challenged by an empirical regularity, known as the "declining price anomaly," that observed price sequences at real sequential … expected lowest price in round k exceeds the expected highest price in round k+1. The declining price "anomaly" could …

challenged by an empirical regularity, known as the "declining price anomaly," that observed price sequences at real sequential … expected lowest price in round k exceeds the expected highest price in round k+1. The declining price "anomaly" could …

for the declining price anomaly, or “afternoon effect.” JEL Classification: D44, G11, L12, Z10 Keywords: art … auctions, masterpiece effect, declining price anomaly, Latin American art Corresponding author: Nauro F. Campos … “declining price anomaly,” or “afternoon effect,” which refers to a decline in prices as the auction proceeds (Ashenfelter and …

) there is strong evidence in our data for the declining price anomaly, or afternoon effect. …

(4) there is strong evidence in our data for the declining price anomaly, or “afternoon effect.” … for the declining price anomaly, or “afternoon effect.” JEL Classification: D44, G11, L12, Z10 Keywords: art … auctions, masterpiece effect, declining price anomaly, Latin American art Corresponding author: Nauro F. Campos …