Is the ‘Linkage Principle’ Valid? Evidence from the Field
利用一家大型汽车销售商在不同拍卖格式下的田野数据，研究发现英国式拍卖（公开增价）的平均收入显著高于披露信息更少的动态互联网拍卖，验证了关联原则的预测。
We present field evidence concerning experienced bidders that supports the linkage principle—specifically, the prediction that in affiliated‐values auction environments the expected revenues generated at open‐outcry, ascending‐bid auctions are higher than those under auction formats that reveal less information to participants. Using field data from a large seller of automobiles who experimented with different selling formats, we have found that average revenues were significantly higher under an English auction than under a dynamic Internet auction format that revealed less information to bidders.