Absentee Bidders and the Declining Price Anomaly in Wine Auctions
发现葡萄酒拍卖中价格随时间递减的异常现象，很可能是由缺席竞拍者使用非最优策略导致的，因此这类拍卖难以作为标准多物品拍卖模型的例证。
The anomaly is concerned with the observation that in multiple-item auctions of identical objects, prices tend to decline over time. I show that in the case of wine auctions, which have been analyzed frequently, the anomaly is likely to be caused by the fact that most bids are entered by absentees, who use nonoptimal bidding strategies. Therefore, wine auctions can hardly be used to illustrate the standard multiple-object auction model.