PENNIES FROM EBAY: THE DETERMINANTS OF PRICE IN ONLINE AUCTIONS*
分析了eBay上收藏性1美分硬币拍卖的价格决定因素，发现卖家负面反馈对价格影响大于正面反馈，最低出价和保留价有正向作用，拍卖时长增加也提高价格。
This paper presents an exploratory analysis of the determinants of prices in online auctions for collectible United States one‐cent coins at the eBay web site. Starting with an initial data set of 20,000 auctions, we perform regression analysis on a restricted sample of 461 coins for which we obtained estimates of book value. We have three major findings. First, a seller's feedback ratings, reported by other eBay users, have a measurable effect on her auction prices. Negative feedback ratings have a much greater effect than positive feedback ratings do. Second, minimum bids and reserve prices have positive effects on the final auction price. In particular, minimum bids appear only to have a significant effect when they are binding on a single bidder, as predicted by theory. Third, when a seller chooses to have her auction last for a longer period of days, this significantly increases the auction price on average.