Auctions versus Posted Prices in Online Markets
研究了在线市场中卖家在拍卖和标价之间的选择，发现拍卖的衰落主要源于卖家激励变化而非商品或卖家构成变化，标价因需求下降和销售概率降低而更受青睐。
Auctions were very popular in the early days of internet commerce, but today online sellers mostly use posted prices. We model the choice between auctions and posted prices as a trade-off between competitive price discovery and convenience. Evidence from eBay fits the theory. We then show that the decline in auctions was not driven by compositional shifts in seller experience or items sold, but by changing seller incentives. We estimate the demand facing sellers and document falling sale probabilities and falling relative demand for auctions. Both favor posted prices; our estimates suggest the latter is more important for the auction decline. Survey evidence provides further support.