An Investigation of Value Updating Bidders in Simultaneous Online Art Auctions

Table 3

Posterior Means and Quantile-Based 95% Confidence Interval for Influencer and Reactor Level Covariates.

Covariates	Influencer	Reactor
Low pre-auction estimates of the lots bid	$-0.3861\mathrm{\hspace{0.17em}\hspace{0.17em}}$	$5.3660\mathrm{\hspace{0.17em}\hspace{0.17em}}$
	$\mathit{0.2545}\mathrm{\hspace{0.17em}\hspace{0.17em}}$	$\mathit{9.2870}\mathrm{\hspace{0.17em}\hspace{0.17em}}$
	$0.9042\mathrm{\hspace{0.17em}\hspace{0.17em}}$	$13.1774$
No. of lots sold by the artists in the previous year’s auction	$-0.5961\mathrm{\hspace{0.17em}\hspace{0.17em}}$	$-5.8831\mathrm{\hspace{0.17em}\hspace{0.17em}}$
	$-\mathit{0.1460}\mathrm{\hspace{0.17em}\hspace{0.17em}}$	$-\mathit{3.2870}\mathrm{\hspace{0.17em}\hspace{0.17em}}$
	$0.3120\mathrm{\hspace{0.17em}\hspace{0.17em}}$	$-0.6054\mathrm{\hspace{0.17em}\hspace{0.17em}}$
No. of lots by emerging artists	$-0.1371\mathrm{\hspace{0.17em}\hspace{0.17em}}$	$-1.6351\mathrm{\hspace{0.17em}\hspace{0.17em}}$
	$\mathit{0.2415}\mathrm{\hspace{0.17em}\hspace{0.17em}}$	$\mathit{0.8290}\mathrm{\hspace{0.17em}\hspace{0.17em}}$
	$0.6323\mathrm{\hspace{0.17em}\hspace{0.17em}}$	$3.0512\mathrm{\hspace{0.17em}\hspace{0.17em}}$
No. of lots by established artists	$-0.1492\mathrm{\hspace{0.17em}\hspace{0.17em}}$	$-3.7290\mathrm{\hspace{0.17em}\hspace{0.17em}}$
	$\mathit{0.2350}\mathrm{\hspace{0.17em}\hspace{0.17em}}$	$-\mathit{1.3695}\mathrm{\hspace{0.17em}\hspace{0.17em}}$
	$0.6120\mathrm{\hspace{0.17em}\hspace{0.17em}}$	$0.9690\mathrm{\hspace{0.17em}\hspace{0.17em}}$
No. of paper works	$-0.4022\mathrm{\hspace{0.17em}\hspace{0.17em}}$	$-0.6831\mathrm{\hspace{0.17em}\hspace{0.17em}}$
	$-\mathit{0.0295}\mathrm{\hspace{0.17em}\hspace{0.17em}}$	$\mathit{1.3795}\mathrm{\hspace{0.17em}\hspace{0.17em}}$
	$0.3471\mathrm{\hspace{0.17em}\hspace{0.17em}}$	$3.5781\mathrm{\hspace{0.17em}\hspace{0.17em}}$
No. of bids placed in the first half of the auction	$0.1229\mathrm{\hspace{0.17em}\hspace{0.17em}}$	$-0.4751\mathrm{\hspace{0.17em}\hspace{0.17em}}$
	$\mathit{0.5240}\mathrm{\hspace{0.17em}\hspace{0.17em}}$	$\mathit{1.8985}\mathrm{\hspace{0.17em}\hspace{0.17em}}$
	$0.9260\mathrm{\hspace{0.17em}\hspace{0.17em}}$	$4.7242\mathrm{\hspace{0.17em}\hspace{0.17em}}$
No. of bids placed in the second half of the auction	$-0.7030\mathrm{\hspace{0.17em}\hspace{0.17em}}$	$8.2930\mathrm{\hspace{0.17em}\hspace{0.17em}}$
	$-\mathit{0.2420}\mathrm{\hspace{0.17em}\hspace{0.17em}}$	$\mathit{11.0610}\mathrm{\hspace{0.17em}\hspace{0.17em}}$
	$0.2515\mathrm{\hspace{0.17em}\hspace{0.17em}}$	$7.3632\mathrm{\hspace{0.17em}\hspace{0.17em}}$
Total number of unique lots bid	$-0.7850\mathrm{\hspace{0.17em}\hspace{0.17em}}$	$-10.165\mathrm{\hspace{0.17em}\hspace{0.17em}}$
	$-\mathit{0.2305}\mathrm{\hspace{0.17em}\hspace{0.17em}}$	$-\mathit{6.4200}\mathrm{\hspace{0.17em}\hspace{0.17em}}$
	$0.3080\mathrm{\hspace{0.17em}\hspace{0.17em}}$	$-3.2234\mathrm{\hspace{0.17em}\hspace{0.17em}}$