Auction Price Anomalies: Evidence from Wool Auctions in Australia
Using detailed Australian wool auction data we test for further evidence of pricing anomalies at sequential auctions. We find that an anomaly frequently exists and order is frequently endogenously determined. Moreover, prices increase through some sales and decrease through others. We examine whether it is possible to explain the variation in the anomaly across sales and conclude that that there is no systematic relationship between the direction of the price anomaly and the characteristics of...[Show more]
|Collections||ANU Research Publications|
|Source:||The Economic Record|
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