Using field experiments to test equivalence between auction formats: Magic on the Internet

Journal/Book: Amer Econ Rev. 1999; 89: 2014 Broadway, Ste 305, Nashville, TN 37203, USA. Amer Economic Assoc. 1063-1080.

Abstract: William Vickrey's predicted equivalences between first-price sealed-bid and Dutch auctions, and between second-price sealed-bid and English auctions, are tested using field experiments that auctioned off collectible trading cards over the Internet. The results indicate that the Dutch auction produces 30-percent higher revenues than the first-price auction format, a violation of the theoretical prediction and a reversal of previous laboratory results, and that the English and second-price formats produce roughly equivalent revenues. (JEL C93, D44).

Note: Article Lucking-Reiley D, Vanderbilt Univ, Dept Econ, 415 Calhoun Hall, Nashville,TN 37235 USA

Keyword(s): BEHAVIOR

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