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Bid Takers or Market Makers? The Effect of Auctioneers on Auction Outcome

Nicola Lacetera (), Bradley Larsen (), Devin Pope and Justin R. Sydnor

American Economic Journal: Microeconomics, 2016, vol. 8, issue 4, 195-229

Abstract: Auction design has been studied extensively; however, within a given design, does the process of how an auction is conducted matter as well? We address this question by looking for heterogeneity in the performance of auctioneers in English auctions. We analyze over 850,000 wholesale used car auctions and find significant differences across auctioneers in outcomes for otherwise similar cars. The performance heterogeneities are stable across time and correlate with subjective evaluations by the auction house. We discuss the mechanisms driving differential performance and find evidence suggesting a role for tactics that generate bidder excitement or urgency.

JEL-codes: D44 D82 L62 (search for similar items in EconPapers)
Date: 2016
Note: DOI: 10.1257/mic.20150020
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Working Paper: Bid Takers or Market Makers? The Effect of Auctioneers on Auction Outcomes (2013) Downloads
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Handle: RePEc:aea:aejmic:v:8:y:2016:i:4:p:195-229