To Bundle or Not to Bundle: Determinants of the Profitability of Multi-Item Auctions Peter T.L. Popkowski Leszczyc & Gerald Häubl.

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1 To Bundle or Not to Bundle: Determinants of the Profitability of Multi-Item Auctions Peter T.L. Popkowski Leszczyc & Gerald Häubl Web Appendix TABLE 1A: LIST OF GOODS USED IN STUDY 1 AND EXPERIMENTAL CONDITIONS Bundle Component Auction 1 Component Auction 2 1 Collection MNH Ships on stamps #1 Collection MNH Ships on stamps #2 Yes No 2 2 Collection MNH Trains on stamps #1 Collection MNH Trains on stamps #2 Yes No 2 3 New Zealand MNH stamps #1 New Zealand MNH stamps # Yes No 2 4 Nice Variety of Topical stamps #1 Nice Variety of Topical stamps #2 Yes No 2 5 Topical stamps: Sports and Space #1 Topical stamps: Sports and Space #2 Yes No 2 6 USA stamps -Wildlife and Birds #1 USA stamps -Wildlife and Birds #2 Yes No 2 7 Collection of 100+ MNH UN stamps #1 Collection of over 100 MNH UN stamps # 2 Yes No 2 8 Nice Collection of MNH UN stamps #1 Nice Collection of MNH UN stamps #2 Yes No 2 9 United Nations stamps: Flag # 1 United Nations stamps: Flag # 2 Yes No 2 10 Nice Collection of MNH Russian stamps #1 Nice Collection of MNH Russian stamps #2 Yes No 2 11 Old Mint USA stamps #1 Old Mint USA stamps #2 Yes No 2 12 Canada MNH Collection #1 Canada MNH Collection #2 Yes No 2 13 Nice collection of Canada MNH stamps #1 Nice collection of Canada MNH stamps #2 Yes No 2 14 Old Canadian stamps #1 Old Canadian stamps #2 Yes No 2 15 Old Mint Canadian stamps #1 Old Mint Canadian stamps #2 Yes No 2 16 MNH modern Canada stamps #1 MNH modern Canada stamps #2 Yes No 2 17 Collection of Royals on stamps Queen Victoria stamps Yes No 2 18 Collection Blocks and sheets USA line pairs #602, 603 Yes No 2 19 MNH Polish stamps Old Canadian stamps Yes No 2 20 China Lunar New Year USA mint stamps Yes No kg stamps on paper USA used collection Yes No 2 22 Collection of Nicaragua and Congo USA mint sheets Yes No 2 23 Old Swedish stamps -#1 Canada NHL All-Stars Hockey Yes No 2 24 Collection of Old Italy British Colonies stamps Yes No 2 a Strategy denotes the specific strategy (cell) as defined in Table 2.

2 Bundle Component Auction 1 Component Auction 2 25 Collection of over 100 Blocks USA pairs and blocks Yes No 2 26 USA line pairs Collection of Canadian FDC's Yes No 2 27 USA older mint Nice MNH Topical sets Yes No 2 28 Old USA stamps Collection of USA line pairs Yes No 2 29 Old Canada High value 30+ Beautiful Souvenir sheets Yes No 2 30 Great Canadian classics Nice Collection of French stamps Yes No 2 31 Canada Scott 85 & 86 Old Swedish stamps -#2 Yes No 2 32 Canada old mint Nice Collection of Swiss stamps Yes No kilo of stamps on paper British Colonial stamps Yes No 2 34 Collection of 200+ Poland Blocks and Sheets Yes No 2 35 China Lunar New Year Old Netherlands 100+ stamps Yes No 2 36 Collection of Eastern Europe Collection of Royals on stamps Yes No 2 37 Bhutan MNH collection Space on stamps Yes No 2 38 Collection of 300+ Poland Old Italia stamps Yes No 2 39 Collection of US Envelopes Collection of US stamps Yes No 2 40 Canada NHL All-Stars Hockey 100+ Mint Canadian stamps Yes No Beautiful Souvenir sheets 30+ Beautiful Souvenir sheets Yes No 2 42 Collection of Russia #1 Collection of Russia #2 Yes No 2 43 Collection of 150 MNH United Nations #1 Collection of 150 MNH United Nations #2 Yes No 2 44 Collection of United Nations blocks #1 Collection of United Nations blocks #2 Yes No 2 45 Collection of 120+ MNH United Nations Collection of 140+ MNH United Nations Yes No 2 46 Collection of UN Blocks #1 Collection of UN Blocks #2 Yes No 2 47 Nice collection of British Colonial stamps MNH Stamps and Sheets from Bhutan Yes No 2 48 Collection of Royals on stamps Collection of 80+ Birds on stamps Yes No 2 49 Old Netherlands 100+ different stamps Canada 275+ different stamps Yes No 2 50 Collection of Horses on stamps Collection of Fish on stamps Yes No 2 51 Collection of Stamps from Israel Old China and Japan 100+ different stamps Yes No 2 52 John F. Kennedy on stamps Collection of Paintings on stamps Yes No 2 53 Collection of Cars and Trains MNH stamps Ships and Planes MNH stamps Yes No 2 54 Collection of Famous People on stamps World cup Soccer on stamps Yes No 2 55 Winter Olympics stamps Summer Olympics stamps Yes No 2 56 Collection of Wildlife on stamps Collection of Butterflies on stamps Yes No 2

3 TABLE 2A: LIST OF GOODS USED IN STUDY 2 AND EXPERIMENTAL CONDITIONS Bundle Component Auction 1 Component Auction 2 1 Nice Variety of Topical stamps #1 Nice Variety of Topical stamps #2 No No 1 2 Nice Collection of MNH Russian Stamps #1 Nice Collection of MNH Russian Stamps #2 No No 1 3 Old Mint Canadian Stamps #1 Old Mint Canadian Stamps #2 No No 1 4 Canada NHL All-Stars Hockey #1 Canada NHL All-Stars Hockey #2 No No 1 5 Collection MNH planes on stamps #1 Collection MNH planes on stamps #2 No No 1 6 Princess Diana Royal Wedding Collection#1 Princess Diana Royal Wedding Collection#2 No No 1 7 Collection of Royals on Stamps #1 Collection of Royals on Stamps #2 No No 1 8 Old Netherlands #1 Old Netherlands #2 No No 1 9 Old Canada 1927 #1 Old Canada 1927 #2 No No 1 10 Old Canada 1934 #1 Old Canada 1934 #2 No No 1 11 Old Canada 1930 #1 Old Canada 1930 #2 No No 1 12 Old Netherlands stamps #1 Old Netherlands stamps #2 No No 1 13 Old Canada #1 Old Canada #2 No No 1 14 Small collection of Norway #1 Small collection of Norway #2 No No 1 15 Canada $8.00 Grizzly # 1 Canada $8.00 Grizzly #2 No No 1 16 Better Old Canada #1 Better Old Canada #2 No No 1 17 Collection MNH Ships on stamps #1 Collection MNH Ships on stamps #2 No yes 3 18 Topical stamps: Sports and Space #1 Topical stamps: Sports and Space #2 No yes 3 19 USA stamps -Wildlife and Birds #1 USA stamps -Wildlife and Birds #2 No yes 3 20 Old Mint USA Stamps #1 Old Mint USA Stamps #2 No yes 3 21 MNH modern Canada stamps #1 MNH modern Canada stamps #2 No yes 3 22 Old Newbrunswick #1 Old Newbrunswick #2 No yes 3 23 Canada newer MNH #1 Canada newer MNH #2 No yes 3 24 Old Malaya and more #1 Old Malaya and more #2 No yes 3 25 MNH Canada stamps part1 MNH Canada stamps part2 No yes 3 26 Stamps on paper 1 kilo #1 Stamps on paper 1 kilo #2 No yes 3 27 Collection of MNH in Glassines #1 Collection of MNH in Glassines #2 No yes 3 28 Nice Collection of MNH UN stamps #1 Nice Collection of MNH UN stamps #2 No yes 3 29 Beautiful Souvenir Sheets part 1 Beautiful Souvenir Sheets part 2 No yes 3 30 Collection of Blocks part 1 Collection of Blocks part 2 No yes 3 31 Canada collection part1 Canada collection part2 No yes 3

4 Bundle Component Auction 1 Component Auction 2 32 Collection of 100+ MNH UN stamps #1 Collection of 100+ MNH UN stamps #2 No yes 3 33 Collection MNH Trains on stamps #1 Collection MNH Trains on stamps #2 yes yes 4 34 New Zealand MNH stamps #1 New Zealand MNH stamps # yes yes 4 35 Collection of 100+ MNH UN stamps #1 Collection of over 100 MNH UN stamps # 2 yes yes 4 36 Nice Collection of MNH UN Stamps #1 Nice Collection of MNH UN Stamps #2 yes yes 4 37 United Nations Stamps: Flag # 1 United Nations Stamps: Flag # 2 yes yes 4 38 Canada MNH Collection #1 Canada MNH Collection #2 yes yes 4 39 Nice collection of Canada MNH stamps #1 Nice collection of Canada MNH stamps #2 yes yes 4 40 Old Canadian Stamps #1 Old Canadian Stamps #2 yes yes 4 41 Lot of Canada MNH stamps #1 Lot of Canada MNH stamps #2 yes yes 4 42 USA Presidential Series #1 USA Presidential Series #2 yes yes 4 43 Canada 1897 Jubilee #1 Canada 1897 Jubilee #2 yes yes 4 44 Mint USA Stamps #1 Mint USA Stamps #2 yes yes 4 45 Old Mint USA Stamps #1 Old Mint USA Stamps #2 yes yes 4 46 Stamps on paper ½ kilo! #1 Stamps on paper ½ kilo yes yes 4 47 Classic old Canada stamps #1 Classic old Canada stamps #2 yes yes 4 48 Poland & animals #1 Poland & animals #2 yes yes 4

5 FIGURE A1: BUNDLE AUCTION COSISTING OF TWO COMPLEMENTARY ITEMS Two Tickets to See Gordon Lightfoot Live in Performance Enjoy the performance of the Canadian Music Hall of Fame Member, Gordon Lightfoot. Through the power of his music and song, understand why Bob Dylan once commented that when he heard a Gordon Lightfoot song, he wished it would last forever. Date: April 14, 2009 Time: 8:00 pm Location: Art Centre; Seats: CTR2, row G, seats 241 and 242

6 FIGURE A2: BUNDLE AUCTION COSISTING OF TWO SUBSTITUTE ITEMS Memory Card 4GB SDHC and Kingston 16GB Flash Drive This offer consists of the following two components: I. Memory Card 4GB SDHC This 4GB High Capacity SD card holds hundreds of photos or songs for today's most popular camera and other handheld electronic devices. The solid-state drive is lightweight, rugged, fast and convenient. Read and write speeds as high as 10MB per second. II. Kingston DataTraveler GB Flash Drive (USB 2.0 Portable) Model DT100/16GB Works with Windows Vista 5 year limited warranty

7 FIGURE A3: BUNDLE AUCTION COSISTING OF TWO ITEMS WITH HIGH ASYMMETRY ESO Robbins Lighter Classics: A Night in Vienna and Oilers vs. Blackhawks This offer consists of the following components: I. One Ticket to ESO Robbins Lighter Classics: A Night in Vienna Find yourself transported to Vienna - a city of elegance and beauty. Waltzes, polkas, and serenades by Johann Strauss perfectly capture the spirit of Vienna. Music by Brahms, Beethoven, and Mozart also pay homage to the city that has been an inspiration to artists and travellers for many years. Strauss Blue Danube Waltz, Tritsch-Tratsh Polka, Artist s Life Waltz; Brahms Hungarian Dance No. 1; Beethoven Romance No. 2; and Kreisler Tambourin Chinois Date: Thursday, February 26, 2009, 8:00 pm Location: Art Centre; Seat: Upper Circle D-115 II. One Ticket Edmonton Oilers vs. Chicago Blackhawks game on Feb 3 - Sec 209, STR (standing room).