THE OPTIMAL LISTING STRATEGIES IN ONLINE AUCTIONS
提出了一个统一框架，完全刻画了卖家在在线拍卖中的最优上架策略如何随其时间不耐烦程度变化，发现固定价格、常规拍卖和立即购买拍卖分别对应不同耐心水平的卖家。
This article proposes a unified framework to completely characterize the seller's optimal listing strategy in the online auction as a function of her rate of time impatience. Specifically, the fixed‐price listing, the regular auction, and the buy‐it‐now (BIN) auction are each a solution of the seller's single optimization problem under different values of the rate of intertemporal discount: The perfectly patient seller adopts the regular auction, the sellers with a medium range of time impatience adopt the BIN auction, and the most impatient of sellers adopt the fixed‐price listing. Moreover, under mild conditions, the reverse price is inversely related to the value of the seller's discount factor, either within or across formats. This in turn implies that the posted price in the fixed‐price sale is greater than the reserve price of the BIN auction, followed by that of the regular auction. These predictions offer clear empirical implications.