An Optimal Auction Infrastructure Design: An Agent-based Simulation Approach
نویسنده
چکیده
This paper presents an agent-based simulation approach to estimate the effects of auction parameters on the auction outcomes, and to find an optimal or, at least, close to an optimal infrastructure. In particular, this study intends to study how bidders’ personalities and bidding strategies with other auction parameters affect the closing prices in two auction mechanisms: English and Yankee auctions. Experimental results show that the outcome of multiple English auctions is more favorable to auctioneers and sellers than that of a corresponding single Yankee auction. It is also shown that raising minimum bid increment or bid starting price positively affects the closing prices in both auction types. However, two auction systems respond differently to the changes in parameter values in terms of magnitude and robustness.
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