A field experiment investigated the impact of two external reference points under the seller's control on the final price of an auction. When an item's seller specified a high external reference price (a reserve price), the final bid was greater than when the seller specified a low external reference price (a minimum bid). When the seller provided both high and low reference prices, the reserve influenced the final bid more. The low reference price led to a lower outcome compared to when the seller did not communicate any reference price. The number of bidders influenced outcomes in the absence of seller-supplied reference prices.
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Kamins et al. (2004) studied this question.
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