SELLING ONLINE VERSUS LIVE*
研究了卖家在在线拍卖与现场拍卖之间的选择权衡，发现决定哪种方式更优的关键参数不是预期价格，而是估值不确定性。
A seller choosing between auctioning online and live faces a tradeoff: lower transaction costs online against more rents left with the bidders. We model this tradeoff, and apply the theory to auctions of art. The crucial parameter for whether the seller does better online than live is not the expected price but the valuation uncertainty.