Dutch auction dynamics in non-fungible token (NFT) markets
Author
Abstract
Suggested Citation
DOI: 10.1016/j.econmod.2024.106882
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- Gerard J. van den Berg & Jan C. van Ours & Menno P. Pradhan, 2001. "The Declining Price Anomaly in Dutch Dutch Rose Auctions," American Economic Review, American Economic Association, vol. 91(4), pages 1055-1062, September.
- Klein, Niklas Konstantin & Lattermann, Fritz & Schiereck, Dirk, 2023. "Investment in Non-Fungible Tokens (NFTs) - The Return of Ethereum Secondary Market NFT Sales," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 142309, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
- Dowling, Michael, 2022. "Fertile LAND: Pricing non-fungible tokens," Finance Research Letters, Elsevier, vol. 44(C).
- Andrew Komo & Scott Duke Kominers & Tim Roughgarden, 2024. "Shill-Proof Auctions," Papers 2404.00475, arXiv.org, revised Nov 2024.
- Lennart Ante, 2022. "The Non-Fungible Token (NFT) Market and Its Relationship with Bitcoin and Ethereum," FinTech, MDPI, vol. 1(3), pages 1-9, June.
- Pho, Kim Hung & Ly, Sel & Lu, Richard & Hoang, Thi Hong Van & Wong, Wing-Keung, 2021. "Is Bitcoin a better portfolio diversifier than gold? A copula and sectoral analysis for China," International Review of Financial Analysis, Elsevier, vol. 74(C).
- Cox, James C. & Smith, Vernon L. & Walker, James M., 1983. "A test that discriminates between two models of the Dutch-first auction non-isomorphism," Journal of Economic Behavior & Organization, Elsevier, vol. 4(2-3), pages 205-219.
- Matthias Pelster & Bastian Breitmayer & Tim Hasso, 2019. "Are cryptocurrency traders pioneers or just risk-seekers? Evidence from brokerage accounts," Papers 1906.11968, arXiv.org.
- Dowling, Michael, 2022. "Is non-fungible token pricing driven by cryptocurrencies?," Finance Research Letters, Elsevier, vol. 44(C).
- Abreu, Margarida & Mendes, Victor, 2012.
"Information, overconfidence and trading: Do the sources of information matter?,"
Journal of Economic Psychology, Elsevier, vol. 33(4), pages 868-881.
- Margarida Abreu & Victor Mendes, 2011. "Information, Overconfidence and Trading: Do the Sources of Information Matter?," Working Papers Department of Economics 2011/25, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
- Inghelbrecht, Koen & Tedde, Mariachiara, 2024. "Overconfidence, financial literacy and excessive trading," Journal of Economic Behavior & Organization, Elsevier, vol. 219(C), pages 152-195.
- Elena Katok & Anthony Kwasnica, 2008. "Time is money: The effect of clock speed on seller’s revenue in Dutch auctions," Experimental Economics, Springer;Economic Science Association, vol. 11(4), pages 344-357, December.
- Niklas Konstantin Klein & Fritz Lattermann & Dirk Schiereck, 2023. "Investment in non-fungible tokens (NFTs): the return of Ethereum secondary market NFT sales," Journal of Asset Management, Palgrave Macmillan, vol. 24(4), pages 241-254, July.
- Merkle, Christoph, 2017. "Financial overconfidence over time: Foresight, hindsight, and insight of investors," Journal of Banking & Finance, Elsevier, vol. 84(C), pages 68-87.
- Gary Charness & Dan Levin, 2005.
"When Optimal Choices Feel Wrong: A Laboratory Study of Bayesian Updating, Complexity, and Affect,"
American Economic Review, American Economic Association, vol. 95(4), pages 1300-1309, September.
- Charness, Gary & Levin, Dan, 2003. "When Optimal Choices Feel Wrong: A Laboratory Study of Bayesian Updating, Complexity, and Affect," University of California at Santa Barbara, Economics Working Paper Series qt7g63k28w, Department of Economics, UC Santa Barbara.
- Pelster, Matthias & Breitmayer, Bastian & Hasso, Tim, 2019. "Are cryptocurrency traders pioneers or just risk-seekers? Evidence from brokerage accounts," Economics Letters, Elsevier, vol. 182(C), pages 98-100.
- Yen, Ju-Chun & Wang, Tawei, 2021. "Stock price relevance of voluntary disclosures about blockchain technology and cryptocurrencies," International Journal of Accounting Information Systems, Elsevier, vol. 40(C).
- Yousaf, Imran & Yarovaya, Larisa, 2022. "Static and dynamic connectedness between NFTs, Defi and other assets: Portfolio implication," Global Finance Journal, Elsevier, vol. 53(C).
- Chowdhury, Mohammad Ashraful Ferdous & Abdullah, Mohammad & Alam, Masud & Abedin, Mohammad Zoynul & Shi, Baofeng, 2023. "NFTs, DeFi, and other assets efficiency and volatility dynamics: An asymmetric multifractality analysis," International Review of Financial Analysis, Elsevier, vol. 87(C).
- S Rafaeli & A Noy, 2002. "Online auctions, messaging, communication and social facilitation: a simulation and experimental evidence," European Journal of Information Systems, Taylor & Francis Journals, vol. 11(3), pages 196-207, September.
- Auster, Sarah & Kellner, Christian, 2022. "Robust bidding and revenue in descending price auctions," Journal of Economic Theory, Elsevier, vol. 199(C).
- Apostolos G. Katsafados & Sotirios Nikoloutsopoulos & George N. Leledakis, 2023. "Twitter sentiment and stock market: a COVID-19 analysis," Journal of Economic Studies, Emerald Group Publishing Limited, vol. 50(8), pages 1866-1888, April.
- Dan Levin & James Peck & Asen Ivanov, 2016.
"Separating Bayesian Updating from Non-Probabilistic Reasoning: An Experimental Investigation,"
American Economic Journal: Microeconomics, American Economic Association, vol. 8(2), pages 39-60, May.
- Dan Levin & James Peck & Asen Ivanov, 2015. "Separating Bayesian Updating from Non-Probabilistic Reasoning: An Experimental Investigation," Working Papers 776, Queen Mary University of London, School of Economics and Finance.
- Matthieu Nadini & Laura Alessandretti & Flavio Di Giacinto & Mauro Martino & Luca Maria Aiello & Andrea Baronchelli, 2021. "Mapping the NFT revolution: market trends, trade networks and visual features," Papers 2106.00647, arXiv.org, revised Sep 2021.
- Milgrom, Paul, 1989. "Auctions and Bidding: A Primer," Journal of Economic Perspectives, American Economic Association, vol. 3(3), pages 3-22, Summer.
- Serda Selin Öztürk & M. Emre Bilgiç, 2022. "Twitter & bitcoin: are the most influential accounts really influential?," Applied Economics Letters, Taylor & Francis Journals, vol. 29(11), pages 1001-1004, June.
- Vincent Tawiah & Abdulrasheed Zakari & Guo Li & Anthony Kyiu, 2022. "Blockchain technology and environmental efficiency: Evidence from US‐listed firms," Business Strategy and the Environment, Wiley Blackwell, vol. 31(8), pages 3757-3768, December.
- Ku, Gillian & Malhotra, Deepak & Murnighan, J. Keith, 2005. "Towards a competitive arousal model of decision-making: A study of auction fever in live and Internet auctions," Organizational Behavior and Human Decision Processes, Elsevier, vol. 96(2), pages 89-103, March.
- Wang, Yizhi, 2022. "Volatility spillovers across NFTs news attention and financial markets," International Review of Financial Analysis, Elsevier, vol. 83(C).
- Smith, Kip & Dickhaut, John, 2005. "Economics and emotion: Institutions matter," Games and Economic Behavior, Elsevier, vol. 52(2), pages 316-335, August.
- Horky, Florian & Dubbick, Lili & Rhein, Franziska & Fidrmuc, Jarko, 2023. "Don't miss out on NFTs?! A sentiment-based analysis of the early NFT market," International Review of Economics & Finance, Elsevier, vol. 88(C), pages 799-814.
- Cary Deck & Jungmin Lee & Javier Reyes, 2015. "Are subjects making financial decisions in lab auctions or are they just gambling?," Applied Economics Letters, Taylor & Francis Journals, vol. 22(3), pages 228-232, February.
- Anuja Hariharan & Marc Thomas Philipp Adam & Timm Teubner & Christof Weinhardt, 2016. "Think, feel, bid: the impact of environmental conditions on the role of bidders’ cognitive and affective processes in auction bidding," Electronic Markets, Springer;IIM University of St. Gallen, vol. 26(4), pages 339-355, November.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Proelss, Juliane & Sévigny, Stéphane & Schweizer, Denis, 2023. "GameFi: The perfect symbiosis of blockchain, tokens, DeFi, and NFTs?," International Review of Financial Analysis, Elsevier, vol. 90(C).
- Elie Bouri & Matteo Foglia & Sayar Karmakar & Rangan Gupta, 2024. "Return-Volatility Nexus in the Digital Asset Class: A Dynamic Multilayer Connectedness Analysis," Working Papers 202432, University of Pretoria, Department of Economics.
- Zhang, Wenting & Liu, Tiantian & Zhang, Yulian & Hamori, Shigeyuki, 2024. "Can NFTs hedge the risk of traditional assets after the COVID-19 pandemic?," The North American Journal of Economics and Finance, Elsevier, vol. 72(C).
- Ghosh, Bikramaditya & Bouri, Elie & Wee, Jung Bum & Zulfiqar, Noshaba, 2023. "Return and volatility properties: Stylized facts from the universe of cryptocurrencies and NFTs," Research in International Business and Finance, Elsevier, vol. 65(C).
- Umar, Zaghum & Usman, Muhammad & Choi, Sun-Yong & Rice, John, 2023. "Diversification benefits of NFTs for conventional asset investors: Evidence from CoVaR with higher moments and optimal hedge ratios," Research in International Business and Finance, Elsevier, vol. 65(C).
- Urom, Christian & Ndubuisi, Gideon & Guesmi, Khaled, 2024. "Global macroeconomic factors and the connectedness among NFTs and (un)conventional assets," Research in International Business and Finance, Elsevier, vol. 71(C).
- Aysan, Ahmet Faruk & Batten, Jonathan & Gozgor, Giray & Khalfaoui, Rabeh & Nanaeva, Zhamal, 2024. "Metaverse and financial markets: A quantile-time-frequency connectedness analysis," Research in International Business and Finance, Elsevier, vol. 72(PB).
- Ali, Shoaib & Al-Nassar, Nassar S. & Naveed, Muhammad, 2024. "Bridging the gap: Uncovering static and dynamic relationships between digital assets and BRICS equity markets," Global Finance Journal, Elsevier, vol. 60(C).
- Ozge Camalan & Sahika Gokmen & Sibel Atan, 2024. "Using Advanced Machine Learning Techniques to Predict the Sales Volume of Non-Fungible Tokens," World Journal of Applied Economics, WERI-World Economic Research Institute, vol. 10(1), pages 17-27, June.
- Qiao, Xingzhi & Zhu, Huiming & Tang, Yiding & Peng, Cheng, 2023. "Time-frequency extreme risk spillover network of cryptocurrency coins, DeFi tokens and NFTs," Finance Research Letters, Elsevier, vol. 51(C).
- Bao, Te & Ma, Mengzhong & Wen, Yonggang, 2023. "Herding in the non-fungible token (NFT) market," Journal of Behavioral and Experimental Finance, Elsevier, vol. 39(C).
- Urom, Christian & Ndubuisi, Gideon & Guesmi, Khaled, 2022. "Dynamic dependence and predictability between volume and return of Non-Fungible Tokens (NFTs): The roles of market factors and geopolitical risks," Finance Research Letters, Elsevier, vol. 50(C).
- Chowdhury, Mohammad Ashraful Ferdous & Abdullah, Mohammad & Alam, Masud & Abedin, Mohammad Zoynul & Shi, Baofeng, 2023. "NFTs, DeFi, and other assets efficiency and volatility dynamics: An asymmetric multifractality analysis," International Review of Financial Analysis, Elsevier, vol. 87(C).
- Ali, Shoaib & Umar, Muhammad & Gubareva, Mariya & Vo, Xuan Vinh, 2024. "Extreme connectedness between NFTs and US equity market: A sectoral analysis," International Review of Economics & Finance, Elsevier, vol. 91(C), pages 299-315.
- BenMabrouk, Houda & Sassi, Syrine & Soltane, Feriel & Abid, Ilyes, 2024. "Connectedness and portfolio hedging between NFTs segments, American stocks and cryptocurrencies Nexus," International Review of Financial Analysis, Elsevier, vol. 91(C).
- Abdullah, Mohammad & Sarker, Provash Kumer & Abakah, Emmanuel Joel Aikins & Tiwari, Aviral Kumar & Rehman, Mohd Ziaur, 2024. "Tail risk intersection between tech-tokens and tech-stocks," Global Finance Journal, Elsevier, vol. 61(C).
- Ghosh, Indranil & Alfaro-Cortés, Esteban & Gámez, Matías & García-Rubio, Noelia, 2023. "Prediction and interpretation of daily NFT and DeFi prices dynamics: Inspection through ensemble machine learning & XAI," International Review of Financial Analysis, Elsevier, vol. 87(C).
- Gunay, Samet & Goodell, John W. & Muhammed, Shahnawaz & Kirimhan, Destan, 2023. "Frequency connectedness between FinTech, NFT and DeFi: Considering linkages to investor sentiment," International Review of Financial Analysis, Elsevier, vol. 90(C).
- Zhang, Luyao & Sun, Yutong & Quan, Yutong & Cao, Jiaxun & Tong, Xin, 2023. "On the Mechanics of NFT Valuation: AI Ethics and Social Media," OSF Preprints qwpdx, Center for Open Science.
- Ivanova-Stenzel, Radosveta & Seres, Gyula, 2021.
"Are strategies anchored?,"
European Economic Review, Elsevier, vol. 135(C).
- Ivanova-Stenzel, Radosveta & Seres, Gyula, 2019. "Are Strategies Anchored?," Rationality and Competition Discussion Paper Series 211, CRC TRR 190 Rationality and Competition.
More about this item
Keywords
NFTs; Dutch auctions; Behavioural Finance; Digital economy; Sentiment analysis; Wash trading;All these keywords.
JEL classification:
- C57 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Econometrics of Games and Auctions
- D9 - Microeconomics - - Micro-Based Behavioral Economics
- D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions
- G00 - Financial Economics - - General - - - General
- G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:ecmode:v:141:y:2024:i:c:s0264999324002396. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/30411 .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.