Reverse Auction: the Lowest Unique Positive Integer Game
نویسنده
چکیده
A reverse auction can be likened to a tendering process where a contract is awarded to the lowest bidder. This is in contrast to a conventional forward auction where the highest bidder wins. In this paper we analyze a minority game version of the reverse auction where an extra condition is imposed that, namely, the bid must be unique. In other words, the bidder with the lowest positive unique integer (LUPI) wins. We examine and compare two extrema, namely, the case when all players are rational and the case when all players make random selections.
منابع مشابه
On ‘ Reverse Auction : the Lowest Unique Positive Integer Game
Received (received date) Revised (revised date) Accepted (accepted date) In Zeng et al. [Fluct. Noise Lett. 7 (2007) L439–L447] the analysis of the lowest unique positive integer game is simplified by some reasonable assumptions that make the problem tractable for arbitrary numbers of players. However, here we show that the solution obtained for rational players is not a Nash equilibrium and th...
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