Late Bidding In Open Auctions With Two Buyers

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Late Bidding In Open Auctions With Two Buyers

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Author : Colin Campbell
language : en
Publisher:
Release Date : 2013

Late Bidding In Open Auctions With Two Buyers written by Colin Campbell and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.

In open internet auctions with deadlines, some bids made near the deadline are randomly lost. Roth and coauthors have demonstrated via full-information examples that multiple bidders bidding late can nevertheless be equilibrium behavior, as the cost to one bidder of a lost bid can be outweighed by the gain when others' bids are lost. We extend to a standard symmetric two-bidder environment with continuously distributed random private values. For strategies in which every type of bidder either bids immediately, or waits to bid late when the other bidder has done so, all equilibria are symmetric. In any equilibrium in which some types bid late, those that bid late are an interval that includes the lowest type. Equilibria in which at least some types bid late exist when the probability of a lost bid is small, and when buyer values are probabilistically high.

Essays On Late Bidding In Internet Auctions

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Author : Ying Zhang
language : en
Publisher:
Release Date : 2011

Essays On Late Bidding In Internet Auctions written by Ying Zhang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Internet auctions categories.

Empirical studies have documented that buyers in internet auctions tend to bid immediately before the scheduled closing time. This practice of late bidding is often called sniping. My dissertation investigates this phenomenon from both theoretical and empirical aspects. The first chapter of my dissertation studies a second-price independent private value auction with two risk-neutral buyers who can submit a single bid either early or late. Early bids are received by the auctioneer with probability one, but late bids are received with a probability less than one. I prove that there can exist a symmetric cutoff equilibrium in which high-value buyers always bid early and low-value buyers bid late as long as their opponent has not bid early. A sufficient condition is then identified for the existence of the cutoff equilibrium with late bidding. Finally, I illustrate the equilibrium with examples from the beta distribution on values. The second chapter of my dissertation empirically investigates the impact of late bidding on the final price of internet auctions. Using a dataset collected from eBay, I estimate the time after which late bidding has a differential impact on the final price. The time is estimated as a structural break in the data using a method proposed by Bai (1997). The break point occurs approximately three minutes before the close of the auction. The empirical findings indicate that buyers who won auctions by bidding in the last three minutes were typically more experienced than other winners and that they won the auctions for used items at lower prices. The third chapter of my dissertation extends the first chapter by introducing an uncertainty on the number of buyers through a Poisson arrival process. In addition, I investigate the impact of late bidding on the seller's expected revenue and provide numerical comparative statics for the equilibrium.

Late And Multiple Bidding In Competing Second Price Internet Auctions

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Author : Marta Stryszowska
language : en
Publisher:
Release Date : 2004

Late And Multiple Bidding In Competing Second Price Internet Auctions written by Marta Stryszowska and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.

The Double Auction Market

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Author : Daniel Friedman
language : en
Publisher: Routledge
Release Date : 2018-05-04

The Double Auction Market written by Daniel Friedman and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-05-04 with Social Science categories.

This book focuses on markets organized as double auctions in which both buyers and sellers can submit bids and asks for standardized units of well-defined commodities and securities. It examines evidence from the laboratory and computer simulations.

Dealmaking The New Strategy Of Negotiauctions Second Edition

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Author : Guhan Subramanian
language : en
Publisher: W. W. Norton & Company
Release Date : 2020-08-04

Dealmaking The New Strategy Of Negotiauctions Second Edition written by Guhan Subramanian and has been published by W. W. Norton & Company this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-08-04 with Business & Economics categories.

Based on broad research and detailed case studies, Dealmaking provides the jargon-free, empirically sound advice you need to close the deal. Leading dealmaking scholar Guhan Subramanian specializes in understanding how deals work. As a Harvard Business School professor, he has spent years examining and teaching corporate dealmaking through two classic lenses: negotiation theory and auction theory. As he looked at real-world situations, however, he discovered that complex deals usually combine both approaches: negotiators are "fighting on two fronts"—across the table and on the same side—with known, unknown, or potential competitors. In Dealmaking, Subramanian provides classroom-tested examples of "negotiauctions" as diverse as buying a house, haggling over the rights to the television show Frasier, or selling "toxic" assets into the U.S. government’s bailout fund. With each scenario, he identifies the specific moves that ensure success. The first book to bring together auction and negotiation strategies in a meaningful way, Dealmaking is an indispensable guide to negotiating deals in the twenty-first century.

Trade Me Success Secrets

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Author : Michael Carney
language : en
Publisher:
Release Date : 2005-11

Trade Me Success Secrets written by Michael Carney and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-11 with Internet auctions categories.

Everything you need to know about Trade Me: Tips to running a successful auction. Answers to those tricky questions, like how does the IRD treat money you make from online auctions? Techniques to increase the number of bids and get your auction noticed. The best time to list your items. Secrets of successful bidding. Building trust online.

Consumer Protection And Online Auction Platforms

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Author : Christine Riefa
language : en
Publisher: Routledge
Release Date : 2016-03-03

Consumer Protection And Online Auction Platforms written by Christine Riefa and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-03-03 with Law categories.

Online auctions have undergone many transformations and continue to attract millions of customers worldwide. However these popular platforms remain understudied by legal scholars and misunderstood by legislators. This book explores the legal classification of online auction sites across a range of countries in Europe. Including empirical studies conducted on 28 online auction websites in the UK, the research focusses on the protection of consumers’ economic rights and highlights the shortcomings that the law struggles to control. With examinations into important developments, including the Consumer Rights Directive and the latest case law from the CJEU on the liability of intermediaries, Riefa anticipates changes in the law, and points out further changes that are needed to create a safe legal environment for consumers, whilst preserving the varied business model adopted by online auction sites. The study provides insights into how technical measures as well as a tighter legislative framework or enforcement pattern could provide consumers with better protection, in turn reinforcing trust, and ultimately benefiting the online auction platforms themselves.

Hnai Online Auction Catalog 429

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Author : Ivy Press
language : en
Publisher: Heritage Capital Corporation
Release Date : 2006-09

Hnai Online Auction Catalog 429 written by Ivy Press and has been published by Heritage Capital Corporation this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-09 with Antiques & Collectibles categories.

Faberg

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Author : Christopher Forbes
language : en
Publisher: Universe Publishing(NY)
Release Date : 1999

Faberg written by Christopher Forbes and has been published by Universe Publishing(NY) this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Art objects categories.

Fifth Avenue in New York houses many treats, but one of its more sumptuous offerings is a gem of a museum -- the Forbes Faberge collection. Containing more than 400 objets d'art, this tiny museum is a treasure trove of artistic and historical masterpieces.One hundred and twenty pieces from the Forbes Faberge collection are pictured here, each accompanied by a detailed essay on its significance and history and the artisans who created it. Printed on elegant paper and accompanied by 26 tip-ins, this volume also features genealogies of the European royal families who commissioned most of these pieces.

Understanding Auctions

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Author : Asunción Mochón
language : en
Publisher: Springer
Release Date : 2014-09-15

Understanding Auctions written by Asunción Mochón and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-09-15 with Business & Economics categories.

In recent years, auctions have become an important field and many markets have designed new and sophisticated auction models to assign different types of items. The prime goal of this book is to set an organized classification of the main auction mechanisms in a way that readers can understand the importance of auction design and the advantages and drawbacks of each model. Given the relevance of the subject, there is a great volume of research about this topic. Nevertheless, most of these contributions use complex mathematical language difficult to understand for the average reader. In this book, the authors summarize the main ideas of the auction theory and explain them with simple language and plenty of examples. This book is a good starting point for any researcher interested in embracing the auction design as it also includes numerous real-world examples to engage the reader in the topic. “This book fills an important gap by making the main ideas and findings of auction research accessible.” Professor Paul Milgrom, Department of Economics, Stanford University.