Declining Values and the Afternoon Effect: Evidence from Art Auctions.
The authors study the order of sale in art auctions. The final bid relative to the auctioneer's estimated price declines throughout the course of an auction. A theoretical model shows that, in an auction ordered by declining valuation, even in the presence of risk-neutral strategic bidders, the...
| Main Authors: | , |
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| Format: | Journal article |
| Language: | English |
| Published: |
Blackwell Publishing
1997
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