In the 12 years since eBay’s launch, the online auction house has established itself as a one-stop shop for all things rare, kitschy, and collectible. But recently, a small group of economists have mined the site for a different prize: clues on how people spend their money.

Behind the millions of online auctions lies a virtual mini-economy flush with raw data. Harvesting this information has fed a new branch of economics, one that has proved again and again that shoppers act in unexpected ways.

Auctions can be hard to predict. Various items, be they ancient coins or next-generation electronics, can inspire odd behavior in buyers.

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