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 "abstract": "<jats:p>This article investigates the performance of real estate auctions relative to negotiated sales. It uses a repeat\u2010sales methodology to control for unobserved differences in the quality of auction properties. Properties auctioned in Los Angeles during the 1980s boom sold at an estimated discount of 0%\u20139%, while sales in Dallas following the oil bust obtained discounts of 9%\u201321%. This evidence is consistent with the theoretical prediction that the auction discount increases in downturns when a seller trades\u2010off a longer expected selling time in a search market against an immediate auction sale. The study finds no evidence of the declining price anomaly.</jats:p>",
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 "title": [
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   "article-title": "Testing For Price Anomalies in Real Estate Auctions",
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   "author": "Ashenfelter O.",
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