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| Author: | Roth, A. E. Ockenfels, A. |
| Title: | Last-Minute Bidding and the Rules for Ending Second- Price Auctions: Evidence from eBay and Amazon Auctions on the Internet |
| Journal: | American Economic Review
2002 : SEP, VOL. 92:4, p. 1093-1103 |
| Index terms: | BIDDING AUCTIONS ELECTRONIC COMMERCE INTERNET |
| Language: | eng |
| Abstract: | Auctions on the Internet provide a new source of data on how bidding is influenced by the detailed rules of the auction. Here the authors study the second-price auctions run by eBay and Amazon, in which a bidder submits a reservation price and has this (maximum) price used to bid for him by proxy. That is, a bidder can submit his reservation price (called a proxy bid) early in the auction and have the resulting bid register as the minimum increment above the previous high bid. As subsequent reservation prices are submitted, the bid rises by the minimum increment until the second-highest submitted reservation price is exceeded. |
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