Online-Appendix
Online-AppendixA. Cross-Sectional Data: Construction of the Data SetThe full list of all items contained the cross-sectional data set (data set 2) aswell as the complete search strings are shown in Online-Appendix Table 1.Online-Appendix Table 2 presents a matrix that summarizes the data construction and composition, starting from the initial number of dowloaded auctions to the final list used in the empirical analysis.B. Cross-Sectional Data: Results on DemographicsWith our cross-sectional data, we also explore differences in overbidding bydemographics. While we do not observe bidder demographics directly, our dataincludes objects associated with a consumer demographic. To examine genderdifferences, we compare for example perfumes of the same brand for men andwomen. As shown in Online-Appendix 3, the frequency of overbidding is higherfor products that target men than for those targeting women, though the difference is not large (38 percent versus 33 percent) and, in aggregate, not significant(s.e. 5.03 percent). We also examine differences by target age groups, comparing toys for kids (Elmo), teenagers (games and playstations), and adults(electronics). We find no systematic differences. Comparing books of liberalversus conservative authors (Obama versus O’Reilly), we find again no systematic pattern. Finally, to capture the impact of income, we compare the pricesfor cheap versus expensive products, such as financial software (Quicken 2007Basic versus Home Business). Again, overbidding is significant in each categoryand not systematically correlated with the price level. Overall, we do not detectany significant correlation with features of the target consumer. Overbidding issizeable within each demographic subset.As discussed above, the larger-scale cross-sectional data comes at the cost ofsome loss of control over the setting. In particular, differently from the Cashflow101 data, we cannot be sure about the availability of the same buy-it-now pricesin the future or about differences in seller reputation between the auction andthe fixed price listings.C. Cross-Sectional Data: Results on Price LevelOur cross-sectional data allows us to test whether overbidding frequencies arelower for more expensive items. The scatterplots in Online-Appendix Figure Ishow the share of bidders that overbid for each price level, as determined bythe corresponding fixed price. Panel A uses the full data across all items in thecross-sectional data. Panel B shows overbidding by price level separately fordifferent item categories. We find no significant relation between price level andoverbidding.1
D. Choice experimentWe conducted a choice experiment with 99 students at the Stanford BehavioralLaboratory on April 17, 2006. Subjects had to choose among three items fromour Cashflow 101 data based on their description, namely, two randomly drawnauction descriptions and one of the two professional buy-it-now descriptions.Seller identification and prices were removed from the description, as was theindication of auction versus fixed price. Subjects were asked which of threeitems they would prefer to purchase, assuming that prices and listing detailssuch as remaining time and number of bids were identical. The choice washypothetical, and there was no payment conditional on the subjects’ choice. Thesame three listings were shown to all subjects but the order of the descriptionswas randomized, following the scheme shown in Online-Appendix Table 4. Weused three different ways to number the items, depending on the order: as A, B,C, as 1, 2, 3, or as i, ii, iii. One example and detailed instructions are includedbelow.As discussed in Section 4.1 of the main paper, three subjects did not provideanswers. Among the remaining subjects, 35 percent expressed indifference, 50percent chose the offer of the professional retailer, and 15 percent preferredone of the two auction items. When asked to explain their choice, the 14 students who chose an auction item most commonly said that the fixed price offerprovided too much information — a reaction that may have been driven by timepressure in the six-minute experiment. Students who chose the retailer’s offermost commonly mentioned the retailer’s money-back-guarantee and more professional layout. Hence, it is unlikely that unobserved quality difference explainthe bidding behavior.2
Onnline-Appendix Table 1. List of All Items in Cross-sectional DataItemCategoryNokia N93 cell phoneMotorola V3 Razr cell phone (gold)Motorola KRZR K1 cell phone (black)Motorola KRZR K1 cell phone (blue)Garmin StreetPilot c330 Vehicle GPS NavigatorGarmin StreetPilot c550 Vehicle GPS Navigator1GB Apple iPod Shuffle (pink)1GB Apple iPod Shuffle (blue)1GB Apple iPod Shuffle (orange)1GB Apple iPod Shuffle (green)4GB Apple iPod Nano (blue)4GB Apple iPod Nano (green)4GB Apple iPod Nano (pink)4GB Apple iPod Nano (silver)Consumer 80GB Apple iPod (black)electronics 80GB Apple iPod (white)30GB Microsoft Zune (black)30GB Microsoft Zune (white)XM2Go AC power cord for MyFi, Helix, Inno, NexusTexas Instruments TI-89 Titanium graphing calculatorTexas Instruments TI-83 Plus graphing calculatorInFocus Play Big 480p IN72 DLP projectorBose Lifestyle 48 speaker system (black)Garmin StreetPilot c320 Vehicle GPS NavigatorKenwood KDC-MP2032 automotive CD playerCanon PowerShot SD600 6 megapixel digital cameraCanon PowerShot SD630 6 megapixel digital cameraCanon PowerShot SD900 10 megapixel digital cameraCanon PowerShot A630 8 megapixel digital cameraT-Mobile Sidekick 3 cell phoneWestern Digital My Book 500GB external hard driveWestern Digital My Book 400GB external hard driveWestern Digital My Book 320GB external hard driveSandisk 4GB Secure Digital Ultra USB flash driveD-Link DI-524 wireless routerLinksys WRT300N wireless routerOmni Verifone 3750 credit card terminalComputer Nurit 2085 credit card terminalhardware Sandisk 1GB Cruzer Micro U3 USB flash driveBelkin F5D7230 wireless routerHP Laser Jet 3050 All in One printer/copy/scanner/faxLexmark P450 photo printerLinksys WUSB11 wireless USB network adaptorLinksys WRE54G wireless routerNetgear WGR614 wireless routerNetgear WGR624 wireless routerQuickBooks Premier Accountant Edition 2007QuickBooks Premier Accountant Edition 2007 (5-User)Quicken Basic 2007FinancialQuicken Deluxe 2007softwareQuicken Home Business 2007H&R Block Taxcut 2006 Premium Federal and StateQuickBooks Payroll 2007Number of AuctionsDownload 1 Download 2 Download 37610432985177013357550410388512285644221
Callaway HX Tour golf balls (6 dozen)Titleist Pro V1 golf balls (4 dozen)Titleist Pro V1 golf balls (2 dozen)SportsOmron HJ-112 Premium digital pedometerequipment Super Gym 3000 Total Fitness Model exercise machineOakley Wisdom ski goggles (khaki, gold, iridium)Oakley Wisdom ski gogglesBones Reds skateboard bearingsBraun 8995 electric shaverBraun 8985 electric shaverT3 Tourmaline hair dryerFarouk Chi Turbo Big 2” ceramic flat iron hair straightenerMurad Acne Complex kitFarouk Chi 1” ceramic flat iron hair straightenerFarouk Chi 1” ceramic flat iron hair straightener (red)PersonalT3 Tourmaline ceramic flat iron hair straightenercareOral-B Vitality Sonic rechargeable toothbrushproductsOral-B Sonic S-320 power toothbrushOral-B Professional Care 7850 DLX power toothbrushOral-B Professional Care 9400 Triumph power toothbrushSonicare 7300 power toothbrushBumble & Bumble Hair Tonic (8oz)Norelco 8140 Speed XL shaverProactive Renewing CleanserLovely by Sarah Jessica Parker perfume (3.4oz)Perfume / Calvin Klein Eternity Cologne for Men (3.4oz)cologneCalvin Klein Eternity Perfume for Women (3.4oz)Escada Island Kiss perfumePlayStation3 Sixaxis wireless controllerNintendo Wii Play: 9 games, wireless remote, & nunchuckToys /Xbox 360 wireless controllergamesTickle Me Elmo TMXParker Brothers Monopoly Here & NowNintendo DS Super Mario Brothers gameYou on a Diet , by Craig Wynett and Lisa MehmetThe Audacity of Hope , by Barack ObamaCulture Warrior , by Bill O'ReillyBooksFor One More Day , by Mitch AlbomThe Secret , by Rhonda ByrneThe Best Life Diet , by Bob GreeneLancome Fatale mascara (black, full size)CosmeticsLancome Definicils mascara (black, full size)HomeRoomba Scheduler 4230 robotic vacuum cleanerYankee Housewarmer Christmas-cookie-scented candle (22oz)productsAutomotiveInline auto ignition spark plug testerproductsTeenage Mutant Ninja Turtles The Movie DVDScrubs Complete Fourth Season on DVDDVDsLost First Season on DVDGrey's Anatomy Second Season on DVDLost Second Season on 51164911913822
Online-Appendix Table 2. Sample Construction of Cross-Sectional DataInitially downloaded auctionsAuctions not retrieved at auction ending time(removed by eBay; outages in internet connection)Ended before BINs downloadedAuctions with no bidsAuctions in non-US currencyAuctions for items not on listFinal list of auctions (pre-matching)Download 1 Download 2 Download 3(Feb. 22)(Apr. 25)(May 22223649Total3,8637071071,05723431,926
Online-Appendix Table 3. Overbidding by Demographicsin Cross-Sectional DataThe sample consists of all auctions matched to buy-it-now prices for the same item, available at the end of the auction period.Male products are electric shavers (Braun 8995/8985, Norelco 8140xl), hair tonics (Bumble & Bumble), colognes (Calvin KleinEternity), and dark iPods (blue, green, silver); female products are hair straighteners (Fourk Chi, T3 Tourmaline), cosmetics(Lancôme Fatale/Definicils mascara), perfumes (Calvin Klein Eternity, Lovely Jessica Parker, Escada Island Kiss), and brightiPods (pink). Products for kids are toys (Tickle Me Elmo), for teenagers games and playstations (Super Mario Brothers, SixaxisWireless PS3 Controller, Wireless Xbox 360 Controller), and for adults all consumer electronics. The book “Audacity of Hope”by Obama is liberal, the book “Cultural Warriors” by O’Reilly conservative. Price level comparisons are made with financialsoftware (Quicken 2007 Basic vs Home Business), navigation systems (Garmin C320, C330, and C550), iPods (shuffle, nano,and 80gb), and digital cameras (Canon A630, SD600, and SD630).Target vativeCheapExpensiveMore expensiveMost expensiveWithout ShippingSample Percent 69With ShippingPercent Overbidding45%29%54%31%37%17%38%36%48%35%56%
Online-Appendix Table 4. Choice ExperimentThe order in which subjects received the item descriptions varies by Ordering and is indicated initalics below the number of subjects choosing that description.Ordering 1Ordering 2Ordering 3Aggregate14(retailer)1(individual 1)1(individual 2)1402(individual 1)5(individual 2)15(retailer)1113(individual 2)19(retailer)2(individual 1)923433030343335339996Percent Indifferent47%33%27%35%Percent Preferring Retailer Item47%45%58%50%Percent Preferring Auction Item7%21%15%15%First item descriptionSecond item descriptionThird item descriptionIndifferentDid not answerTotalTotal (answered)
Online-Appendix Figure I: Overbidding by Price LevelThe following graphs show the share of bidders that overbid for each price level. Price levels are determined by the matchingfixed price for each item. Panel A shows overbidding by price level across all items that have a matching fixed price in thecross-sectional data, and Panel B shows overbidding by price level separately for different item categories.Panel A. Overbidding across All Items0.2Share of Overbidding.4.6.81All Items (N 1886)050100150Price Level in 10 Increments200250Panel B. Overbidding by Item CategoryComputer Hardware(N 190)Financial Software(N 152)1Share of Overbidding.4.6.8.2000.2.2Share of Overbidding.4.6Share of Overbidding.4.6.8.811Consumer Electronics(N 435)050100150Price Level in 10 Increments20025001020Price Level in 10 Increments1.2Share of Overbidding.4.6Share of Overbidding.4.6.80.2010Price Level in 10 Increments15200510Price Level in 10 IncrementsHome Products (N 29)Share of Overbidding.4.6.86810Price Level in 1 Increments1214209.49.6Price Level in 1 Increments9.81078DVDs(N 74)Share of Overbidding.4.6.8Share of Overbidding.4.6.8.2.2001015Price Level in 10 Increments9.2111Share of Overbidding.4.6.8.259Automotive Products (N 9)001804816.2.20614Price Level in 2 Increments11Share of Overbidding.4.6.81.8Share of Overbidding.4.6.24Price Level in 10 Increments12Cosmetics (N 21)021015Books (N 398)Toys and Games(N 164)030.811.8Share of Overbidding.4.6.2051020Price Level in 10 IncrementsPerfumes and Colognes(N 77)Personal Care Products (N 282)Sports Equipment (N 55)0030253 3.2 3.4 3.6 3.8 4Price Level in 1 Increments3456Price Level in 5 Increments
Super Gym 3000 Total Fitness Model exercise machine 2 5 Oakley Wisdom ski goggles (khaki, gold, iridium) 0 Oakley Wisdom ski goggles 0 Bones Reds skateboard bearings 4 1 Braun 8995 electric shaver 4 2 19 Braun 8985 electric shaver 19 8 13 T3 Tourmaline hair dryer 0 Farouk Chi Turbo Bi
Issue of orders 69 : Publication of misleading information 69 : Attending Committees, etc. 69 : Responsibility 69-71 : APPENDICES : Appendix I : 72-74 Appendix II : 75 Appendix III : 76 Appendix IV-A : 77-78 Appendix IV-B : 79 Appendix VI : 79-80 Appendix VII : 80 Appendix VIII-A : 80-81 Appendix VIII-B : 81-82 Appendix IX : 82-83 Appendix X .
Appendix G Children's Response Log 45 Appendix H Teacher's Journal 46 Appendix I Thought Tree 47 Appendix J Venn Diagram 48 Appendix K Mind Map 49. Appendix L WEB. 50. Appendix M Time Line. 51. Appendix N KWL. 52. Appendix 0 Life Cycle. 53. Appendix P Parent Social Studies Survey (Form B) 54
Appendix H Forklift Operator Daily Checklist Appendix I Office Safety Inspection Appendix J Refusal of Workers Compensation Appendix K Warehouse/Yard Inspection Checklist Appendix L Incident Investigation Report Appendix M Incident Investigation Tips Appendix N Employee Disciplinary Warning Notice Appendix O Hazardous Substance List
The Need for Adult High School Programs 1 G.E.D.: The High School Equivalency Alternative 9 An Emerging Alternative: The Adult High School Ciploma 12 Conclusion 23 Appendix A -- Virginia 25 Appendix B -- North Carolina 35 Appendix C -- Texas 42 Appendix 0 -- Kansas 45 Appendix E -- Wyoming 48 Appendix F -- Idaho 56 Appendix G -- New Hampshire .
Appendix 4 . Clarification of MRSA-Specific Antibiotic Therapy . 43 Appendix 5 . MRSA SSI . 44 Appendix 6 . VRE SSI . 62 Appendix 7 . SABSI related to SSI . 74 Appendix 8 . CLABSI – Definition of a Bloodstream Infection . 86 Appendix 9 . CLABSI – Definition of a MBI -related BSI . 89 Appendix 10 . Examples relating to definition of .
Appendix E: DD Form 577 for Appointing a Certifying Officer 57 Appendix F: Sample GPC Appointment Letters 58 Appendix G: Formal Reporting Requirements 66 Appendix H: Semi-Annual Surveillance Report Template 70 Appendix I: GPC Thresholds 73 Appendix J: Glossary – Sections I and II 75 Chapter 1: The Government Purchase Card Program 1-1. Purpose a.
Appendix D: Active Voice vs Passive Voice . Appendix E: Examples, Use of D0000 . Appendix F: Additional Examples for Principles 2-6 . Appendix G: Examples, Use of D8100 . Appendix H: Examples, Lack of Documentation . Appendix I: Examples, DPS Does Not Match Findings . Appendix J: Examples, Repeating Regulations in the DPS
Appendix D, Prescribed Form for Bidder's Profile 35 12. Appendix E, Letter of Authorized Person in Charge 36 13. Appendix F, Undertaking 37 14. Appendix G, Form of Technical Proposal 38 15. Appendix H, Form of Financial Proposal 39 16. Appendix I, Form of Performance Security 40 17. Appendix J, Bank Guarantee for Advance Payment 41
