New Evidence on Price Anomalies in Sequential Auctions
利用新泽西州二手车公开拍卖数据，发现拍卖中价格随顺序递增，且多件拍品售出后价格不再变化，为序贯拍卖价格异常提供了新证据。
This article examines the sequence of winning bids in the public auction of used cars in New Jersey for the presence of price anomalies. Unlike many studies of heterogeneous objects, where the effect of the order of sale on the price may not be credibly identified, here the effect of the order is identified, because the items are randomly selected for sale. In a further contrast to many other studies, these data indicate that the prices tend to increase as the auction proceeds. The data also indicate that once several items have been sold, there is no change in the bidding behavior or any further increase in prices.