Data for research project "Price Trends in Sequential Auctions: The Case of Collectible Cars"

Select theories of price behavior in sequential auctions allow for stochastically arriving and departing bidders. However, empirical evidence of the effect of the number of bidders on price in sequential auctions is conspicuously absent. I use data from Mecum auctions for collectible cars, which I supplement with records of the number of bidders present at each auction round, to test the hypothesis that in sequential auctions the price rises with the number of bidders. The empirical test shows support for the hypothesis and provides a missing explanation for the declining price anomaly prevalent in sequential auctions.

现有关于序贯拍卖（sequential auctions）价格行为的若干理论，均允许竞标者（bidders）随机入场与离场。然而，学界目前仍显著缺失关于竞标者数量对序贯拍卖价格影响的实证证据。本研究采用Mecum拍卖平台的收藏级汽车拍卖数据集，并补充各拍卖轮次的到场竞标者数量记录，以此检验"序贯拍卖中价格随竞标者数量增加而上升"这一假说。本次实证检验结果支持该假说，同时为序贯拍卖中普遍存在的价格下降异常现象提供了此前缺失的合理解释。