skip to content
Bid takers or market makers? : the effect of auctioneers on auction outcomes Preview this item
ClosePreview this item
Checking...

Bid takers or market makers? : the effect of auctioneers on auction outcomes

Author: Nicola Lacetera; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2013.
Series: Working paper series (National Bureau of Economic Research), no. 19731.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
A large body of research has explored the importance of auction design and information structure for auction outcomes. Much less work has considered the importance of the auction process. For example, in many auctions, auctioneers are present and can impact the process of the auction by varying starting prices, level of price adjustments, the speed of the auction, the way they interact with auction participants, or  Read more...
Rating:

(not yet rated) 0 with reviews - Be the first.

Subjects
More like this

 

Find a copy online

Find a copy in the library

&AllPage.SpinnerRetrieving; Finding libraries that hold this item...

Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Nicola Lacetera; National Bureau of Economic Research.
OCLC Number: 867733780
Notes: Title from http://www.nber.org/papers/19731 viewed January 8, 2014.
"December 2013."
Description: 1 online resource (38 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 19731.
Responsibility: Nicola Lacetera [and others].

Abstract:

A large body of research has explored the importance of auction design and information structure for auction outcomes. Much less work has considered the importance of the auction process. For example, in many auctions, auctioneers are present and can impact the process of the auction by varying starting prices, level of price adjustments, the speed of the auction, the way they interact with auction participants, or their characteristic chant that is intended to excite buyers. We explore the importance of auction process by testing whether auctioneers can have a systematic difference on auction outcomes. We analyze more than 850,000 wholesale used car auctions and find large and significant differences in outcomes (probability of sale, price, and auction speed) across auctioneers. The performance heterogeneities are stable across time and correlate with subjective evaluations of auctioneers provided by the auction house. Although the available data here do not allow us to conclusively isolate mechanisms, a range of evidence suggests a role for tactics that generate excitement among bidders. Overall, these findings illustrate the complexities of auction environments and how outcomes can be impacted by subtle changes in process.

Reviews

User-contributed reviews
Retrieving GoodReads reviews...
Retrieving DOGObooks reviews...

Tags

Be the first.
Confirm this request

You may have already requested this item. Please select Ok if you would like to proceed with this request anyway.

Linked Data


Primary Entity

<http://www.worldcat.org/oclc/867733780> # Bid takers or market makers? : the effect of auctioneers on auction outcomes
    a schema:CreativeWork, schema:Book, schema:MediaObject ;
   library:oclcnum "867733780" ;
   library:placeOfPublication <http://experiment.worldcat.org/entity/work/data/1750239061#Place/cambridge_mass> ; # Cambridge, Mass.
   library:placeOfPublication <http://id.loc.gov/vocabulary/countries/mau> ;
   schema:about <http://experiment.worldcat.org/entity/work/data/1750239061#Topic/auctions_econometric_models> ; # Auctions--Econometric models
   schema:about <http://experiment.worldcat.org/entity/work/data/1750239061#Topic/selling_psychological_aspects_econometric_models> ; # Selling--Psychological aspects--Econometric models
   schema:about <http://id.worldcat.org/fast/820967> ; # Auctions--Econometric models
   schema:about <http://experiment.worldcat.org/entity/work/data/1750239061#Topic/auctioneers_econometric_models> ; # Auctioneers--Econometric models
   schema:bookFormat schema:EBook ;
   schema:contributor <http://viaf.org/viaf/135446122> ; # National Bureau of Economic Research.
   schema:creator <http://viaf.org/viaf/171841285> ; # Nicola Lacetera
   schema:datePublished "2013" ;
   schema:description "A large body of research has explored the importance of auction design and information structure for auction outcomes. Much less work has considered the importance of the auction process. For example, in many auctions, auctioneers are present and can impact the process of the auction by varying starting prices, level of price adjustments, the speed of the auction, the way they interact with auction participants, or their characteristic chant that is intended to excite buyers. We explore the importance of auction process by testing whether auctioneers can have a systematic difference on auction outcomes. We analyze more than 850,000 wholesale used car auctions and find large and significant differences in outcomes (probability of sale, price, and auction speed) across auctioneers. The performance heterogeneities are stable across time and correlate with subjective evaluations of auctioneers provided by the auction house. Although the available data here do not allow us to conclusively isolate mechanisms, a range of evidence suggests a role for tactics that generate excitement among bidders. Overall, these findings illustrate the complexities of auction environments and how outcomes can be impacted by subtle changes in process."@en ;
   schema:exampleOfWork <http://worldcat.org/entity/work/id/1750239061> ;
   schema:inLanguage "en" ;
   schema:isPartOf <http://experiment.worldcat.org/entity/work/data/1750239061#Series/working_paper_series_national_bureau_of_economic_research> ; # Working paper series (National Bureau of Economic Research) ;
   schema:isPartOf <http://experiment.worldcat.org/entity/work/data/1750239061#Series/nber_working_paper_series> ; # NBER working paper series ;
   schema:name "Bid takers or market makers? : the effect of auctioneers on auction outcomes"@en ;
   schema:productID "867733780" ;
   schema:publication <http://www.worldcat.org/title/-/oclc/867733780#PublicationEvent/cambridge_mass_national_bureau_of_economic_research_2013> ;
   schema:publisher <http://experiment.worldcat.org/entity/work/data/1750239061#Agent/national_bureau_of_economic_research> ; # National Bureau of Economic Research
   schema:url <http://papers.nber.org/papers/w19731> ;
   wdrs:describedby <http://www.worldcat.org/title/-/oclc/867733780> ;
    .


Related Entities

<http://experiment.worldcat.org/entity/work/data/1750239061#Agent/national_bureau_of_economic_research> # National Bureau of Economic Research
    a bgn:Agent ;
   schema:name "National Bureau of Economic Research" ;
    .

<http://experiment.worldcat.org/entity/work/data/1750239061#Place/cambridge_mass> # Cambridge, Mass.
    a schema:Place ;
   schema:name "Cambridge, Mass." ;
    .

<http://experiment.worldcat.org/entity/work/data/1750239061#Series/nber_working_paper_series> # NBER working paper series ;
    a bgn:PublicationSeries ;
   schema:hasPart <http://www.worldcat.org/oclc/867733780> ; # Bid takers or market makers? : the effect of auctioneers on auction outcomes
   schema:name "NBER working paper series ;" ;
    .

<http://experiment.worldcat.org/entity/work/data/1750239061#Series/working_paper_series_national_bureau_of_economic_research> # Working paper series (National Bureau of Economic Research) ;
    a bgn:PublicationSeries ;
   schema:hasPart <http://www.worldcat.org/oclc/867733780> ; # Bid takers or market makers? : the effect of auctioneers on auction outcomes
   schema:name "Working paper series (National Bureau of Economic Research) ;" ;
    .

<http://experiment.worldcat.org/entity/work/data/1750239061#Topic/selling_psychological_aspects_econometric_models> # Selling--Psychological aspects--Econometric models
    a schema:Intangible ;
   schema:hasPart <http://id.loc.gov/authorities/subjects/sh2008111501> ;
   schema:name "Selling--Psychological aspects--Econometric models"@en ;
    .

<http://id.worldcat.org/fast/820967> # Auctions--Econometric models
    a schema:Intangible ;
   schema:name "Auctions--Econometric models"@en ;
    .

<http://viaf.org/viaf/135446122> # National Bureau of Economic Research.
    a schema:Organization ;
   schema:name "National Bureau of Economic Research." ;
    .

<http://viaf.org/viaf/171841285> # Nicola Lacetera
    a schema:Person ;
   schema:familyName "Lacetera" ;
   schema:givenName "Nicola" ;
   schema:name "Nicola Lacetera" ;
    .


Content-negotiable representations

Close Window

Please sign in to WorldCat 

Don't have an account? You can easily create a free account.