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Sequencing strategies in large, competitive, ascending price automobile auctions: An experimental examination

Grether, David M. and Plott, Charles R. (2009) Sequencing strategies in large, competitive, ascending price automobile auctions: An experimental examination. Journal of Economic Behavior & Organization, 71 (2). pp. 75-88. ISSN 0167-2681. https://resolver.caltech.edu/CaltechAUTHORS:20140128-105930068

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Abstract

This paper reports on a large-scale field experiment testing strategies available to a seller participating in simultaneous competitive sequential ascending price automobile auctions. Every other week, the seller offered approximately 100 vehicles for sale in an auction environment in which several competing sellers offered on the order of 3000 vehicles. The experiment tested various sequences in which the seller could offer the vehicles, such as high values first or low values first. Surprisingly, and contrary to intuition drawn from the theory of single item and single seller auctions, the worst performing sequence from those tested is for the seller to order vehicles from highest to lowest values. The best sequence is to group the vehicles by type and offer the low valued vehicles first and then move to offer the higher valued vehicles.


Item Type:Article
Related URLs:
URLURL TypeDescription
http://dx.doi.org/10.1016/j.jebo.2009.02.018DOIArticle
http://www.sciencedirect.com/science/article/pii/S0167268109000626PublisherArticle
Additional Information:© 2009 Elsevier B.V. Received 10 November 2007; Received in revised form 20 February 2009; Accepted 25 February 2009; Available online 20 March 2009.
Subject Keywords:auctions, used automobile, orders, multiple goods
Issue or Number:2
Classification Code:JEL: C93, D44
Record Number:CaltechAUTHORS:20140128-105930068
Persistent URL:https://resolver.caltech.edu/CaltechAUTHORS:20140128-105930068
Official Citation:David M. Grether, Charles R. Plott, Sequencing strategies in large, competitive, ascending price automobile auctions: An experimental examination, Journal of Economic Behavior & Organization, Volume 71, Issue 2, August 2009, Pages 75-88, ISSN 0167-2681, http://dx.doi.org/10.1016/j.jebo.2009.02.018. (http://www.sciencedirect.com/science/article/pii/S0167268109000626)
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:43533
Collection:CaltechAUTHORS
Deposited By: Susan Vite
Deposited On:29 Jan 2014 16:18
Last Modified:03 Oct 2019 06:08

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