Optimal sequential auctions
نویسندگان
چکیده
منابع مشابه
Optimal Bidding in Sequential Auctions
A bidder's strategy in one auction may affect his competitors' behavior in subsequent auctions. When this occurs, bidding in a sequence of auctions can be modeled fruitfully as a multistage control process. This paper presents such a model. In it the control is the bidder's strategy, the state characterizes the competitors' behavior and the state transition represents the competitors' reaction ...
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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...
متن کاملOn optimal bidding in sequential procurement auctions
We investigate the problem of optimal bidding for a firm that in each period procures items to meet a random demand by participating in a finite sequence of auctions. We develop a new model for a firm where its item valuation derives from the sale of the acquired items via their demand distribution, sale price, acquisition cost, salvage value and lost sales. We establish monotonicity properties...
متن کاملOptimal Bidding in Sequential Procurement Auctions
We consider the problem of a firm that in each period procures items by participating in auctions and then it sells the acquired items by the end of the period, where any unsold items are salvaged. The objective of the firm is to have a bidding policy that maximizes the expected value of its profit over N auctions. In this model the firm’s valuations derive from the resale of acquired items via...
متن کاملSequential Procurement Auctions
Procurement by governments accounts for 10-15 percent of national product in most Western nations [McAfee and McMillan (1985a)]. Consequently, analyses of procurement policies apply to a significant portion of economic activity. This paper considers sequential procurement: a buyer will purchase items in sequence, with costs correlated across time. Thus, if auctions are held, bids in the first a...
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ژورنال
عنوان ژورنال: International Journal of Industrial Organization
سال: 2014
ISSN: 0167-7187
DOI: 10.1016/j.ijindorg.2014.02.002