomaly in Dutch Dutch Rose Auctions," American Economic Review, American Economic Association, vol. 91(4), pages 1055-1062, September.
  • Handle: RePEc:aea:aecrev:v:91:y:2001:i:4:p:1055-1062
    Note: DOI: 10.1257/aer.91.4.1055
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    References listed on IDEAS

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    1. A. W. Coats, 1996. "Introduction," History of Political Economy, Duke University Press, vol. 28(5), pages 3-11, Supplemen.
    2. van den Berg, G. & van Ours, J.C. & Pradhan, M.P., 1999. "Declining Prices in the Sequential Dutch Flower Auction of Roses," Discussion Paper 1999-52, Tilburg University, Center for Economic Research.
    3. Ashenfelter, Orley & Genesove, David, 1992. "Testing for Price Anomalies in Real-Estate Auctions," American Economic Review, American Economic Association, vol. 82(2), pages 501-505, May.
    4. Jane Black & David de Meza, 1992. "Systematic Price Differences Between Successive Auctionsare no Anomaly," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 1(4), pages 607-628, December.
    5. Victor A. Ginsburgh, 1998. "Absentee Bidders and the Declining Price Anomaly in Wine Auctions," Journal of Political Economy, University of Chicago Press, vol. 106(6), pages 1302-1331, December.
    6. Berg, Gerard J. van den & Ours, Jan C. van & Pradhan, Menno P., 1999. "Declining prices in the sequential Dutch flower auction of roses," Serie Research Memoranda 0040, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
    7. Branco, Fernando, 1997. "Sequential auctions with synergies: An example," Economics Letters, Elsevier, vol. 54(2), pages 159-163, February.
    8. Flavio Menezes & Paulo Monteiro, 1997. "Sequential asymmetric auctions with endogenous participation," Theory and Decision, Springer, vol. 43(2), pages 187-202, September.
    9. Bernhardt, Dan & Scoones, David, 1994. "A Note on Sequential Auctions," American Economic Review, American Economic Association, vol. 84(3), pages 653-657, June.
    10. Laffont, Jean-Jacques, 1997. "Game theory and empirical economics: The case of auction data 1," European Economic Review, Elsevier, vol. 41(1), pages 1-35, January.
    11. Wolfstetter, Elmar, 1996. " Auctions: An Introduction," Journal of Economic Surveys, Wiley Blackwell, vol. 10(4), pages 367-420, December.
    12. Chris Jones & Flavio Menezes & Francis Vella, 2004. "Auction Price Anomalies: Evidence from Wool Auctions in Australia," The Economic Record, The Economic Society of Australia, vol. 80(250), pages 271-288, September.
    13. Ashenfelter, Orley, 1989. "How Auctions Work for Wine and Art," Journal of Economic Perspectives, American Economic Association, vol. 3(3), pages 23-36, Summer.
    14. Alan Beggs & Kathryn Graddy, 1997. "Declining Values and the Afternoon Effect: Evidence from Art Auctions," RAND Journal of Economics, The RAND Corporation, vol. 28(3), pages 544-565, Autumn.
    15. Milgrom, Paul R & Weber, Robert J, 1982. "A Theory of Auctions and Competitive Bidding," Econometrica, Econometric Society, vol. 50(5), pages 1089-1122, September.
    16. McAfee, R Preston & McMillan, John, 1987. "Auctions and Bidding," Journal of Economic Literature, American Economic Association, vol. 25(2), pages 699-738, June.
    17. Victor Ginsburgh & Pierre-Michel Menger, 1996. "Economics of the arts: selected essays," ULB Institutional Repository 2013/1655, ULB -- Universite Libre de Bruxelles.
    18. Engelbrecht-Wiggans, Richard, 1994. "Sequential auctions of stochastically equivalent objects," Economics Letters, Elsevier, vol. 44(1-2), pages 87-90.
    19. Gale, I. & Hausch, D., 1992. "Bottom-Fishing and Declining Prices in Sequential Auctions," Working papers 9215, Wisconsin Madison - Social Systems.
    20. Robert J. Weber, 1981. "Multiple-Object Auctions," Discussion Papers 496, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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    Citations

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    Cited by:

    1. Andrew Sweeting, 2008. "Equilibrium Price Dynamics in Perishable Goods Markets: The Case of Secondary Markets for Major League Baseball Tickets," NBER Working Papers 14505, National Bureau of Economic Research, Inc.
    2. Andersson , Ola & Andersson , Tommy, 2015. "Decomposing the Afternoon Effect: An Empirical Investigation of Sequential Train Ticket Auctions," Working Papers 2015:28, Lund University, Department of Economics.
    3. Audrey Hu & Liang Zou, 2014. "Sequential Auctions, Price Trends, and Risk Preferences," Tinbergen Institute Discussion Papers 14-139/I, Tinbergen Institute.
    4. Rasim Ozcan, 2004. "Sequential Auctions with Endogenously Determined Reserve Prices," Boston College Working Papers in Economics 592, Boston College Department of Economics.
    5. Lorentziadis, Panos L., 2016. "Optimal bidding in auctions from a game theory perspective," European Journal of Operational Research, Elsevier, vol. 248(2), pages 347-371.
    6. Grether, David M. & Plott, Charles R., 2009. "Sequencing strategies in large, competitive, ascending price automobile auctions: An experimental examination," Journal of Economic Behavior & Organization, Elsevier, vol. 71(2), pages 75-88, August.
    7. Tu, Zhiyong, 2010. "A Resale Explanation for the Declining Price Anomaly in Sequential Auctions," Review of Applied Economics, Review of Applied Economics, vol. 6(1-2).
    8. Zulehner, Christine, 2009. "Bidding behavior in sequential cattle auctions," International Journal of Industrial Organization, Elsevier, vol. 27(1), pages 33-42, January.
    9. Ginsburgh, V. & van Ours, J.C., 2003. "How to Organize Sequential Auctions : Results of a Natural Experiment by Christie's," Discussion Paper 2003-25, Tilburg University, Center for Economic Research.
    10. Elena Katok & Alvin E. Roth, 2004. "Auctions of Homogeneous Goods with Increasing Returns: Experimental Comparison of Alternative "Dutch" Auctions," Management Science, INFORMS, vol. 50(8), pages 1044-1063, August.
    11. Victor Ginsburgh & Jan van Ours, 2007. "How to organize a sequential auction: results of a natural experiment by Christie's," ULB Institutional Repository 2013/5255, ULB -- Universite Libre de Bruxelles.
    12. Emiel Maasland & Sander Onderstal, 2006. "Going, Going, Gone! A Swift Tour of Auction Theory and its Applications," De Economist, Springer, vol. 154(2), pages 197-249, June.
    13. Audrey Hu & Liang Zou, 2016. "Sequential Auctions with Generalized Interdependent Values," Tinbergen Institute Discussion Papers 16-016/I, Tinbergen Institute.
    14. Mishra, Debasis & Parkes, David C., 2009. "Multi-item Vickrey-Dutch auctions," Games and Economic Behavior, Elsevier, vol. 66(1), pages 326-347, May.
    15. Olivier Chanel & Stéphanie Vincent, 2004. "Computing price trends in sequential auctions," Recherches économiques de Louvain, De Boeck Université, vol. 70(4), pages 443-460.
    16. Lu, Y. & Gupta, A. & Ketter, W. & van Heck, H.W.G.M., 2017. "Information Transparency in B2B Auction Markets: The Role of Winner Identity Disclosure," ERIM Report Series Research in Management ERS-2017-006-LIS, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
    17. Cheng, Meng & Xu, Su Xiu & Huang, George Q., 2016. "Truthful multi-unit multi-attribute double auctions for perishable supply chain trading," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 93(C), pages 21-37.
    18. Johannes Horner & Julian Jamison, 2006. "Private Information in Sequential Common-Value Auctions," Discussion Papers 1422, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    19. Hanaki, Nobuyuki & Kirman, Alan & Marsili, Matteo, 2011. "Born under a lucky star?," Journal of Economic Behavior & Organization, Elsevier, vol. 77(3), pages 382-392, March.
    20. Boudreau, James W. & Shunda, Nicholas, 2016. "Sequential auctions with budget constraints: Evidence from fantasy basketball auction drafts," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 62(C), pages 8-22.
    21. Mezzetti, Claudio, 2008. "Aversion to Price Risk and the Afternoon Effect," The Warwick Economics Research Paper Series (TWERPS) 857, University of Warwick, Department of Economics.
    22. Guerci, E. & Kirman, A. & Moulet, S., 2014. "Learning to bid in sequential Dutch auctions," Journal of Economic Dynamics and Control, Elsevier, vol. 48(C), pages 374-393.
    23. Kannan, Karthik N., 2010. "Declining prices in sequential auctions with complete revelation of bids," Economics Letters, Elsevier, vol. 108(1), pages 49-51, July.
    24. Rosato, Antonio, 2014. "Loss Aversion in Sequential Auctions: Endogenous Interdependence, Informational Externalities and the "Afternoon Effect"," MPRA Paper 56824, University Library of Munich, Germany.
    25. Dejan Trifunovic, 2014. "Sequential Auctions And Price Anomalies," Economic Annals, Faculty of Economics, University of Belgrade, vol. 59(200), pages 7-42, January –.

    More about this item

    JEL classification:

    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions
    • Q11 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Aggregate Supply and Demand Analysis; Prices

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