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Auctions with different rates of patience: Evidence from the resale shoe market

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  • Alison Watts

Abstract

Bids and asks are examined over time using auction data from a continuous auction of authentic deadstock sneakers. A theoretical analysis of a double auction over time shows that if buyers and sellers have different rates of patience, then a buyer (respectively, seller) who is patient will be more likely to set a lower initial bid (respectively, higher initial ask). This causes an increase in the unfulfilled bid–ask spread over time. These results are tested using data collected from the StockX website for two specific deadstock sneakers. Results show that the unfulfilled bid–ask spread is positively correlated with time.

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  • Alison Watts, 2019. "Auctions with different rates of patience: Evidence from the resale shoe market," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 40(8), pages 882-890, December.
    • Handle: RePEc:wly:mgtdec:v:40:y:2019:i:8:p:882-890
    DOI: 10.1002/mde.3056
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