JSM 2005 Online Program

Abstract #302347

This is the preliminary program for the 2005 Joint Statistical Meetings in Minneapolis, Minnesota. Currently included in this program is the "technical" program, schedule of invited, topic contributed, regular contributed and poster sessions; Continuing Education courses (August 7-10, 2005); and Committee and Business Meetings. This on-line program will be updated frequently to reflect the most current revisions.

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Activity Number:	466
Type:	Invited
Date/Time:	Thursday, August 11, 2005 : 8:30 AM to 10:20 AM
Sponsor:	Business and Economics Statistics Section
Abstract - #302347
Title:	Consumer Surplus in Online Auctions
Author(s):	Ravi Bapna*+
Companies:	University of Connecticut
Address:	Dept. of Operations and Information Management , Storrs, CT, 06269-2041,
Keywords:	Online auctions ; Consumer surplus
Abstract:	Despite the growing research interest in Internet auctions, particularly those on eBay, little is known about the quantifiable consumer welfare accrued from such mechanisms. In this paper, using an ongoing novel field experiment, we collect and examine a unique dataset to empirically quantify and understand determinants of consumer surplus in eBay auctions. We find that consumer surplus in online auctions follows a three-parameter Weibull distribution. Our analysis, based on a sample of 5187 eBay auctions, indicates that the median surplus level per auction on eBay auctions is $3.53, which roughly translates to $1.47 billion in accrued consumer surplus for the year 2003 alone. We find that consumer surplus is significantly different across currencies and item categories; negatively influenced by seller experience, auction duration, and competition; and positively influenced by bidder experience, bidder aggressiveness, and item price.

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