Auction price anomalies : evidence from wool auctions in Australia
The economic record, 2004, Vol. 80, No. 250, pp. 271-357
VELLA, Frank, JONES, Chris, MENEZES, Flavio, Auction price anomalies : evidence from wool auctions in Australia, The economic record, 2004, Vol. 80, No. 250, pp. 271-357 - http://hdl.handle.net/1814/2147
Retrieved from Cadmus, EUI Research Repository
Using detailed Australian wool auction data we test for further evidence of pricing anomalies at sequential auctions. We find that an anomaly frequently exists and order is frequently endogenously determined. Moreover, prices increase through some sales and decrease through others. We examine whether it is possible to explain the variation in the anomaly across sales and conclude that there is no systematic relationship between the direction of the price anomaly and the characteristics of the wool or the auction. We do, however, find evidence that an anomaly is more likely in longer sales.
First published: 17 August 2004
Cadmus permanent link: http://hdl.handle.net/1814/2147
Full-text via DOI: 10.1111/j.1475-4932.2004.00188.x
Publisher: The Economic Society of Australia
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