TY - JOUR
T1 - 'Catalogue' vs 'order-of-sale' effects in sequential auctions
T2 - Theory and evidence from a rare book sale
AU - Deltas, George
AU - Kosmopoulou, Georgia
PY - 2004/1
Y1 - 2004/1
N2 - We examine bidding in a rare book sequential auction that has features of a natural experiment: lots were arranged in alphabetical order, the reserve set non-strategically and half the bids placed by mail-in bidders. We distinguish between the effects induced by the print order of the catalogue from those by the sequential nature of the sale. We document the existence of distinct 'catalogue' effects on prices, number of bids, and price variability and determine their causes. We demonstrate that these catalogue effects also influence floor bidder behaviour. We derive a theoretical model that generates key aspects of floor bidder behaviour.
AB - We examine bidding in a rare book sequential auction that has features of a natural experiment: lots were arranged in alphabetical order, the reserve set non-strategically and half the bids placed by mail-in bidders. We distinguish between the effects induced by the print order of the catalogue from those by the sequential nature of the sale. We document the existence of distinct 'catalogue' effects on prices, number of bids, and price variability and determine their causes. We demonstrate that these catalogue effects also influence floor bidder behaviour. We derive a theoretical model that generates key aspects of floor bidder behaviour.
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U2 - 10.1046/j.0013-0133.2003.00175.x
DO - 10.1046/j.0013-0133.2003.00175.x
M3 - Article
AN - SCOPUS:0842322810
SN - 0013-0133
VL - 114
SP - 28
EP - 54
JO - Economic Journal
JF - Economic Journal
IS - 492
ER -