Auctioneer Strategy And Pricing
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Auctioneer Strategy And Pricing
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Author : Clare D'Souza
language : en
Publisher:
Release Date : 2001
Auctioneer Strategy And Pricing written by Clare D'Souza and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Art categories.
Auction Strategies For Real World Markets
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Author : Joseph Uri Podwol
language : en
Publisher:
Release Date : 2011
Auction Strategies For Real World Markets written by Joseph Uri Podwol and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
The theoretical and empirical study of auctions is of importance to economists as it provides unique insights into the behaviors and decision-making processes involved in the setting of prices that are otherwise unobserved in traditional fixed price sales. The papers in this dissertation look at observed outcomes from real world auctions and draw inferences as to the underlying economic behavior. The first paper examines the practice of auctioneers "fishing" for an opening bid by calling out lower and lower amounts until an opening bid is eventually proffered. I incorporate such a tactic into an auctioneer's strategy set within a game-theoretic model in which an indivisible good is sold via English ascending-price auction by a seller or auctioneer that cannot commit to a predetermined sequence of starting prices in advance. The analysis departs from previous literature by showing that the English auction is not strategically equivalent to the second-price auction within the dynamic setting. This difference has implications for the optimal starting price path, giving rise to an initial starting price consistent with the Coase conjecture. Additional price dynamics resembling "auction fever" are rationalized within this rational framework. In the second paper, I, along with a co-author, investigate theories of non-standard preferences and irrational bidding that have been used to explain the behavior of bidders in auctions online. We test these theories using data from a field experiment that we ran on eBay and supplemented with an observational dataset we collected from eBay. We find little evidence that several of these behavioral mechanisms are important in the field, and instead find behavior consistent with a standard rational model. The third paper examines the practice of shill bidding, whereby a seller in an online auction bids on his own item. To incorporate shill bidding into a seller's strategy set, I model the sale of a common value item via auction where some proportion of potential buyers have superior information and some proportion of potential sellers participate in the market only for the purpose of fraudulent selling. The model establishes the conditions under which shill bidding is supported in equilibrium.
Pricing And Bidding Strategies In Iterative Combinatorial Auctions
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Author : Alexander Pikovsky
language : en
Publisher: VDM Publishing
Release Date : 2008
Pricing And Bidding Strategies In Iterative Combinatorial Auctions written by Alexander Pikovsky and has been published by VDM Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Mathematics categories.
Iterative combinatorial auctions (ICAs) are IT-based economic mechanisms in which bidders submit bundle bids iteratively and the auctioneer computes allocations and ask prices in each auction round. In addition to strategic problems, the design of such auction formats exhibits hard computational problems. More recently, researchers have focused on the pricing and information feedback in ICAs. This book presents the results of 5 years research in this field, whereas the emphasis was put on the practical applicability of considered auction designs and pricing mechanisms in these auctions. The main topic of this book is a comprehensive comparison of the most important auction designs proposed in the literature by means of computational and laboratory experiments. Additionally, the book presents a new auction design ALPS, which has been shown very efficient and robust in many settings. In laboratory experiments all considered auction designs were tested for practical applicability and robustness against diverse bidding strategies.
Auction Theory
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Author : Vijay Krishna
language : en
Publisher: Academic Press
Release Date : 2009-09-28
Auction Theory written by Vijay Krishna and has been published by Academic Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-09-28 with Business & Economics categories.
Auction Theory, Second Edition improves upon his 2002 bestseller with a new chapter on package and position auctions as well as end-of-chapter questions and chapter notes. Complete proofs and new material about collusion complement Krishna’s ability to reveal the basic facts of each theory in a style that is clear, concise, and easy to follow. With the addition of a solutions manual and other teaching aids, the 2e continues to serve as the doorway to relevant theory for most students doing empirical work on auctions. Focuses on key auction types and serves as the doorway to relevant theory for those doing empirical work on auctions New chapter on combinatorial auctions and new analyses of theory-informed applications New chapter-ending exercises and problems of varying difficulties support and reinforce key points
A Primer On Auction Design Management And Strategy
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Author : David J. Salant
language : en
Publisher: MIT Press
Release Date : 2014-12-19
A Primer On Auction Design Management And Strategy written by David J. Salant and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-12-19 with Business & Economics categories.
A guide to modeling and analyzing auctions, with the applications of game theory and auction theory to real-world auction decision making. Auctions are highly structured market transactions primarily used in thin markets (markets with few participants and infrequent transactions). In auctions, unlike most other markets, offers and counteroffers are typically made within a structure defined by a set of rigid and comprehensive rules. Because auctions are essentially complex negotiations that occur within a fully defined and rigid set of rules, they can be analyzed by game theoretic models more accurately and completely than can most other types of market transactions. This book offers a guide for modeling, analyzing, and predicting the outcomes of auctions, focusing on the application of game theory and auction theory to real-world auction design and decision making. After a brief introduction to fundamental concepts from game theory, the book explains some of the more significant results from the auction theory literature, including the revenue (or payoff) equivalence theorem, the winner's curse, and optimal auction design. Chapters on auction practice follow, addressing collusion, competition, information disclosure, and other basic principles of auction management, with some discussion of auction experiments and simulations. Finally, the book covers auction experience, with most of the discussion centered on energy and telecommunications auctions, which have become the proving ground for many new auction designs. A clear and concise introduction to auctions, auction design, and auction strategy, this Primer will be an essential resource for students, researchers, and practitioners.
Discovering Prices
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Author : Paul Milgrom
language : en
Publisher: Columbia University Press
Release Date : 2017-05-23
Discovering Prices written by Paul Milgrom and has been published by Columbia University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-05-23 with Business & Economics categories.
Traditional economic theory studies idealized markets in which prices alone can guide efficient allocation, with no need for central organization. Such models build from Adam Smith’s famous concept of an invisible hand, which guides markets and renders regulation or interference largely unnecessary. Yet for many markets, prices alone are not enough to guide feasible and efficient outcomes, and regulation alone is not enough, either. Consider air traffic control at major airports. While prices could encourage airlines to take off and land at less congested times, prices alone do just part of the job; an air traffic control system is still indispensable to avoid disastrous consequences. With just an air traffic controller, however, limited resources can be wasted or poorly used. What’s needed in this and many other real-world cases is an auction system that can effectively reveal prices while still maintaining enough direct control to ensure that complex constraints are satisfied. In Discovering Prices, Paul Milgrom—the world’s most frequently cited academic expert on auction design—describes how auctions can be used to discover prices and guide efficient resource allocations, even when resources are diverse, constraints are critical, and market-clearing prices may not even exist. Economists have long understood that externalities and market power both necessitate market organization. In this book, Milgrom introduces complex constraints as another reason for market design. Both lively and technical, Milgrom roots his new theories in real-world examples (including the ambitious U.S. incentive auction of radio frequencies, whose design he led) and provides economists with crucial new tools for dealing with the world’s growing complex resource-allocation problems.
Price Variations In Online Auctions Evidence From A Thick Market
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Author : Jianwei Hou
language : en
Publisher:
Release Date : 2006
Price Variations In Online Auctions Evidence From A Thick Market written by Jianwei Hou and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
This dissertation makes following contributions to the auction literature: First, this study develops a classification scheme of online auctions based on two dimensions---market structure (thick vs. thin) and quality uncertainty (high vs. low). Second, the integration of quality uncertainty into online auction studies is new to the literature. By using a certification/brand-related measure, this study provides a natural and direct measure of quality uncertainty. This dissertation investigates how quality uncertainty may moderate the effect of seller expertise, selling strategy, bidder expertise, and bidding strategy on the auction price. Empirical results show that most effects except for the effect of selling strategy on price are stronger when the level of quality uncertainty is high. Third, this study finds that sellers with different levels of expertise approach their selling strategies differently, while bidder expertise influences how bidders respond to the third-party certification. In addition, late bidding has also been shown to increase the auction price. Finally, the effect of different grading services on auction outcomes deserves attention from both auctioneers and coin dealers because such finding helps them balance among grading services, grading costs, and market acceptance.
An Introduction To Auction Theory
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Author : Flavio M. Menezes
language : en
Publisher: Oxford University Press, USA
Release Date : 2005
An Introduction To Auction Theory written by Flavio M. Menezes and has been published by Oxford University Press, USA this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Business & Economics categories.
Auction theory is now an important component of an economist's training. The techniques and insights gained from the study of auction theory provide a useful starting point for those who want to venture into the economics of information, mechanism design, and regulatory economics.This book provides a step-by-step, self-contained treatment of the theory of auctions. It allows students and readers with a calculus background to work through all the basic results, covering the basic independent-private-model; the effects of introducing correlation in valuations on equilibrium behaviour and the seller's expected revenue; mechanism design; and the theory of multi-object auctions.
Auction Theory
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Author : Pak-Sing Choi
language : en
Publisher: Springer Nature
Release Date : 2021-05-24
Auction Theory written by Pak-Sing Choi and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-05-24 with Business & Economics categories.
This textbook provides a short introduction to auction theory through exercises with detailed answer keys. Focusing on practical examples, this textbook offers over 80 exercises that predict bidders’ equilibrium behaviour in different auction formats, along with the seller’s strategic incentives to organize one auction format over the other. The book emphasizes game-theoretic tools, so students can apply similar tools to other auction formats. Also included are several exercises based on published articles, with the model reduced to its main elements and the question divided into several easy-to-answer parts. Little mathematical background in algebra and calculus is assumed, and most algebraic steps and simplifications are provided, making the text ideal for upper undergraduate and graduate students. The book begins with a discussion of second-price auctions, which can be studied without using calculus, and works through progressively more complicated auction scenarios: first-price auctions, all-pay auctions, third-price auctions, the Revenue Equivalence principle, common-value auctions, multi-unit auctions, and procurement auctions. Exercises in each chapter are ranked according to their difficulty, with a letter (A-C) next to the exercise title, which allows students to pace their studies accordingly. The authors also offer a list of suggested exercises for each chapter, for instructors teaching at varying levels: undergraduate, Masters, Ph.D. Providing a practical, customizable approach to auction theory, this textbook is appropriate for students of economics, finance, and business administration. This book may also be used for related classes such as game theory, market design, economics of information, contract theory, or topics in microeconomics.
The Oxford Handbook Of Pricing Management
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Author : Özalp Özer
language : en
Publisher: OUP Oxford
Release Date : 2012-06-07
The Oxford Handbook Of Pricing Management written by Özalp Özer and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-06-07 with Business & Economics categories.
The Oxford Handbook of Pricing Management is a comprehensive guide to the theory and practice of pricing across industries, environments, and methodologies. The Handbook illustrates the wide variety of pricing approaches that are used in different industries. It also covers the diverse range of methodologies that are needed to support pricing decisions across these different industries. It includes more than 30 chapters written by pricing leaders from industry, consulting, and academia. It explains how pricing is actually performed in a range of industries, from airlines and internet advertising to electric power and health care. The volume covers the fundamental principles of pricing, such as price theory in economics, models of consumer demand, game theory, and behavioural issues in pricing, as well as specific pricing tactics such as customized pricing, nonlinear pricing, dynamic pricing, sales promotions, markdown management, revenue management, and auction pricing. In addition, there are articles on the key issues involved in structuring and managing a pricing organization, setting a global pricing strategy, and pricing in business-to-business settings.