The Performance of Auction Houses
نویسندگان
چکیده
It has been observed that similar prints can obtain quite different prices at different auctions within the same auction period. Previous works applying hedonic price technique to determine the formation of auction prices of objects of art have found no conclusive result about the impact of auction houses on final prices. In these studies the object of art has been the unit, and influence of auction houses is analysed by testing whether auction house impact on price is significant or not within a framework of central tendencies. In order to focus on auction houses as a unit we have applied a benchmarking technique, DEA, developed for efficiency studies. Performance indexes are defined and calculated giving an insight into auction house differences difficult to obtain using hedonic price approach.
منابع مشابه
Selling Picasso Paintings: the Efficiency of Auction Houses
Previous works applying hedonic price technique to determine the formation of auction prices of objects of art have found no conclusive result about the impact of auction houses on final prices. In these studies the object of art has been the unit, and influence of auction houses is analysed by testing whether auction house impact on price is significant or not within a framework of central ten...
متن کاملCompetition between auction houses: a shill bidding perspective
We analyze the competition between auction houses to organize an English auction in the independent private value model with participation costs when the seller is unable to commit not to participate in the same way as any potential buyer through a shill bidding activity. The seller may prefer to contract with auction houses with higher fees since they make the shill bidding activity more costl...
متن کاملThe Design of the Multi-Attribute English Auction with a Deadline Vs. the eBay Auction Protocol1
This paper provides an optimal auction mechanism design for automated agents conducting auctions, for example, auction houses on the web. In particular, we consider auction protocols that include two major features; multi-attribute items and a deadline rule. Three different protocols were analyzed. For each protocol a mechanism was developed that enables the auctioneer agent to compose an optim...
متن کاملMerging Auction Houses
In this paper, we study the incentives for market concentration of (online and traditional) auction houses. Would sellers and buyers be better off if two separate auction houses merged? We suppose that each auction house has a separate clientele of sellers and buyers. Sellers value their (identical) units at 0, while buyers have independent private values. Each auction house uses an ascending a...
متن کاملThe Performance of Grey System Agent and ANN Agent in Predicting Closing Prices for Online Auctions
The introduction of online auction has resulted in a rich collection of problems and issues especially in the bidding process. During the bidding process, bidders have to monitor multiple auction houses, pick from the many auctions to participate in and make the right bid. If bidders are able to predict the closing price for each auction, then they are able to make a better decision making on t...
متن کامل