Bidding behavior and experience in internet auctions
Bidding behavior and experience in internet auctions
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DOI：
10.1016/j.euroecorev.2013.02.007
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发表时间：
2013
影响因子：
2.8
通讯作者：
R. Pownall;L. Wolk
中科院分区：
文献类型：
--
作者：
R. Pownall;L. Wolk
我们研究经验在互联网艺术品拍卖中的作用，通过分析同一投标人在一个独特的纵向场数据集的重复出价。我们的研究结果表明，经验显着降低出价水平，这表明投标人改变他们的投标行为在整个时间。参加十多场拍卖会，平均出价下降高达26%。我们进一步测试了几种可能的解释所观察到的学习行为，并表明，在投标策略的变化是一个结果，在拍卖内的行为，是与经验产生的变化。我们的研究结果是强大的内源性参与以及投标人的固定效应的关注。
We study the role of experience in internet art auctions by analyzing repeated bidding by the same bidder in a unique longitudinal field dataset. Our results show that experience significantly lowers the level of bids suggesting that bidders change their bidding behavior throughout time. Participating in more than ten auctions brings down average bids by up to 26%. We further test several possible explanations for the observed learning behavior and show that the change in bidding strategy is a result of a change in within-auction behavior that is generated with experience. Our results are robust to concerns of endogenous participation as well as bidder fixed effects.