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Get Adaptive Bidding in Single-Sided Auctions Under Uncertainty: PDF

By Clemens van Dinther

ISBN-10: 3764380942

ISBN-13: 9783764380946

ISBN-10: 3764381132

ISBN-13: 9783764381134

In the final years digital markets, in particular on-line auctions, became extremely popular and acquired progressively more cognizance in either, company (B2B) in addition to in public perform (B2C and C2C). technology, in spite of the fact that, continues to be faraway from having studied all phenomena and results that are saw on digital markets. This publication indicates that and the way software program brokers can be utilized to simulate bidding behaviour in digital auctions. the most emphasis of this ebook is to use computational economics to marketplace concept. It summarizes the commonest and updated agent-based simulation tools and instruments and develops the simulation software program AMASE. On foundation of the brought equipment a version is validated to simulate bidding behaviour below uncertainty.

The e-book addresses researchers, desktop scientists, economists and scholars who're drawn to employing agent-based computational how you can digital markets. It is helping to benefit extra approximately simulations in economics as a rule and customary agent-based equipment and instruments specifically.

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Additional info for Adaptive Bidding in Single-Sided Auctions Under Uncertainty: An Agent-based Approach in Market Engineering

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This also happens if an additional competing bid arrives which is lower than the proxy-valuation. 12 The BuyItNowPrice is a posted price offer that the buyer can either accept or ignore. If the BuyItNowPrice is chosen, the market is immediately closed. 22 Chapter 2. g. by raising the hand when an auctioneer calls a certain price, or explicitly in written form. Wolfstetter [1999] points to the information problem in economic trade, where an individual has incomplete information about the competitors’ valuations.

1. Market Engineering Market Engineering subsumes the systematic approach to development, analysis and design of electronic market services integrating theory from the scientific areas of economics, business administration, computer science and law. ME focuses on the three core activities (1) design, (2) operation, and (3) research of electronic markets. In order to appropriately design electronic markets, it is essential to base the design on research results of electronic markets and to study new mechanisms comprehensively.

In this case the takeover price is maximized if the costs for information acquisition are minimized. In the author’s model with costly information, the first bidder’s willingness to incur the acquisition costs may result in a high signal that deters competing bidders, and thus, avoids costly counterbidding. This might lead to a takeover price below the minimum of the two valuations also in cases where both bidders make offers. It is remarkable that the analysis for costly bidding shows a lower price under competitive bidding than with one deterring bid.

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Adaptive Bidding in Single-Sided Auctions Under Uncertainty: An Agent-based Approach in Market Engineering by Clemens van Dinther

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