Artistic Value and Art Price: A Comparison between Auction and Non-auction Markets
نویسندگان
چکیده
منابع مشابه
A random nth-price auction
Second-price auctions are designed to induce people to reveal their private preferences for a good. Laboratory evidence suggests that while these auctions do a reasonable job on aggregate, they fall short at the individual level, especially for bidders who are off-margin of the market-clearing price. Herein we introduce and explore whether a random nth-price auction can engage all bidders to bi...
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In English auctions, introducing a buy price, i.e., the seller’s maximum price bid at which any bidder at any time can immediately win the auction, allows the seller to gain higher expected utility than that in a traditional auction when either the seller or the buyers are risk-averse. If the seller sets the buy price high enough, the buyprice English auction is efficient and guarantees the hig...
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ژورنال
عنوان ژورنال: Journal of the Korea Academia-Industrial cooperation Society
سال: 2012
ISSN: 1975-4701
DOI: 10.5762/kais.2012.13.10.4432