Pigs in Cyberspace: A Natural Experiment Testing Differences between Online and Offline Club‐Pig Auctions
研究发现，在中西部俱乐部仔猪市场中，传统面对面拍卖的成交价和卖家净收入高于互联网拍卖，利用外生日期差异克服了内生选择问题。
We find sale prices and net revenues received by sellers in the Midwestern club‐pig market are higher at traditional face‐to‐face auctions than at comparable Internet auctions. The comparison overcomes endogenous selection issues that commonly plague such analyses by using data from sellers that allocated pigs to both markets based on exogenous differences in dates between online and offline auctions. Auction theory suggests that the higher prices and net revenues from traditional auctions are attributable to remaining differences in auction format and buyer characteristics.