This study examines the question of selling agricultural commodities by auction or directly. Hedonic price analysis using transaction data from the sale of frozen cod in Norway shows that buyer–seller matches explain 32.4 and 13.6 per cent of the price variation in direct sales and auctions, respectively, indicating that direct sales are more informationally efficient than auctions. Meanwhile, auctions gain a price premium of 2.6 per cent over direct sales, holding other variables constant. However, a substantial increase in the use of direct sales indicates that their information efficiency is more important to sellers than the small price premium provided by auctions.

中文翻译：

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拍卖与直销：买卖双方对价格的影响

本研究探讨了通过拍卖或直接销售农产品的问题。使用挪威冷冻鳕鱼销售交易数据进行的享乐价格分析表明，买卖双方匹配分别解释了直销和拍卖中 32.4% 和 13.6% 的价格变化，表明直销比拍卖在信息上更有效。与此同时，在其他变量保持不变的情况下，拍卖比直接销售高出 2.6%。然而，直接销售使用的大幅增加表明，他们的信息效率对卖家来说比拍卖提供的小额溢价更为重要。