How to Set Minimum Acceptable Bids, with an Application to Real Estate Auctions
نویسندگان
چکیده
منابع مشابه
How to Set Minimum Acceptable Bids, with an Application to Real Estate Auctions
In a general auction model with affiliated signals, common components to valuations and endogenous entry, we compute the equilibrium bidding strategies and outcomes, and derive a lower bound on the optimal reserve price. This lower bound can be computed using data on past auctions combined with information about the subsequent sales prices of unsold goods. We illustrate how to compute the lower...
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In the residential real estate market, sellers arrive dynamically over time to put their units up for sale. These assets may differ in their attributes, including location, size, style, acreage, etc. Sellers themselves differ in their own financial constraints, carrying costs, and their delay tolerances, i.e., how long they are willing to wait until they sell their unit. Buyers arrive dynamical...
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Auctions are a fundamental electronic commerce technology. We describe a set of protocols for performing sealed-bid electronic auctions which preserve the privacy of the submitted bids using a form of secure distributed computation. Bids are never revealed to any party, even after the auction is completed. Both rst-price and second-price (Vickrey) auctions are supported, and the computational c...
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We show that an auctioneer (such as an auction house, or a procurement agency) should disclose historical information about winning bids from past auctions, as opposed to disclosing all bids, because this induces bidders to bid more, and raises revenues. We provide a theoretical explanation for our experimental findings based on a bias: at least some subjects may miss that winning bids are not ...
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Efficient general secure multiparty computation (MPC) protocols were previously proposed, and the combination with the efficient auction circuits achieves the efficient sealed-bid auctions with the full privacy and correctness. However, the combination requires that each bidder submits ciphertexts of bits representing his bid, and their zeroknowledge proofs. This cost amounts to about 80 multi-...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2002
ISSN: 1556-5068
DOI: 10.2139/ssrn.9007