During the last decade, there has been a huge increase in the volume of Internet business transactions which in turn led to the emergence of a new field of scientific research ­ agent­based computational economics. In order to be able to conduct successful transactions, agents must have appropriate strategies to participate in trading negotiations. This paper i...

The simultaneous multiple-round auction (SMRA) and the combinatorial clock auction (CCA) are the two primarymechanisms used to sell bandwidth. Under truthful bidding, the SMRA is known to output a Walrasian equilibrium that maximizes social welfare provided the bidder valuation functions satisfy the gross substitutes property [20]. Recently, it was shown that the combinatorial clock auction (CC...

Title of dissertation: Mining of Business Data Shu Zhang, Doctor of Philosophy, 2009 Dissertation directed by: Associate Professor Wolfgang Jank AMSC and R.H.Smith School of Business Applying statistical tools to help understand business processes and make informed business decisions has attracted enormous amount of research interests in recent years. In this dissertation, we develop and apply ...

Research Article Linjing Li State Key Laboratory of Management and Control for Complex Systems, China [email protected] Daniel Zeng State Key Laboratory of Management and Control for Complex Systems, China [email protected] Huimin Zhao University of Wisconsin-Milwaukee [email protected] Despite the tremendous commercial success of generalized second-price (GSP) keyword auctions, it still remain...

We generalize the Vickrey auction to allow for reserve pricing in a multi-unit auction with interdependent values. In the Vickrey auction with reserve pricing, the seller determines the quantity to be made available as a function of the bidders’ reports of private information, and then efficiently allocates this quantity among the bidders. Truthful bidding is a dominant strategy with private va...

TAC/AA (ad auction game) provides a forum for researchers into strategic bidding in keyword auctions to try out their ideas in an independently simulated setting. We describe an agent that successfully competed in the TAC/AA game, showing in the process how to operationalize game theoretic analysis to develop a very simple, yet highly competent agent. Specifically, we use simulation-based game ...

K advertising, or sponsored search, is one of the most successful advertising models on the Internet. One distinctive feature of keyword auctions is that they enable advertisers to adjust their bids and rankings dynamically, and the payoffs are realized in real time. We capture this unique feature with a dynamic model and identify an equilibrium bidding strategy. We find that under certain cond...

Bidding one’s value in a second-price auction with private valuations is a dominant solution (Vickrey, 1961). However, repeated experimental studies …nd much more overbidding than underbidding, resulting in overbidding on average. In our experimental work we introduce manipulations against which the dominant strategy is immune, yet they a¤ect bidding in a predictable way. The strong …nding sugg...

This paper designs a novel fuzzy attributes and competition based bidding strategy (FAC-Bid), in which the final best bid is calculated on the basis of the assessment of multiple attributes of the goods and the competition fo~ the goods .in .the market. The assessment of attributes adapts the fuzzy sets technique to handle uncertamty of the blddmg process. The bidding strategy also uses and det...

This paper focuses on the coordination of a population of thermostatically controlled loads (TCLs) with unknown parameters to achieve group objectives. The problem involves designing the device bidding and market clearing strategies to motivate self-interested users to realize efficient energy allocation subject to a feeder capacity constraint. This coordination problem is formulated as a mecha...