The increasing prevalence of auctions as a method of conducting a variety of transactions has promoted interest in modelling bidding behaviours with simulated agent models. The majority of popular research has focused on double auctions, i.e. auctions with multiple buyers and sellers. In this paper we investigate agent models of sealed bid auctions, i.e. single seller auctions where each buyer ...

Experiments permit rigorous testing of auction theory. In single-unit private value auctions the Revenue Equivalence Theorem fails, but the comparative static predictions of Nash bidding theory hold, indicating that bidders are responsive to the primary economic forces at work in the theory. In single-unit common value auctions inexperienced bidders invariably suffer from a “winner’s curse,” an...

Abstract We show that a competitive equilibrium always exists in combinatorial auctions with anonymous graphical valuations and pricing, using discrete geometry. This is an intuitive easy-to-construct class of can model both complementarity substitutes, to our knowledge, it the first besides gross substitutes have guaranteed equilibrium. prove through counter-examples result tight, we give expl...

The word “auction” generally refers to a mechanism for allocating one or more resources to one or more parties (or bidders). Generally, once the allocation is determined, some amount of money changes hands; the precise monetary transfers are determined by the auction process. While in some auction protocols, such as the English auction, bidders repeatedly increase their bids in an attempt to ou...

Much of the existing auction literature treats auctions as running independently of one another, with each bidder choosing to participate in only one auction. However, in many online auctions, a number of substitutable goods are auctioned concurrently and bidders can bid on several auctions at the same time. Recent theoretical research shows how bidders can gain from the existence of competing ...

O labor markets are Web-based platforms that enable buyers to identify and contract for information technology (IT) services with service providers using buyer-determined (BD) auctions. BD auctions in online labor markets either follow an open or a sealed bid format. We compare open and sealed bid auctions in online labor markets to identify which format is superior in terms of obtaining more b...