New evidence on price anomalies in sequential auctions: Used cars in New Jersey

摘要

To examine the sequence of winning bids in the public auction of used cars. The sequence of winning bids in the public auction of used cars in New Jersey is described in the presence of price anomalies. Unlike the studies on other heterogeneous objects, in which the effect of the order of sale on the price may not be credibly identified, the effect of order is here well identified as they are randomly selected for sale. The study indicates that once several items are sold, there is no change in the bidding behavior or further increase in prices.