When Rational Sellers Face Nonrational Buyers: Evidence from Herding on eBay
利用eBay DVD拍卖数据，研究发现买家会盲目跟风竞拍已有更多出价的商品，即使这些出价只是低起拍价的信号而非高质量，导致低起拍价商品中买家获胜概率更低、支付更高价格，而经验买家则更少参与此类拍卖。
People often observe others' decisions before deciding themselves. Using eBay data for DVD auctions we explore the consequences of neglecting nonsalient information when making such inferences. We show that bidders herd into auctions with more existing bids, even if these are a signal of no-longer-available lower starting prices rather than of higher quality. Bidders bidding a given dollar amount are less likely to win low starting price auctions, and pay more for them when they do win. Experienced bidders are less likely to bid on low starting price auctions. Remarkably, the seller side of the market is in equilibrium, because expected revenues are nearly identical for high and low starting prices.