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An Experimental Comparison of Pricing in Two Auction Systems

Author

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  • Donald G. Frahm
  • Lee F. Schrader

Abstract

Trading and pricing procedures are being increasingly viewed as variables in the marketing system, particularly as the pricing role of central markets declines. Quantification of the effect of pricing systems on price outcome is needed for decisions in this area. English (ascending bid) and Dutch (descending price) auctions are compared in a series of experiments. Specific hypotheses regarding price variation, pattern of price during an auction period, and departure from equilibrium price are tested. The experimental evidence indicates the existence of a significant area of indeterminacy in pricing processes.

Suggested Citation

  • Donald G. Frahm & Lee F. Schrader, 1970. "An Experimental Comparison of Pricing in Two Auction Systems," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 52(4), pages 528-534.
    • Handle: RePEc:oup:ajagec:v:52:y:1970:i:4:p:528-534.
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    File URL: http://hdl.handle.net/10.2307/1237260
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    Cited by:

    1. Beaton, Norman J. & Pearson, Charles L., 1982. "Lead-Lag Structure Of Slaughter Hog Prices Between United States Midwest And Four Major Canadian Markets Utilizing Univariate Residual Cross-Correlation Technique," 1982 Annual Meeting, August 1-4, Logan, Utah 279206, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    2. Neugebauer, Tibor & Pezanis-Christou, Paul, 2007. "Bidding behavior at sequential first-price auctions with(out) supply uncertainty: A laboratory analysis," Journal of Economic Behavior & Organization, Elsevier, vol. 63(1), pages 55-72, May.
    3. Sporleder, Thomas L., 1988. "The Effects Of Trader'S Reputation On Market Exchange," 1988 Annual Meeting, August 1-3, Knoxville, Tennessee 270159, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    4. Tibor Neugebauer & Paul Pezanis-Christou, 2003. "Bidding at Sequential First-Price Auctions with(out) Supply Uncertainty: a Laboratory Analysis," Working Papers 24, Barcelona School of Economics.
    5. Johnson, S.R. & Rausser, Gordon C., 1977. "PART III. Systems Analysis and Simulation in Agricultural and Resource Economics," AAEA Monographs, Agricultural and Applied Economics Association, number 337223.
    6. Foster, John & Wagner, Liam & Liebman, Ariel, 2015. "Modelling the Electricity and Natural Gas Sectors for the Future Grid: Developing Co-Optimisation Platforms for Market Redesign," MPRA Paper 70114, University Library of Munich, Germany.

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