全球智库信息集成服务系统(G2TT): Bid Takers or Market Makers? The Effect of Auctioneers on Auction Outcomes

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w19731
来源ID	Working Paper 19731
	Bid Takers or Market Makers? The Effect of Auctioneers on Auction Outcomes
	Nicola Lacetera; Bradley J. Larsen; Devin G. Pope; Justin R. Sydnor
发表日期	2013-12-12
出版年	2013
语种	英语
摘要	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.
主题	Microeconomics ; Behavioral Economics ; Market Structure and Distribution ; Labor Economics ; Labor Supply and Demand ; Industrial Organization ; Industry Studies ; Other ; Accounting, Marketing, and Personnel
URL	https://www.nber.org/papers/w19731
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/577405
推荐引用方式 GB/T 7714	Nicola Lacetera,Bradley J. Larsen,Devin G. Pope,et al. Bid Takers or Market Makers? The Effect of Auctioneers on Auction Outcomes. 2013.