WorldCat Identities

Graddy, Kathryn Jo 1963-

Works: 35 works in 164 publications in 5 languages and 681 library holdings
Genres: Textbooks  Case studies  Conference proceedings 
Roles: Author, Creator
Classifications: HB171.5, 330
Publication Timeline
Most widely held works by Kathryn Jo Graddy
Art auctions : a survey of empirical studies by Orley Ashenfelter( Book )
19 editions published in 2002 in English and held by 95 WorldCat member libraries worldwide
Abstract: This paper contains a review of the burgeoning research that has been designed to shed light on how the art auction system actually works and what it indicates about price formation. First, we find that in recent years returns on art assets appear to be little different from returns on other assets. In addition, some researchers have found that because of the weak correlation between art asset returns with other returns, there may be a case for the inclusion of art assets in a diversified portfolio. Second, we find evidence of several anomalies in art market pricing. The evidence clearly suggests that, contrary to the view of the art trade, 'masterpieces' underperform the market. In addition, there is considerable evidence that there are fairly long periods in which art prices may diverge across geographic areas and even auction houses. Third, we review the public record of the criminal trial of Sotheby's former Chairman, who was accused of price fixing, to show how the collusion with Christie's, the other great public auction house, was actually engineered. Contrary to the way the proceeds from the settlement of the civil suit in this case were distributed, we show that buyers were almost certainly not injured by the collusion, but that sellers were. In addition, based on the public record of settlement, it appears that the plaintiffs in the civil suit were very handsomely repaid for their injury. Finally, we review the extensive research on the effects of the auction institution on price formation. There is now considerable theoretical research on strategic behavior in auctions, much of it in response to empirical findings, and we review three key findings. First, the evidence suggests that art experts provide extremely accurate predictions of market prices, but that these predictions do not optimally process the publicly available information. Second, high reserve prices, and the resulting high unsold ('buy-in') rates are best explained as optimal search in the face of stochastic demand. Third, extensive research has documented that the prices of identical objects are more likely to decline than to increase when multiple units are sold, and this has led to considerable theoretical research. Subsequent empirical research has tended to document declining demand prices even when the objects are imperfect substitutes
Essentials of economics by Paul R Krugman( Book )
19 editions published between 2010 and 2014 in 5 languages and held by 94 WorldCat member libraries worldwide
This book brings the same captivating writing and innovative features of Krugman/Wells to the one-term combined micro/macro course. It is the ideal text for teaching basic economic principles in a real-world context to students who are not planning to continue up the economics curriculum
Economics by Paul R Krugman( Book )
17 editions published between 2006 and 2008 in English and held by 92 WorldCat member libraries worldwide
"Economics: European Edition" by leading economist, Paul Krugman, and lecturers, Robin Wells and Kathryn Graddy, is the ideal text for introductory economics, bringing together an international scope of real world examples and economic theory, which students may apply to their everyday lives. Economics is written in a style that is relevant, accessible and entertaining for students; its unique story-telling approach making economic theories easier to understand and absorb. The text is supported by a number of features to enhance student understanding as well as a full array of supplements to consolidate the learning process
Anatomy of the rise and fall of a price-fixing conspiracy : auctions at Sotheby's and Christie's by Orley Ashenfelter( Book )
17 editions published in 2004 in English and held by 86 WorldCat member libraries worldwide
"The Sotheby's/Christie's price-fixing scandal that ended in the public trial of Alfred Taubman provides a unique window on a number of key economic and antitrust policy issues related to the use of the auction system. The trial provided detailed evidence as to how the price fixing worked, and the economic conditions under which it was started and began to fall apart. The outcome of the case also provides evidence on the novel auction process used to choose the lead counsel for the civil settlement. Finally, though buyers received the bulk of the damages, a straightforward application of the economic theory of auctions shows that it is unlikely that successful buyers as a group were injured"--National Bureau of Economic Research web site
A dynamic model of price discrimination and inventory management at the Fulton fish market by Kathryn Jo Graddy( )
10 editions published in 2009 in English and held by 54 WorldCat member libraries worldwide
We estimate a dynamic profit-maximization model of a fish wholesaler who can observe consumer characteristics, set individual prices, and thus engage in third-degree price discrimination. Simulated prices and quantities from the model exhibit the key features observed in a set of high quality transaction-level data on fish sales collected at the Fulton fish market. The model's predictions are then compared to the case in which the dealer must post a single price to all customers. We find the cost to the dealer of posting a uniform price to be extremely small
Sale rates and price movements in art auctions by Orley Ashenfelter( )
11 editions published in 2011 in English and held by 52 WorldCat member libraries worldwide
The failure of many paintings to sell in art auctions indicates the presence of reserve prices set by sellers. This paper examines the relationship between sale rates and price surprises over time in art auctions. Using data on contemporary and impressionist art, we show that while sale rates appear to have little relationship to current prices, there exists a strong positive relationship of sale rates to unexpected aggregate price changes, which is reminiscent of a Phillips curve. As a result, sale rates provide a useful quantity indicator of the strength of the art market. The data also indicate that sale rates revert to "normal" very quickly following a price surprise. We estimate an empirical model to measure normal sale rates. We also find evidence that the reserve price is set on average at about 70% of the auctioneer's low estimate, as published in the auction catalog
Non-parametric demand analysis with an application to the demand for fish by Joshua David Angrist( Book )
3 editions published in 1995 in English and held by 45 WorldCat member libraries worldwide
Instrumental variables (IV) estimation of a demand equation using time series data is shown to produce a weighted average derivative of heterogeneous potential demand functions. This result adapts recent work on the causal interpretation of two-stage least squares estimates to the simultaneous equations context and generalizes earlier research on average derivative estimation to models with endogenous regressors. The paper also shows how to compute the weights underlying IV estimates of average derivatives in a simultaneous equations model. These ideas are illustrated using data from the Fulton Fish market in New York City to estimate an average elasticity of wholesale demand for fresh fish. The weighting function underlying IV estimates of the demand equation is graphed and interpreted. The empirical example illustrates the essentially local and context-specific nature of instrumental variables estimates of structural parameters in simultaneous equations models
Markets : the Fulton Fish Market by Kathryn Jo Graddy( Book )
7 editions published in 2006 in English and held by 18 WorldCat member libraries worldwide
Centralized markets with large numbers of buyers and sellers are generally thought of as being competitive and well-functioning. However, an important role of centralized markets is matching heterogeneous products, such as fish, to buyers of these products. The high level of differentiation in the Fulton fish market and the institutional structure at the Fulton market has led to patterns of behaviour that suggest imperfect competition and market segmentation. At times in the past, the repeated nature of price setting and extensive knowledge of the sellers may have created the basis for tacit collusion and allowed the dealers to gather economic rents by exploiting the different elasticities and buying patterns. Additional economic rents at the market were created by subsidized rents and lax regulation created fertile ground for organized crime to operate
The impact of school inputs on student performance : an empirical study of private schools in the UK by Kathryn Jo Graddy( Book )
4 editions published in 2003 in English and held by 17 WorldCat member libraries worldwide
Failure to meet the reserve price : the impact on returns to art by Alan W Beggs( Book )
6 editions published in 2006 in English and held by 16 WorldCat member libraries worldwide
This paper presents an empirical study of paintings that have failed to meet their reserve price at auction. In the art trade it is often claimed that when an advertised item goes unsold at auction, its future value will be affected. We have constructed a new dataset specifically for the purpose of testing this proposition. To preview our results, we find that paintings that come to auction and failed return significantly less when they are eventually sold than those paintings that have not been advertised at auction between sales. These lower returns may occur because of common value effects, idiosyncratic downward trends in tastes, or changes in the seller's reserve price
Testing for reference dependence : an application to the art market by Alan W Beggs( Book )
6 editions published in 2005 in English and held by 16 WorldCat member libraries worldwide
This paper tests for reference dependence, using data from Impressionist and Contemporary Art auctions. We distinguish reference dependence based on rule of thumb learning from reference dependence based on rational learning. Furthermore, we distinguish pure reference dependence from effects due to loss aversion. Thus, we use actual market data to test essential characteristics of Kahneman and Tversky`s Prospect Theory. The main methodological innovations of this paper are firstly, that reference dependence can be identified separately from loss aversion. Secondly, we introduce a consistent non-linear estimator to deal with measurement errors problems involved in testing for loss aversion. In this dataset, we find strong reference dependence but no loss aversion
When are supply and demand determined recursively rather than simultaneously? : another look at the Fulton Fish Market data by Kathryn Jo Graddy( Book )
6 editions published between 2006 and 2007 in English and held by 15 WorldCat member libraries worldwide
When a supply and demand model is recursive, with errors uncorrelated across the two equations, ordinary least square (OLS) is the recommended estimation procedure. Supply to a daily fish market is determined by the previous night's catch, so this would appear to be a good example of a recursive market. Despite this, data from the Fulton fish market are treated in the literature, without explanation, as coming from a simultaneous-equations market. We provide the missing explanation: inventory changes, influenced by current price, affect daily supply. Instrumental variable estimates using the full data set differ very little from OLS estimates using only observations with little inventory change, providing strong support for our explanation. Finally, we note that because of inventory changes, estimates of supply price elasticities in high-frequency markets must be interpreted with care
Fiddling with value : violins as an investment? by Kathryn Jo Graddy( Book )
5 editions published in 2007 in English and held by 14 WorldCat member libraries worldwide
Repeat sales indexes: estimation without assuming that errors in asset returns are independently distributed by Rachel A. J Pownall( Book )
3 editions published in 2009 in English and held by 13 WorldCat member libraries worldwide
This paper proposes an alternative specification for the second stage of the Case-Shiller repeat sales method. This specification is based on serial correlation in the deviations from the mean one-period returns on the underlying individual assets, whereas the original Case-Shiller method assumes that the deviations from mean returns by the underlying individual assets are i.i.d. The methodology proposed in this paper is easy to implement and provides more accurate estimates of the standard errors of returns under serial correlation. The repeat sales methodology is generally used to construct an index of prices or returns for unique, infrequently traded assets such as houses, art, and musical instruments which are likely to be prone to exhibit serial correlation in returns. We demonstrate our methodology on a dataset of art prices and on a dataset of real estate prices from the city of Amsterdam
The impact of the droit de suite in the UK : an empirical analysis by Kathryn Jo Graddy( Book )
3 editions published in 2009 in English and held by 12 WorldCat member libraries worldwide
The extraordinary art critic Roger de Piles (1635-1709) : an empirical analysis of his rankings and sale prices by Kathryn Jo Graddy( Book )
4 editions published in 2012 in English and held by 10 WorldCat member libraries worldwide
Roger de Piles (1635-1709) was a French art critic who decomposed the style and ability of each artist into areas of composition, drawing, color and expression, rating each on a 20 point scale. Based on evidence from two datasets that together span from 1740 to the present, this paper shows that de Piles' four characteristics are each both currently and historically correlated with prices achieved at auction. The effect of de Piles' drawing characteristic on price has steadily decreased over the period 1736-1960 while the effect of de Piles' color characteristic appears to have increased over the same period. De Piles' overall ratings have also withstood the test of a very long period of time, with estimates indicating that the works of his higher-rated artists achieved a greater return than his lower rated artists. The annual returns of all artists that he rated achieved comparable returns to other art indices
Freedom, growth, and the environment by Scott Barrett( Book )
2 editions published in 1998 in English and held by 5 WorldCat member libraries worldwide
Auction house guarantees for works of art by Kathryn Jo Graddy( )
2 editions published in 2014 in English and held by 5 WorldCat member libraries worldwide
Auction houses use both in-house and third-party guarantees for sellers who are concerned about the risk that not enough bidders will enter the auction for their works. Auction houses are compensated for guarantees by buyers' commissions and successful sales after attracting important works of art. Sellers compensate third-party guarantors by splitting the excess of the final sale price over the guarantee. The guarantor can bid in the auction, and at Christie's, the third-party guarantor still receives a share of the difference between the winning price and the guarantee price, even if he wins the auction, which means the guarantor has a "toehold". We explore the effect of guarantees (both in-house and third-party) on prices in art auctions, using a large database of auctions and a smaller database of repeat sales
Declining values and the afternoon effect : evidence from art auctions by Kathryn Jo Graddy( Book )
2 editions published in 1996 in English and held by 3 WorldCat member libraries worldwide
Testing for imperfect competition at the Fulton Fish Market by Kathryn Jo Graddy( Book )
1 edition published in 1993 in English and held by 3 WorldCat member libraries worldwide
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Alternative Names
Graddy, K. 1963-
Graddy, Kathryn
Graddy, Kathryn 1963-
Graddy, Kathryn Jo 1963-
English (137)
Spanish (5)
Italian (2)
Catalan (2)
Chinese (1)