The effect of experience on Internet auction bidding dynamics |
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| Authors: | Xin Wang Ye Hu |
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| Institution: | (1) International Business School, Brandeis University, Waltham, MA 02454, USA;(2) C.T. Bauer College of Business, University of Houston, Houston, TX 77204, USA |
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| Abstract: | On the basis of the bidding history of a panel of new eBay bidders, we examine the impact of different types of experiences
on bidding behavior evolution. Accounting for unobserved bidder heterogeneity, the results indicate that losing experiences
make the bidders’ bidding behavior evolve toward the normative predictions of auction theory, in that they submit fewer bids
and bid later. Winning experiences, however, do not have such an effect. Moreover, the experience effect pertains to the bidder’s
entire previous bidding experience regardless of product categories. We also assess the potential bias introduced by using
feedback ratings (compared with actual participation) as experience measures.
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| Keywords: | Internet auction Asymmetric experience effects Bidding behavior |
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