The Bidder's Curse: Comment

• 成果类型: Article
• 署名作者: Schneider, Henry S.
• 署名单位: Cornell University
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.20120767
• 发表日期: 2016
• 页码: 1182-+
• 关键词: information; ECONOMICS; auctions; field

摘要

The prices of auctions on eBay often exceed eBay's fixed-price BuyIt-Now prices. I investigate the causes of this overbidding, focusing on the interpretation in Malmendier and Lee (2011) that the observed overbidding cannot be explained without allowing for nonstandard preferences or beliefs and that the strongest direct evidence points to limited attention. Using data from their study and new data from eBay, I provide evidence that a key condition for identifying nonstandard behavior may not have been met, and that the observed overbidding is not inconsistent with standard behavior once we allow for the likely presence of search costs.