Public and Secret Reserve Prices in Repeated Auctions
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I study the effect of secret and public reserve prices on the seller’s revenue. In particular, I analyze the data from eBay auctions on tractors to estimate the extent of this effect.
The analysis helps to explain the following empirical facts from Ebay auctions: multiple relisting of similar items, the use of secret reserve prices, and the convergence of sale prices to buy-it-now prices.