Online Auctions

The economic literature on online auctions is rapidly growing because of theenormous amount of freely available field data, moreover the emergence ofnumerous innovative auction design features on auction platforms such aseBay have created excellent research opportunities. In this article, we surveythe theoretical, empirical, and experimental research on bidder strategies(including the timing of bids and winner’s-curse effects) and seller strategies(including reserve-price policies and the use of buy-now options) in onlineauctions as well as some of the literature dealing with online-auction design(including stopping rule and multi-object pricing rules)...