Bidding Dynamics In Auctions
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Author | : Christian Heath |
Publisher | : Cambridge University Press |
Total Pages | : 265 |
Release | : 2013 |
Genre | : Antiques & Collectibles |
ISBN | : 0521767407 |
Download The Dynamics of Auction Book in PDF, Epub and Kindle
Addresses how social interaction forms the foundation to sale of art and antiques worth many billions of pounds each year.
Author | : Hugo Andrés Hopenhayn |
Publisher | : |
Total Pages | : 54 |
Release | : 2016 |
Genre | : Auctions |
ISBN | : |
Download Bidding Dynamics in Auctions Book in PDF, Epub and Kindle
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 |
Total Pages | : 161 |
Release | : 2014-09-15 |
Genre | : Business & Economics |
ISBN | : 3319088130 |
Download Understanding Auctions Book in PDF, Epub and Kindle
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 |
Total Pages | : 245 |
Release | : 2007-01-10 |
Genre | : Computers |
ISBN | : 3764381132 |
Download Adaptive Bidding in Single-Sided Auctions under Uncertainty Book in PDF, Epub and Kindle
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 | : |
Total Pages | : 70 |
Release | : 2016 |
Genre | : Auctions |
ISBN | : |
Download A Theory of Bidding Dynamics and Deadlines in Online Retail Book in PDF, Epub and Kindle
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 |
Total Pages | : 142 |
Release | : 2008-09-15 |
Genre | : Computers |
ISBN | : 3764387300 |
Download Bidding Strategies in Agent-Based Continuous Double Auctions Book in PDF, Epub and Kindle
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 |
Total Pages | : 202 |
Release | : 2016-04-30 |
Genre | : Business & Economics |
ISBN | : 1137475420 |
Download Game Theory Bargaining and Auction Strategies Book in PDF, Epub and Kindle
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 |
Total Pages | : 145 |
Release | : 2012-12-06 |
Genre | : Computers |
ISBN | : 3642574300 |
Download Dynamic Alliance Auctions Book in PDF, Epub and Kindle
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 | : Timothy P. Hubbard |
Publisher | : MIT Press |
Total Pages | : 266 |
Release | : 2016-01-06 |
Genre | : Business & Economics |
ISBN | : 0262528533 |
Download Auctions Book in PDF, Epub and Kindle
How auctions work, in theory and practice, with clear explanations and real-world examples that range from government procurement to eBay. Although it is among the oldest of market institutions, the auction is ubiquitous in today's economy, used for everything from government procurement to selling advertising on the Internet to course assignment at MIT's Sloan School. And yet beyond the small number of economists who specialize in the subject, few people understand how auctions really work. This concise, accessible, and engaging book explains both the theory and the practice of auctions. It describes the main auction formats and pricing rules, develops a simple model to explain bidder behavior, and provides a range of real-world examples. The authors explain what constitutes an auction and how auctions can be modeled as games of asymmetric information—that is, games in which some players know something that other players do not. They characterize behavior in these strategic situations and maintain a focus on the real world by illustrating their discussions with examples that include not just auctions held by eBay and Sotheby's, but those used by Google, the U.S. Treasury, TaskRabbit, and charities. Readers will begin to understand how economists model auctions and how the rules of the auction shape bidder incentives. They will appreciate the role auctions play in our modern economy and understand why these selling mechanisms are so resilient.
Author | : Christos Papadimitriou |
Publisher | : Springer |
Total Pages | : 748 |
Release | : 2008-12-11 |
Genre | : Computers |
ISBN | : 3540921850 |
Download Internet and Network Economics Book in PDF, Epub and Kindle
This book constitutes the refereed proceedings of the 4th International Workshop on Internet and Network Economics, WINE 2008, held in Shanghai, China, in December 2008. The 68 revised full papers presented together with 10 invited talks were carefully reviewed and selected from 126 submissions. The papers are organized in topical sections on market equilibrium, congestion games, information markets, nash equilibrium, network games, solution concepts, algorithms and optimization, mechanism design, equilibrium, online advertisement, sponsored search auctions, and voting problems.