Auction versus direct sale: the effect of buyers and sellers on prices
研究挪威冷冻鳕鱼交易数据发现，直接销售的信息效率高于拍卖，但拍卖价格平均高出2.6%，而直接销售使用增加表明卖家更看重信息效率。
Abstract This study examines the question of selling agricultural commodities by auction or directly. Hedonic price analysis using transaction data from the sale of frozen cod in Norway shows that buyer–seller matches explain 32.4 and 13.6 per cent of the price variation in direct sales and auctions, respectively, indicating that direct sales are more informationally efficient than auctions. Meanwhile, auctions gain a price premium of 2.6 per cent over direct sales, holding other variables constant. However, a substantial increase in the use of direct sales indicates that their information efficiency is more important to sellers than the small price premium provided by auctions.