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| Author: | Tucker, J.M. Massad, V.J. |
| Title: | Effect of buyer and seller experience on buy it now pricing |
| Journal: | Journal of Internet commerce
2004 : VOL. 3:2, p. 101-115 |
| Index terms: | Bidding Buying Experience Risk aversion |
| Language: | eng |
| Abstract: | The phenomenon of online auctions is examined in this article, with particular focus on a pricing option known as "Buy It Now". With this option, a buyer can purchase merchendise immediately at a stated price and truncate the auction process. Auction items sold with a Buy It Now price tend to be at a higher price than the high bid price for an identical item sold through an ascending-bid auction. Buy It Now prices tend to attract risk averse bidders while high bidders of ascending-bid auctions tend to be less risk averse or risk neutral bidders. On the other hand, more experienced sellers sell their items with a Buy It Now price while less experienced sellers sell their items through an ascending-bid process. |
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