What are auctions and how are they applicable in Multi-agent systems (MAS). This study reviews the various auction mechanisms such as forward auctions, reverse auctions, and double auctions, along with the roots of the newer auctions that have been evolved over time. Subsequently, a classification of various auction mechanism are presented that will enable us to get a perspective on how auction...

Combinatorial auctions are those auctions in which bidders can place bids on combinations of items, called “packages,” rather than just individual items. The study of combinatorial auctions is inherently interdisciplinary. Combinatorial auctions are in the first place auctions, a topic extensively studied by economists. Package bidding brings in operations research, especially techniques from c...

Increasingly, buyers are turning to the use of online, reverse auctions in their negotiation activities with suppliers. How does the use of these price competition mechanisms impact buyer-supplier relationships? We consider this question in the context of a quasi-experiment involving six reverse auctions conducted in the supply base of a major industrial buyer. The results indicate that online,...

Combinatorial auctions have recently attracted the interests of many researchers due to their promising applications such as the spectrum auctions recently held by the FCC. In a combinatorial auction, multiple items with interdependent values are sold simultaneously and bidders are allowed to bid on any combination of items. This paper presents a method for implementing several secure combinato...

The dynamics of customer relationship are being reshaped by price-setting processes such as online auctions. This paper Ž . analyzes price setting process in business-to-consumer B2C online auctions. Typically, these auctions involve multiple identical units and utilize a variant of the traditional English-auction mechanism. We describe an online laboratory w experiment that compares the effici...

In most electronic auctions conducted over the Internet today price is still the only decision criteria for the best bid. This is true for all sorts of auctions in the electronic business areas consumer-to-consumer (c2c), business-toconsumer (b2c), and business-to-business (b2b). Especially for many situations in the b2b area there are other important attributes apart from price to be considere...

Existing literatures consider on-line auctions as many independently running auctions and each bidder chooses only one auction. However, many substitutable goods are auctioned at the same time and bidders can bid several auctions at the same time. We examine a data set of eBay Pentium III 800 MHz CPU auctions to explore the bidding behavior and price formation for competing auctions. We also us...

In this paper we study equilibriumand experimental bidding behaviour in first-price and second price auctions with outside options. We find that bidders do respond to outside options and to variations of common knowledge about competitors’ outside options. However, overbidding in first-price auctions is significantly higher with outside options than without. First-price auctions yield more reve...

CAI, GANGSHU. Flexible Decision-Making in Sequential Auctions. (Under the direction of Assistant Professor Peter R. Wurman). Because sequential auctions have permeated society more than ever, it is desirable for participants to have the optimal strategies beforehand. However, finding closed-form solutions to various sequential auction games is challenging. Current literature provides some answe...

Abstract We analyze a regulatory change in the Japanese IPO market that created an abrupt shift from hybrid price‐discriminatory auctions to bookbuilding. find bookbuilding leads higher underpricing than auctions. Furthermore, we evidence price accuracy tends be for The results hold under variety of OLS specifications and with regression discontinuity designs exploiting regulation.