An Investigation of Value Updating Bidders in Simultaneous Online Art Auctions

Table 4

Posterior means and quantile-based 95% confidence interval for major parameters of the bilinear-effects model.

Parameters	Posterior mean and C.I.
Common influencer variance	1.4927
	1.9965
	2.7062
Common reactor variance	67.9891
	91.5990
	128.6762
Influencer-Reactor covariance	$-\mathrm{\hspace{0.17em}\hspace{0.17em}}5.1890$
	$-\mathrm{\hspace{0.17em}\hspace{0.17em}}\mathit{2.4560}$
	0.1013
Error variance	0.0720
	0.1160
	0.1970
Reciprocity	$-\mathrm{\hspace{0.17em}\hspace{0.17em}}0.7680$
	$-\mathrm{\hspace{0.17em}\hspace{0.17em}}\mathit{0.4960}$
	$-\mathrm{\hspace{0.17em}\hspace{0.17em}}0.0399\mathrm{\hspace{0.17em}\hspace{0.17em}}$
Variance of latent dimensions	0.0610
	0.1320
	0.3330
Variance of inner dimensions	0.0490
	0.0970
	0.2120