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Author: Hugo Andrés Hopenhayn Publisher: ISBN: Category : Auctions Languages : en Pages : 54
Book Description
Abstract: This paper studies bidding dynamics where values and bidding opportunities follow an unrestricted joint Markov process, independent across agents. Bids cannot be retracted, as is frequently the case in auctions. Our main methodological contribution is that we construct a mapping from this general stochastic process into a distribution of values that is independent of the type of auction considered. The equilibria of a static auction with this distribution of values is used to characterize the equilibria of the dynamic auction, making this general class very tractable. As a result of the option of future rebidding, early bids are shaded and under mild conditions increase toward the end of the auction. Our results are consistent with repeated bidding and skewness of the time distribution of winning bids, two puzzling observations in dynamic auctions. As an application, we estimate the model by matching moments from eBay auctions
Author: Asunción Mochón Publisher: Springer ISBN: 3319088130 Category : Business & Economics Languages : en Pages : 161
Book Description
In recent years, auctions have become an important field and many markets have designed new and sophisticated auction models to assign different types of items. The prime goal of this book is to set an organized classification of the main auction mechanisms in a way that readers can understand the importance of auction design and the advantages and drawbacks of each model. Given the relevance of the subject, there is a great volume of research about this topic. Nevertheless, most of these contributions use complex mathematical language difficult to understand for the average reader. In this book, the authors summarize the main ideas of the auction theory and explain them with simple language and plenty of examples. This book is a good starting point for any researcher interested in embracing the auction design as it also includes numerous real-world examples to engage the reader in the topic. “This book fills an important gap by making the main ideas and findings of auction research accessible.” Professor Paul Milgrom, Department of Economics, Stanford University.
Author: Clemens van Dinther Publisher: Springer Science & Business Media ISBN: 3764381132 Category : Computers Languages : en Pages : 245
Book Description
This is one of the first books on the use of software agents to simulate bidding behavior in electronic auctions. It introduces market theory and computational economics together, and gives an overview on the most common and up-to-date agent-based simulation methods. The book will help the reader learn more about simulations in economics in general and common agent-based methods and tools in particular.
Author: Dominic Coey Publisher: ISBN: Category : Auctions Languages : en Pages : 70
Book Description
We present an equilibrium search model that parsimoniously rationalizes the use of auctions as a sales mechanism for new-in-box goods--a frequent occurrence in online retail markets--and analyze whether the existence of these auctions is welfare enhancing relative to a market consisting only of posted prices. Buyers have a deadline by which the good must be purchased, and sellers choose between auctions and posted-price mechanisms. As the deadline approaches, buyers increase their bids and are more likely to buy through posted-price listings. The model predicts equilibrium price dispersion even for new, homogeneous goods. Using data on one million auction and posted-price listings for new-in-box items on eBay.com, we find robust evidence consistent with our model. As predicted, bidders increase their bids from one auction to the next, equilibrium price dispersion exists, and auctions and posted-price listings coexist. Fitting the model to the data, we find that retail auctions increase total welfare by 1.8% of the average retail price if listing fees exactly cover platform costs, but reduce welfare by 2.3% if listing fees are pure profit.
Author: Huiye Ma Publisher: Springer Science & Business Media ISBN: 3764387300 Category : Computers Languages : en Pages : 142
Book Description
This book provides a new bidding strategy for agents to adopt in continuous double auctions (CDAs) and proposes some generally used tools to enhance the performance of existing bidding strategies in CDAs. It is the first book to focus on CDAs where a limited amount of seller agents and buyer agents trade what they want. The superior performance of the new bidding strategy and the tools proposed by this book are illustrated through extensive experiments.
Author: Gregor Berz Publisher: Springer ISBN: 1137475420 Category : Business & Economics Languages : en Pages : 202
Book Description
This text bridges the gulf between theoretical economic principles of negotiation and auction theory and their multifaceted applications in actual practice. It is intended to be a supplement to the already existing literature, as a comprehensive collection of reports detailing experiences and results of very different negotiations and auctions.
Author: Tobias Ihde Publisher: Springer Science & Business Media ISBN: 3642574300 Category : Computers Languages : en Pages : 145
Book Description
An introduction to the new auction format known as ‘Dynamic Alliance Auctions’ which has been developed for Internet-based transportation marketplaces. The format allows for a packagewise placement of transportation orders even if these orders stem from different shippers. This, in turn, increases utilization of truck capacity and reduces risk for carriers. It also results in bringing down transportation prices without shrinking margins. After examining the landscape of Internet-based transportation marketplaces, the book identifies vital characteristics and needs of transportation business. The book shows how Dynamic Alliance Auctions combine ideas of matching theory, auctions and bargaining to fit these needs. Finally, the performance of this auction format is investigated analytically and experimentally using a modified private-value framework and different informational settings.
Author: Yanjiao Chen Publisher: Springer ISBN: 3319140302 Category : Technology & Engineering Languages : en Pages : 64
Book Description
This brief explores current research on dynamic spectrum auctions, focusing on fundamental auction theory, characteristics of the spectrum market, spectrum auction architecture and possible auction mechanisms. The brief explains how dynamic spectrum auctions, which enable new users to gain spectrum access and existing spectrum owners to obtain financial benefits, can greatly improve spectrum efficiency by resolving the artificial spectrum shortage. It examines why operators and users face significant challenges due to specialty of the spectrum market and the related requirements imposed on the auction mechanism design. Concise and up-to-date, Dynamic Spectrum Auction in Wireless Communication is designed for researchers and professionals in computer science or electrical engineering. Students studying networking will also find this brief a valuable resource.
Author: Wolfgang Jank Publisher: John Wiley & Sons ISBN: 1118031865 Category : Mathematics Languages : en Pages : 321
Book Description
Explore cutting-edge statistical methodologies for collecting, analyzing, and modeling online auction data Online auctions are an increasingly important marketplace, as the new mechanisms and formats underlying these auctions have enabled the capturing and recording of large amounts of bidding data that are used to make important business decisions. As a result, new statistical ideas and innovation are needed to understand bidders, sellers, and prices. Combining methodologies from the fields of statistics, data mining, information systems, and economics, Modeling Online Auctions introduces a new approach to identifying obstacles and asking new questions using online auction data. The authors draw upon their extensive experience to introduce the latest methods for extracting new knowledge from online auction data. Rather than approach the topic from the traditional game-theoretic perspective, the book treats the online auction mechanism as a data generator, outlining methods to collect, explore, model, and forecast data. Topics covered include: Data collection methods for online auctions and related issues that arise in drawing data samples from a Web site Models for bidder and bid arrivals, treating the different approaches for exploring bidder-seller networks Data exploration, such as integration of time series and cross-sectional information; curve clustering; semi-continuous data structures; and data hierarchies The use of functional regression as well as functional differential equation models, spatial models, and stochastic models for capturing relationships in auction data Specialized methods and models for forecasting auction prices and their applications in automated bidding decision rule systems Throughout the book, R and MATLAB software are used for illustrating the discussed techniques. In addition, a related Web site features many of the book's datasets and R and MATLAB code that allow readers to replicate the analyses and learn new methods to apply to their own research. Modeling Online Auctions is a valuable book for graduate-level courses on data mining and applied regression analysis. It is also a one-of-a-kind reference for researchers in the fields of statistics, information systems, business, and marketing who work with electronic data and are looking for new approaches for understanding online auctions and processes. Visit this book's companion website by clicking here
Author: Christian Heath
Author: Christian Heath
Author: Hugo Andrés Hopenhayn
Author: Asunción Mochón
Author: Clemens van Dinther
Author: Dominic Coey
Author: Huiye Ma
Author: Gregor Berz
Author: Tobias Ihde
Author: Yanjiao Chen
Author: Wolfgang Jank