Quality Uncertainty and Repeat Purchases in Fish Auctions: Are Price Affected?
研究挪威远洋鱼类拍卖中，买家通过重复购买应对质量不确定性是否影响价格，发现重复购买与较低价格相关，而优先竞标则获得更高价格。
Abstract Auctions are widely used for agricultural and seafood products worldwide. However, buyer uncertainty regarding product quality may affect auction participation and efficiency negatively. This study examines repeat purchases (RPs) as a strategy to reduce buyer uncertainty regarding product quality and whether prices are affected. We also examine whether prices are affected by buyers’ option to prioritise among bids for several lots in the same auction period. Using hedonic price functions on data from the Norwegian pelagic auction, we find that RPs are associated with lower prices and that lots with first priority obtain higher prices than comparable random transactions.