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On Seller Estimates and Buyer Returns

Gershkov, A and Toxvaerd, F (2013) On Seller Estimates and Buyer Returns Economic Theory Bulletin.

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This paper revisits recent empirical research on buyer credulity in arts auctions and auctions for assets in general. We show that elementary results in auction theory can fully account for some stylized facts on asset returns that have been held to suggest that sellers of assets can exploit buyers by providing biased estimates of asset values. We argue that, rather than showing that buyers are credulous, the existing evidence can serve as an indirect test of the rationality assumptions underlying auction theory.

Item Type: Other
Divisions : Surrey research (other units)
Authors :
Toxvaerd, F
Date : 1 May 2013
Uncontrolled Keywords : D44, D82, G12, G14, Auctions, Buyer credulity, Information disclosure, Seller manipulation
Related URLs :
Depositing User : Symplectic Elements
Date Deposited : 16 May 2017 15:14
Last Modified : 23 Jan 2020 10:28

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