The Driving Mechanism and Adverse Selection of Herd Behavior in Continuous Bidding Auctions—Empirical Research Based on Alibaba Judicial Auction Samples
This article focused on the bidding behavior in online auctions.By introducing the definition of associated value,it studies the micro-mechanism of rational and irrational herding behavior in internet auc-tion.Using the aggregation analysis method of microeconomics,it constructs the demand curve of items in the online auction market,and deconstructs the scale effect and structural effect of herding behavior in resource allocation.The research found that herd behavior not only increases the transaction price of the auc-tion,but also has a certain crowding out effect on high-quality buyers.The theoretical analysis results and the empirical research using the actual bidding data of Ali judicial auction as a sample show that the herd behavior in the continuous bidding auction has a certain endogenous nature,which is difficult to avoid,and the herd behavior will lead to adverse selection in the online auction market.Therefore,in order to make China's online auction market bigger and stronger,we must increase the monitoring,evaluation and governance of herd behavior.Relevant departments should also guide platforms to take advantage of big data,and improve market credit mechanisms to promote the effective competition of online auction market.
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