An Investigation of Value Updating Bidders in Simultaneous Online Art Auctions

Table 2

Correlation matrix of the bidder covariates.

	(x1)	(x2)	(x3)	(x4)	(x5)	(x6)	(x6)	(x8)
Low pre-auction estimates of the lots bid (x1)	1
No. of lots sold by the artists in theprevious year’s auction (x2)	${0.551}^{**}$	1
No. of lots by emerging artist (x3)	$-0.183$	$-0.182$	1
No. of lots by established artist (x4)	${0.584}^{**}$	${0.655}^{**}$	0.210	1
No. of paperworks (x5)	0.127	0.201	${0.474}^{**}$	${0.399}^{**}$	1
No. of bids placed in the first half of the auction (x6)	0.107	0.158	${0.359}^{**}$	${0.431}^{**}$	${0.515}^{**}$	1
No. of bids placed in the second half of the auctions (x7)	0.204	$-0.089$	${0.291}^{**}$	${0.264}^{*}$	0.116	$-0.201$	1
Total no. of unique lots bid (x8)	${0.239}^{*}$	${0.243}^{*}$	${0.666}^{**}$	${0.673}^{**}$	${0.693}^{**}$	${0.606}^{**}$	${0.304}^{**}$	1

${}_{}{}^{**}\text{C}$orrelation is significant at the 0.01 level (2-tailed).
${}_{}{}^{*}\text{C}$orrelation is significant at the 0.05 level (2-tailed).