Subject:
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Re: Does auction length matter?
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Newsgroups:
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lugnet.market.theory
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Date:
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Wed, 5 May 1999 03:03:49 GMT
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Viewed:
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863 times
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Chris Ernest Hall wrote in message ...
:In lugnet.market.theory, Todd Lehman writes:
:>In lugnet.market.theory, fozboot@best.com (Chris Ernest Hall)
writes:
:>> [...]
:>> I followed the threads about eBay's auction rules with great
interest. My
:>> step-mother is former Chief Economist of the SEC and a great
authority on
:>> auction theory.
:>
:>Awesome!!!
:>
:>Say, are there trade books or journals on this sort of thing? (Must
be, but
:>I wouldn't know where to look.)
:
:There's remarkably little written about auctions and auction theory.
Auctions
:were basically considered a backwater area of economics (other than
for people
:involved with securities) until the Internet came along. Now auction
theory is
:an area which is suddenly of great interest to economists. One site
that
:recently got my attention is:
:
:http://www.vanderbilt.edu/Econ/reiley/home.html
:
:He's written some papers which look interesting (I have not had time
to read
:them unfortunately) based on experiments selling sportscards over the
Internet.
:
I have a PhD in Economics and I do remember reading some articles in
grad school (ante-Internet) on auctions. I'll try to dig them up.
Most of the Econ lit on auctions that I know of is not empirical or
not to the level of detail discussed here. There is quite a bit of
literature over auction types (eg Dutch v. English, sealed-bid v.
open).
It is very difficult to model real world type auctions where you have
the same item in various venues auctioned under various rules and with
various ending times. That is a nightmare for modeling. Nevertheless,
the data Chris provides do not seem counter intuitive to me. The SW
Lego auction market is pretty efficient.
The counterintuitive stuff is that items on Ebay frequently sell for
higher than you could get them for at TRU or S@H. That is probably
explained by poorly informed bidders or international bidders (where
the stuff is not available by other means).
DJ Zorn
To locate scans of official instructions
for discontinued sets only go to:
http://www.kl.net/scans/
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Message has 1 Reply:
 | | Re: Does auction length matter?
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| (...) It's bizarre that people would pay more for something like the Spaceport three- item valuepack than they could pay at eToys or at the local Target, Walmart or Toys r Us. It may be these people are just addicted to the excitement of winning (...) (26 years ago, 5-May-99, to lugnet.market.theory)
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Message is in Reply To:
| | Re: Does auction length matter?
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| (...) There's remarkably little written about auctions and auction theory. Auctions were basically considered a backwater area of economics (other than for people involved with securities) until the Internet came along. Now auction theory is an area (...) (26 years ago, 4-May-99, to lugnet.market.theory)
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