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英文文献：Ebay Economics: Factors That Determine Online Auction Prices-易趣经济学:决定网上拍卖价格的因素
英文文献作者：Schamel, Guenter
英文文献摘要：
We analyze online auction prices for top range Bordeaux wine sold on the German eBay site, evaluating the impact of eBay specifics such as auction length, timing of the auction end (day of week, time of day), number of bids, buyer interest (page count), seller reputation, initial prices, picture effects, or private auctions (bidder identity remains undisclosed). Moreover, we evaluate the impact of Parker's rating and whether this quality information is revealed. Other variables of interest are wine age, brands, regional origin, and the 1855 classification. We estimate a main model and two subsets (with page counter, initial bid equal 1). Our hedonic estimation of the full sample reveals that relative to Sundays, wine auctions ending on Fridays resulted in significantly higher prices (about 9%). Thus, we cannot confirm a weekend effect. Time of day effects are insignificant relative to the base period (21h-22h CET), except when auctions end in the morning (8h-12h CET) or late evening (22h-23 CET) and prices are 11% lower. We observe a small auction length effect (+2%). Seller reputation showed no significant impact on the final auction price except when the initial bid is 1. The number of bids showed a significant but small impact on final prices (+1.7%). The private auction effect (hidden bidder identity) is also significant at 5%. Moreover, Parker points carry an elasticity of 3.6 and disclosing them in the auction (information disclosure effect) results in a premium of 12%. Ch?teau (brand) effects are highly significant ranging up to 150% (Ch?teaux Pétrus and Margaux). Appellation premiums may exceed 90% (Pomerol). 1855 classifications are significant and in correct order except for Quatrièmes Crus.
我们分析在线拍卖的价格范围顶级波尔多葡萄酒在德国eBay网站上出售,评估eBay拍卖长度等细节的影响,拍卖结束时间(天,星期,时间),数量的报价,买方利益(页数),卖方声誉,最初的价格,图片效果,或私人拍卖(投标人身份仍然未披露)。此外，我们评估帕克评级的影响，以及这一质量信息是否被揭示。其他值得关注的变量还有葡萄酒的年份、品牌、产地和1855年的分类。我们估计了一个主要模型和两个子集(包括页面计数器，初始出价等于1)。我们对整个样本的快乐估计显示，与周日相比，周五结束的葡萄酒拍卖导致的价格明显更高(约9%)。因此，我们不能确定周末效应。日时间对基准期(21h-22h CET)的影响不显著，除非拍卖在上午(8h-12h CET)或晚间(22h-23 CET)结束，且价格较基准期低11%。我们观察到一个小的拍卖长度效应(+2%)。除初始出价为1外，卖方声誉对最终拍卖价格无显著影响。投标数量对最终价格有显著但很小的影响(+1.7%)。在5%的情况下，私人拍卖效应(隐藏竞价者身份)也显著。此外，帕克点数具有3.6的弹性，在拍卖中披露它们(信息披露效应)会导致12%的溢价。酒庄(品牌)的效果非常显著，最高可达150% (Chateau Petrus和Margaux)。等级溢价可能超过90%(波美洛酒)。分类是重要的和正确的顺序除了四分趾小腿。
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