Auction price anomalies: Evidence from wool auctions in Australia

Jones, C, Menezes, F and Vella, F (2004) Auction price anomalies: Evidence from wool auctions in Australia. Economic Record, 80 250: 271-288.


Author(s) Jones, C
Menezes, F
Vella, F
Title Auction price anomalies: Evidence from wool auctions in Australia
Journal name Economic Record
Publication date 2004
Sub-type Article
Volume number 80
Issue number 250
ISSN 0013-0249
Start page 271
End page 288
Total pages 18
Place of publication Burwood Victoria
Publisher Economic Soc of Australia Brown Prior Anderson Pty Ltd
Abstract Using detailed Australian wool auction data we test for further evidence of pricing anomalies at sequential auctions. We find that an anomaly frequently exists and order is frequently endogenously determined. Moreover, prices increase through some sales and decrease through others. We examine whether it is possible to explain the variation in the anomaly across sales and conclude that there is no systematic relationship between the direction of the price anomaly and the characteristics of the wool or the auction. We do, however, find evidence that an anomaly, is more likely in longer sales.
Keyword(s) Economics
Sequential Auctions
Behavior
Objects
Models
Art
 
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