The Role of Undisclosed Reserves in English Open Outcry Auctions
利用英格兰住宅拍卖中未公开的保留价数据，研究发现更高的保留价虽能增加卖方收入，但会降低成交概率，同时竞拍人数和出价次数对结果有显著影响。
This study considers the role that reserve prices may play in residential property auctions. In comparison to much of the previous empirical work, this study has access to undisclosed reserve prices from English auctions. Consistent with theoretical arguments in the auction literature, the results obtained illustrate that while higher reserve prices increase the revenue obtained for the seller, they also reduce the probability of sale. The findings also highlight the importance of auction participation, with the number of individual bidders and the number of bids significant in most specifications.