An Experimental Comparison of Pricing in Two Auction Systems

Donald G. Frahm and Lee F. Schrader

American Journal of Agricultural Economics, 1970, vol. 52, issue 4, 528-534

Abstract: Trading and pricing procedures are being increasingly viewed as variables in the marketing system, particularly as the pricing role of central markets declines. Quantification of the effect of pricing systems on price outcome is needed for decisions in this area. English (ascending bid) and Dutch (descending price) auctions are compared in a series of experiments. Specific hypotheses regarding price variation, pattern of price during an auction period, and departure from equilibrium price are tested. The experimental evidence indicates the existence of a significant area of indeterminacy in pricing processes.

Date: 1970
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Persistent link: https://EconPapers.repec.org/RePEc:oup:ajagec:v:52:y:1970:i:4:p:528-534.

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