You are not currently logged in.
Access your personal account or get JSTOR access through your library or other institution:
New Evidence on Price Anomalies in Sequential Auctions: Used Cars in New Jersey
Journal of Business & Economic Statistics
Vol. 24, No. 3 (Jul., 2006), pp. 301-312
Stable URL: http://www.jstor.org/stable/27638880
Page Count: 12
Preview not available
This article examines the sequence of winning bids in the public auction of used cars in New Jersey for the presence of price anomalies. Unlike many studies of heterogeneous objects, where the effect of the order of sale on the price may not be credibly identified, here the effect of the order is identified, because the items are randomly selected for sale. In a further contrast to many other studies, these data indicate that the prices tend to increase as the auction proceeds. The data also indicate that once several items have been sold, there is no change in the bidding behavior or any further increase in prices.
Journal of Business & Economic Statistics © 2006 American Statistical Association