منابع مشابه
Optimal Bidding in Online Auctions
Online auctions are arguably one of the most important and distinctly new applications of the Internet. The predominant player in online auctions, eBay, has over 42 million users, and it was the host of over $9.3 billion worth of goods sold just in the year 2001. Using methods from approximate dynamic programming and integer programming, we design algorithms for optimally bidding for a single i...
متن کاملOptimal Bidding in Sequential Online Auctions
Auctions are widely used online to conduct commercial transactions. An important feature of online auctions is that even bidders who intend to buy a single object frequently have the opportunity to bid in sequential auctions selling identical objects. This paper studies key features of the optimal bidding strategy, assuming rational, risk-neutral agents with independent private valuations and s...
متن کاملOptimal Bidding in Sequential Auctions
A bidder's strategy in one auction may affect his competitors' behavior in subsequent auctions. When this occurs, bidding in a sequence of auctions can be modeled fruitfully as a multistage control process. This paper presents such a model. In it the control is the bidder's strategy, the state characterizes the competitors' behavior and the state transition represents the competitors' reaction ...
متن کاملShill bidding and optimal auctions.∗
A single object is for sale to N asymmetric buyers in the independent private values setting by means of an English auction. We consider implications of seller’s active participation in the bidding process, or shill bidding. The main result is that there exists an equilibrium of the English auction with shill bidding that is outcome equivalent to the optimal mechanism of Myerson (1981). Thus, a...
متن کاملOptimal Bidding on Keyword Auctions
A b s t r a c t Pay per click (PPC) auctions are used to sell positions in search engines. These auctions have gained increasing commercial importance , and many companies offer software to bid on these auctions. We present a trading agent for PPC auctions that is the first in our knowledge to use an explicit profit objective function. The agent creates a look-ahead plan of its desired bids, wh...
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ژورنال
عنوان ژورنال: Journal of Revenue and Pricing Management
سال: 2009
ISSN: 1476-6930,1477-657X
DOI: 10.1057/rpm.2008.49