Purpose

This paper aims to study aggressive bidding strategies in real estate auctions – a structural equation modelling (SEM) approach.

Design/methodology/approach

The authors use two data sets to study aggressive bidding strategies. First, the results from a survey with 1,803 participants examining real estate auctions are used to identify bidding strategies and related motivations. Second, the authors apply SEM by using data from 1,078 exclusive auction journals from real estate sales in Norway to study both the direct and indirect price effects of the bidding strategies.

Findings

The authors define four aggressive bidding strategies: high opening bid, high bid increase (jump bids), short acceptance deadline and short response time. The authors find that all four strategies yield a higher sales price. Bidders can actively influence the behaviour of the other participants and cool the potential auction fever, thus reducing the final price premium.

Originality/value

This paper gives households, investors and policymakers a better understanding of how bidding strategies affect real estate auctions and the final price.

中文翻译：

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房地产拍卖中的激进投标策略——一种结构方程模型 (SEM) 方法

目的

本文旨在研究房地产拍卖中的激进投标策略——一种结构方程模型 (SEM) 方法。

设计/方法/方法

作者使用两个数据集来研究激进的投标策略。首先，对 1,803 名参与者进行房地产拍卖的调查结果用于确定投标策略和相关动机。其次，作者通过使用来自挪威房地产销售的 1,078 份独家拍卖期刊的数据应用 SEM，研究投标策略的直接和间接价格影响。

发现

作者定义了四种激进的投标策略：高开标、高出价增加（跳标）、短接受期限和短响应时间。作者发现所有四种策略都会产生更高的销售价格。投标人可以主动影响其他参与者的行为，冷却潜在的拍卖热潮，从而降低最终价格溢价。

原创性/价值

本文让家庭、投资者和政策制定者更好地了解竞价策略如何影响房地产拍卖和最终价格。