The DOI matches its Crossref record; 3 of the 3 references it cites were found in a registry or an index.
When Rational Sellers Face Nonrational Buyers: Evidence from Herding on eBay
Open accessAbstract
People often observe others' decisions before deciding themselves. Using eBay data for DVD auctions we explore the consequences of neglecting nonsalient information when making such inferences. We show that bidders herd into auctions with more existing bids, even if these are a signal of no-longer-available lower starting prices rather than of higher quality. Bidders bidding a given dollar amount are less likely to win low starting price auctions, and pay more for them when they do win. Experienced bidders are less likely to bid on low starting price auctions. Remarkably, the seller side of the market is in equilibrium, because expected revenues are nearly identical for high and low starting prices.
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Schwarz, N., & Clore, G. L. (1983) · Journal of Personality and Social Psychology · doi:10.1037/0022-3514.45.3.513 · Cited by 4,952
Jones, E. E., & Harris, V. A. (1967) · Journal of Experimental Social Psychology · doi:10.1016/0022-1031(67)90034-0 · Cited by 1,783
Thinking too much: Introspection can reduce the quality of preferences and decisions.
Wilson, T. D., & Schooler, J. W. (1991) · Journal of Personality and Social Psychology · doi:10.1037/0022-3514.60.2.181 · Cited by 1,417
Cited by
Rational Herding in Microloan Markets
Zhang, J., & Liu, P. (2012) · Management Science · doi:10.1287/mnsc.1110.1459 · Cited by 853
Gender differences in the contribution patterns of equity-crowdfunding investors
Mohammadi, A., & Shafi, K. (2018) · Small Business Economics · doi:10.1007/s11187-016-9825-7 · Cited by 308
Metadata
- Authors
- Simonsohn, U., & Ariely, D.
- Venue
- Management Science
- Published
- 2008-09
- Volume
- 54
- Issue
- 9
- Pages
- 1624-1637
- ISSN
- 0025-1909 (ISSN-L)
- 1526-5501
- OpenAlex
- W3123390141
- Cited by
- 218
- References
- 3
- FWCI
- 12.30
- Type
- journal article
- Language
- en
- Open access
- green
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