Essays on applied economics


Result on Bidding on the Auction with the Lowest Standing Bid



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Result on Bidding on the Auction with the Lowest Standing Bid


(For groups with cross bidders only)






Groups

Bids on the lowest

(cross bidder)



Total bids

(cross bidder)



Proportion

(Cross Bidder



Bids on lowest

(all bidders)



Bids (all Bidders)

Proportion
(all bids)







Mean

Std

Max

Min

Mean

Std

Max

Min













Daily

286

5.97

4.94

31

0

8.78

7.76

47

2

0.76

8.78

18.60

0.74

Hourly

138

6.54

5.50

27

0

9.56

8.51

41

2

0.77

12.42

18.36

0.76

Minute

55

7.69

6.54

31

1

10.75

10.19

47

2

0.81

12.44

17.82

0.78

Proportion: proportion of the bids on lowest standing bid by cross bidders among all bids by cross bidders

Table 1.7
Result on Bidding on Group with Zero Bid Auctions





Groups with positive bids and with zero bid auctions

Groups with auctions receiving more than 1 bids

Proportion


Daily

74

20

30%

Hourly

27

6

22%

Minute

20

3

15%

Table 1.8
Average Number of Bids Submitted in a Group by a Bidder





For all bidders

For cross bidders only

1 day

2.02

3.58

1 hour

2.01

3.63

1 minute

2.24

3.97

Table 1.9


Price Paid by Cross Bidders and Non-Cross Bidders





Price paid by cross bidder/price paid by non cross bidder

Mean

Standard deviation

Daily (obs =103)

0.91

0.17

Hourly (obs =41)

1.08

0.95

Minute (obs =17)

0.89

0.19

Cross bidders: defined as those cross bidders who are never the highest bidder of more than one auctions (type I)


ratio<1.

For minute data:

For hourly data:

For daily data:

At 0.01 level, for minute data and daily data, winners who bid across competing auctions pay lower price than other bidders. Those winners who cross bid pay a price that is 10% lower. For hourly data, the price paid by winners who cross bid and who do not cross bid are not significantly different.




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