Declining Values and the Afternoon Effect: Evidence from Art Auctions
研究艺术品拍卖中物品出售顺序对价格的影响，发现随着拍卖进行，最终出价相对于预估价格会下降，并构建理论模型解释这一现象。
We study the order of sale in art auctions. The final bid relative to the auctioneer's estimated price declines throughout the course of an auction. A theoretical model shows that in an auction ordered by declining valuation, even in the presence of risk-neutral strategic bidders, the price received relative to the estimate for later items in an auction should be less than the price relative to the estimate for earlier items. Furthermore, ordering heterogeneous items by value maximizes revenue for the auctioneer.