Tractors on eBay: Differences between Internet and In‐Person Auctions
系统比较了eBay与现场拍卖中二手拖拉机的价格差异，发现eBay上价格显著更低，但买家保护计划可缩小差距，且最常交易的拖拉机无差异。
Abstract We provide a systematic examination of the differences between Internet and in‐person auction prices for used tractors. A hedonic model estimated with transactions pooled between eBay and in‐person auctions reveals statistically distinct price surfaces for the two auction venues and predicts significantly lower prices for comparable equipment sold on eBay, though this difference is attenuated for tractors fully covered by eBay's buyer protection program and is fully absent for the most frequently traded tractor. An endogenous venue selection model reveals that larger, more valuable tractors from states with more valuable stocks of machinery are more likely to be offered on eBay.