Virtual bidding provides a mechanism for financial players to participate in wholesale day-ahead (DA) electricity markets. The price difference between DA and real-time (RT) markets creates arbitrage opportunities players. Physical market participants (MP), referred as with physical assets this paper, can also take advantage of virtual but different way, which is further amplify the value their...

With the recent introduction of Spot Instances in the Amazon Elastic Compute Cloud (EC2), users can bid for resources and thus control the balance of reliability versus monetary costs. Mechanisms and tools that deal with the cost-reliability trade-offs under this schema are of great value for users seeking to lessen their costs while maintaining high reliability. In this paper, we propose a set...

Online auctions are one of the most effective ways of negotiation of salable goods over the internet. Software agents are increasingly being used to represent humans in online auctions. These agents can systematically monitor a wide variety of auctions and can make rapid decisions about what bids to place in what auctions. To be successful in open multi-agent environments, agents must be capabl...

Agents and market mechanisms are widely elaborated and applied to automate interaction and decision processes among others in robotics, for decentralized control in sensor networks and by algorithmic traders in financial markets. Currently there is a high demand of efficient mechanisms for the provisioning, usage and allocation of distributed services in the Cloud. Such mechanisms and processes...

Shill bidding, where a seller masquerades as a buyer bidding for her own item to inflate the price, has challenged the classical auction theories. We show that with the possibility of shill bidding, a multi-round single-unit English auction has neither pure-nor mixed-strategy Perfect Bayesian Equilibria (PBE) when there is no gap between the seller's valuation and the lowest possible buyer valu...

Active Network Management (ANM) enables a microgrid to optimally dispatch the active/reactive power of its Renewable Distributed Generation (RDG) and Battery Energy Storage System (BESS) units in real time. Thus, a microgrid with high penetration of RDGs can handle their uncertainties and variabilities to achieve the stable operation using ANM. However, the actual power flow in the line connect...

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...

A contractor’s ability to prepare a competitive bid for construction tender is crucial its survival on the market. The price estimation strategy should promote probability of winning sufficient amount tenders but, at same time, ensure economic stability and development company. This paper aims address this issue in area Czech public procurement. opinions, experiences practices contractors were ...

The risk-neutral equilibrium bidding strategy for first-price auctions with independent private values is justified without assuming a well-defined Bayesian game. Bidders, aware of their own value, assume the private values to be linearly related. The latter, however, are independent and identically distributed, and this is only known by Nature. Allowing for arbitrary linear common value belief...