Graddy, Kathryn Jo 1963-
Most widely held works by Kathryn Jo Graddy
Art auctions : a survey of empirical studies by Orley Ashenfelter ( Book )
7 editions published in 2002 in English and held by 74 libraries worldwide
Anatomy of the rise and fall of a price-fixing conspiracy : auctions at Sotheby's and Christie's by Orley Ashenfelter ( Book )
7 editions published in 2004 in English and No Linguistic content and held by 69 libraries worldwide
"The Sotheby's/Christie's price-fixing scandal that ended in the public trial of Alfred Taubman provides a unique window on a number of key economic and antitrust policy issues related to the use of the auction system. The trial provided detailed evidence as to how the price fixing worked, and the economic conditions under which it was started and began to fall apart. The outcome of the case also provides evidence on the novel auction process used to choose the lead counsel for the civil settlement. Finally, though buyers received the bulk of the damages, a straightforward application of the economic theory of auctions shows that it is unlikely that successful buyers as a group were injured"--National Bureau of Economic Research web site.
Economics by Paul R Krugman ( Book )
5 editions published between 2006 and 2008 in English and held by 58 libraries worldwide
Non-parametric demand analysis with an application to the demand for fish by Joshua David Angrist ( Book )
3 editions published in 1995 in English and held by 29 libraries worldwide
A dynamic model of price discrimination and inventory management at the Fulton fish market by Kathryn Jo Graddy ( Book )
5 editions published in 2009 in English and held by 27 libraries worldwide
We estimate a dynamic profit-maximization model of a fish wholesaler who can observe consumer characteristics, set individual prices, and thus engage in third-degree price discrimination. Simulated prices and quantities from the model exhibit the key features observed in a set of high quality transaction-level data on fish sales collected at the Fulton fish market. The model's predictions are then compared to the case in which the dealer must post a single price to all customers. We find the cost to the dealer of posting a uniform price to be extremely small.
Sale rates and price movements in art auctions by Orley Ashenfelter ( Book )
3 editions published in 2011 in English and held by 20 libraries worldwide
The failure of many paintings to sell in art auctions indicates the presence of reserve prices set by sellers. This paper examines the relationship between sale rates and price surprises over time in art auctions. Using data on contemporary and impressionist art, we show that while sale rates appear to have little relationship to current prices, there exists a strong positive relationship of sale rates to unexpected aggregate price changes, which is reminiscent of a Phillips curve. As a result, sale rates provide a useful quantity indicator of the strength of the art market. The data also indicate that sale rates revert to "normal" very quickly following a price surprise. We estimate an empirical model to measure normal sale rates. We also find evidence that the reserve price is set on average at about 70% of the auctioneer's low estimate, as published in the auction catalog.
Economics : european edition by Paul R Krugman ( Book )
2 editions published in 2007 in English and held by 14 libraries worldwide
The impact of school inputs on student performance : an empirical study of private schools in the UK by Kathryn Jo Graddy ( Book )
3 editions published in 2003 in English and No Linguistic content and held by 13 libraries worldwide
Markets : the Fulton Fish Market by Kathryn Jo Graddy ( Book )
4 editions published in 2006 in English and held by 12 libraries worldwide
Centralized markets with large numbers of buyers and sellers are generally thought of as being competitive and well-functioning. However, an important role of centralized markets is matching heterogeneous products, such as fish, to buyers of these products. The high level of differentiation in the Fulton fish market and the institutional structure at the Fulton market has led to patterns of behaviour that suggest imperfect competition and market segmentation. At times in the past, the repeated nature of price setting and extensive knowledge of the sellers may have created the basis for tacit collusion and allowed the dealers to gather economic rents by exploiting the different elasticities and buying patterns. Additional economic rents at the market were created by subsidized rents and lax regulation created fertile ground for organized crime to operate.
When are supply and demand determined recursively rather than simultaneously? : another look at the Fulton Fish Market data by Kathryn Jo Graddy ( Book )
5 editions published between 2006 and 2007 in English and held by 11 libraries worldwide
When a supply and demand model is recursive, with errors uncorrelated across the two equations, ordinary least square (OLS) is the recommended estimation procedure. Supply to a daily fish market is determined by the previous night's catch, so this would appear to be a good example of a recursive market. Despite this, data from the Fulton fish market are treated in the literature, without explanation, as coming from a simultaneous-equations market. We provide the missing explanation: inventory changes, influenced by current price, affect daily supply. Instrumental variable estimates using the full data set differ very little from OLS estimates using only observations with little inventory change, providing strong support for our explanation. Finally, we note that because of inventory changes, estimates of supply price elasticities in high-frequency markets must be interpreted with care.
Fiddling with value: violins as an investment by Kathryn Graddy ( Book )
4 editions published in 2007 in English and held by 11 libraries worldwide
Essentials of economics by Paul R Krugman ( Book )
1 edition published in 2011 in English and held by 10 libraries worldwide
The impact of the droit de suite in the UK : an empirical analysis by Kathryn Jo Graddy ( Book )
2 editions published in 2009 in English and held by 9 libraries worldwide
Testing for reference dependence : an application to the art market by Alan W Beggs ( Book )
2 editions published in 2005 in English and held by 8 libraries worldwide
Failure to meet the reserve price : the impact on returns to art by Alan W Beggs ( Book )
1 edition published in 2006 in English and held by 7 libraries worldwide
Art auctions: a survey of empirical studies by Orley Ashenfelter ( )
3 editions published between 2002 and 2010 in No Linguistic content and English and held by 6 libraries worldwide
Failure to meet the reserve price: the impact on returns to art by Alan Beggs ( )
3 editions published in 2006 in English and held by 5 libraries worldwide
This paper presents an empirical study of paintings that have failed to meet their reserve price at auction. In the art trade it is often claimed that when an advertised item goes unsold at auction, its future value will be affected. We have constructed a new dataset specifically for the purpose of testing this proposition. To preview our results, we find that paintings that come to auction and failed return significantly less when they are eventually sold than those paintings that have not been advertised at auction between sales. These lower returns may occur because of common value effects, idiosyncratic downward trends in tastes, or changes in the seller's reserve price.
Testing for reference dependence: an application to the art market by Alan Beggs ( )
2 editions published in 2005 in No Linguistic content and English and held by 4 libraries worldwide
This paper tests for reference dependence, using data from Impressionist and Contemporary Art auctions. We distinguish reference dependence based on rule of thumb learning from reference dependence based on rational learning. Furthermore, we distinguish pure reference dependence from effects due to loss aversion. Thus, we use actual market data to test essential characteristics of Kahneman and Tversky`s Prospect Theory. The main methodological innovations of this paper are firstly, that reference dependence can be identified separately from loss aversion. Secondly, we introduce a consistent non-linear estimator to deal with measurement errors problems involved in testing for loss aversion. In this dataset, we find strong reference dependence but no loss aversion.
Freedom, growth, and the environment by Scott Barrett ( Book )
1 edition published in 1998 in English and held by 4 libraries worldwide
Testing for imperfect competition at the Fulton Fish Market by Kathryn Jo Graddy ( Book )
1 edition published in 1993 in English and held by 4 libraries worldwide
Academic achievement Air--Pollution Art auctions Art--Prices Auctions Case studies Christie, Manson & Woods Christie's International Group Civil rights Class size Competition, Imperfect Conference proceedings Copyright--Art Copyright--Droit de suite Copyright--Royalties Corruption Demand (Economic theory) Econometric models Economic development--Environmental aspects Economic policy--Mathematical models Economics Environmental economics Environmental quality Fish trade Fish trade--Econometric models Fulton Fish Market (New York, N.Y.) Game theory Great Britain Investments Liberty Loss aversion Markets--Econometric models New York (State)--New York Nonparametric statistics Political rights Price discrimination Price fixing Private schools Private schools--Evaluation Race discrimination--Economic aspects Sotheby's (Firm) Statistics Supply and demand--Econometric models Sustainable development Textbooks Violin--Prices Water--Pollution
Graddy, K. 1963-
Graddy, Kathryn 1963-