{"id":16736,"date":"2015-10-01T14:05:38","date_gmt":"2015-10-01T21:05:38","guid":{"rendered":"https:\/\/franklycurious.com\/wp\/?p=16736"},"modified":"2015-09-29T09:11:34","modified_gmt":"2015-09-29T16:11:34","slug":"signaling-behavior-on-ebay","status":"publish","type":"post","link":"https:\/\/franklycurious.com\/wp\/2015\/10\/01\/signaling-behavior-on-ebay\/","title":{"rendered":"Signaling Behavior on eBay"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/franklycurious.com\/wp\/wp-content\/uploads\/2015\/09\/EbayLogo.jpg\" width=\"200\" height=\"80\" alt=\"eBay Logo\" title=\"eBay Logo\" class=\"left\" \/><em>The authors analyze data from eBay&#8217;s bargaining platform using its collectibles category &mdash; coins, antiques, toys, memorabilia, and the like. The process is one of sequential offers not unlike haggling in an open-air market. A seller lists an initial price, to which buyers may make counteroffers, to which sellers may make counteroffers, and so on. If a price is agreed upon, the good sells. The authors analyze 10.5 million listed items, out of which 2.8 million received offers and 2.1 million ultimately sold. Their key finding is that items listed at multiples of $100 receive lower offers on average than items listed at nearby prices, ultimately selling for 5 to 8 percent less.<\/p>\n<p>It is tempting to label such behavior a mistake. However, items listed at these round numbers receive offers 6 to 11 days sooner and are 3 to 5 percent more likely to sell than items listed at &#8220;precise&#8221; numbers. Furthermore, even experienced sellers frequently list items at round numbers, suggesting it is an equilibrium behavior best modeled by rationality rather than seller error. It appears that impatient sellers are able to signal their impatience and are happy to do it, even though it nets them a lower price.<\/em><\/p>\n<p>&mdash;Andrew Whitten<br \/>\n<a href=\"http:\/\/www.nber.org\/digest\/sep15\/w21285.html\">Cheap Talk, Round Numbers, and Signaling Behavior<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The authors analyze data from eBay&#8217;s bargaining platform using its collectibles category &mdash; coins, antiques, toys, memorabilia, and the like. The process is one of sequential offers not unlike haggling in an open-air market. A seller lists an initial price, &hellip; <a href=\"https:\/\/franklycurious.com\/wp\/2015\/10\/01\/signaling-behavior-on-ebay\/\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[],"class_list":["post-16736","post","type-post","status-publish","format-standard","hentry","category-computer","category-politics"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Signaling Behavior on eBay at Frankly Curious<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/franklycurious.com\/wp\/2015\/10\/01\/signaling-behavior-on-ebay\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Signaling Behavior on eBay at Frankly Curious\" \/>\n<meta property=\"og:description\" content=\"The authors analyze data from eBay&#8217;s bargaining platform using its collectibles category &mdash; coins, antiques, toys, memorabilia, and the like. The process is one of sequential offers not unlike haggling in an open-air market. 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