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A meta-analysis on the effects of online auction design options: The moderating effect of value uncertainty

机译:关于在线拍卖设计方案影响的元分析:价值不确定性的调节作用

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摘要

Online auction design options (the public reserve price, secret reserve option and buy-out option) are critical in determining auction outcomes (the number of bids, the probability of sale and auction price). However, previous studies about the impacts of online auction design options on auction outcomes have generated inconsistent or even contradictory results. To synthesize the inconsistencies and reach more substantive conclusions, we conduct this meta-analysis study. Furthermore, to explain the inconsistencies, we identify the value uncertainty of auction items as a key moderator on the impacts of auction design options on auction outcomes, and verify the moderating effects using meta-analysis methods. This study has three main findings: (ⅰ) the public reserve price has a positive effect on the auction price, and this effect is stronger when the value uncertainty of auction items is higher; (ⅱ) the secret reserve option has a positive effect on the auction price when auction items are of low value uncertainty, but the magnitude of this effect decreases when the value uncertainty increases; (ⅲ) the buy-out option has positive effects on both the probability of sale and the auction price when auction items are of low value uncertainty, but has negative effects on these two auction outcomes when auction items are of high value uncertainty.
机译:在线拍卖设计选项(公共保留价格,秘密保留选项和买断选项)对于确定拍卖结果(出价数量,出售概率和拍卖价格)至关重要。但是,先前关于在线拍卖设计选项对拍卖结果影响的研究产生了不一致甚至矛盾的结果。为了综合这些矛盾并得出更实质性的结论,我们进行了这项荟萃分析研究。此外,为了解释不一致之处,我们将拍卖项目的价值不确定性确定为对拍卖设计方案对拍卖结果的影响的关键调节器,并使用荟萃分析方法验证了调节效果。这项研究有三个主要发现:(ⅰ)公共底价对拍卖价格具有正向影响,而当拍卖品的价值不确定性较高时,这种影响就更强; (ⅱ)当拍卖品的价值不确定性较低时,秘密储备选择权对拍卖价格产生积极影响,但是当价值不确定性增加时,这种影响的程度会降低; (ⅲ)当拍卖品具有低价值不确定性时,买断期权对出售概率和拍卖价格均具有正面影响,而当拍卖品具有高价值不确定性时,买断选择对这两个拍卖结果具有负面影响。

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