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An Investigation of Willingness to Spend Dynamics in Simultaneous Online Auctions
Academic journal article from Journal of Electronic Commerce Research, Vol. 12, No. 1
Beginning of article
ABSTRACT
Willingness to spend (WTS), as defined by the amount a bidder is willing to spend in a particular auction event, is a crucial component for an auction's success. This paper investigates the dynamics of WTS of a simultaneous online auction of a specific genre of fine art called modern Indian art and compare it with the dynamics of cumulative Willingness to pay (WTP), using an innovative statistical method called Functional Data Analysis. Functional Data Analysis, which is fundamentally considered to recover the underlying WTS and cumulative WTP function curves of each bidder, is further used to examine the effects of current number of bids, current number of lots winning, …
