Analysis of Automated Auctions
Web based computerised auctions are increasingly present in the Internet, and we can imagine that in the future automated buyer and seller agents will conduct automated transactions in this manner. The purpose of this paper is to model automated bidders and sellers which interact through a computeri...
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| creator | Gelenbe, Erol |
| description | Web based computerised auctions are increasingly present in the Internet, and we can imagine that in the future automated buyer and seller agents will conduct automated transactions in this manner. The purpose of this paper is to model automated bidders and sellers which interact through a computerised auction. We model bidding process using random processes with discrete state-space. We obtain analytical solutions for a variety of single auction models, including English and Vickrey auctions, and relate the income per unit time to the other parameters including the rate of arrival of bids, the seller’s decision time, the value of the good, and the “rest time” of the seller between successive auctions. We examine how the seller’s “decision time” impacts the expected income per unit time received by the seller, and illustrate its effect via numerical examples. |
| doi_str_mv | 10.1007/11902140_1 |
| format | Conference Proceeding |
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The purpose of this paper is to model automated bidders and sellers which interact through a computerised auction. We model bidding process using random processes with discrete state-space. We obtain analytical solutions for a variety of single auction models, including English and Vickrey auctions, and relate the income per unit time to the other parameters including the rate of arrival of bids, the seller’s decision time, the value of the good, and the “rest time” of the seller between successive auctions. We examine how the seller’s “decision time” impacts the expected income per unit time received by the seller, and illustrate its effect via numerical examples.</description><identifier>ISSN: 0302-9743</identifier><identifier>ISBN: 9783540472421</identifier><identifier>ISBN: 3540472428</identifier><identifier>EISSN: 1611-3349</identifier><identifier>EISBN: 3540472436</identifier><identifier>EISBN: 9783540472438</identifier><identifier>DOI: 10.1007/11902140_1</identifier><language>eng</language><publisher>Berlin, Heidelberg: Springer Berlin Heidelberg</publisher><subject>Applied sciences ; Computer science; control theory; systems ; Computer systems and distributed systems. 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The purpose of this paper is to model automated bidders and sellers which interact through a computerised auction. We model bidding process using random processes with discrete state-space. We obtain analytical solutions for a variety of single auction models, including English and Vickrey auctions, and relate the income per unit time to the other parameters including the rate of arrival of bids, the seller’s decision time, the value of the good, and the “rest time” of the seller between successive auctions. We examine how the seller’s “decision time” impacts the expected income per unit time received by the seller, and illustrate its effect via numerical examples.</description><subject>Applied sciences</subject><subject>Computer science; control theory; systems</subject><subject>Computer systems and distributed systems. User interface</subject><subject>Decision Time</subject><subject>English Auction</subject><subject>Exact sciences and technology</subject><subject>Rest Time</subject><subject>Seller Agent</subject><subject>Software</subject><subject>Vickrey Auction</subject><issn>0302-9743</issn><issn>1611-3349</issn><isbn>9783540472421</isbn><isbn>3540472428</isbn><isbn>3540472436</isbn><isbn>9783540472438</isbn><fulltext>true</fulltext><rsrctype>conference_proceeding</rsrctype><creationdate>2006</creationdate><recordtype>conference_proceeding</recordtype><recordid>eNpFkEtLxEAQhNsXmI178QfIXgQv0e7pyTyOYVkfsOBFz8Nkkkg0myyZeNh_b2AVD0UVVFGHD-Ca8J4Q9QORRUESHZ3AgnOJUgvJ6hQSUkQZs7RnsLTa_HWCziFBRpFZLfkSFjF-IqLQViRwU_S-O8Q2roZmVXxPw85PdTWnMLVDH6_govFdrJe_nsL74-Zt_ZxtX59e1sU22wsyU8Z1rirhGVVQpAxL0qIxeailNV5ohUqVbFRpSMjA0pcWsdLSWFvljVeBU7g9_u59DL5rRt-HNrr92O78eHBkrWUxK4W74y7OVf9Rj64chq_oaMYxw3H_cPgHuwlOPg</recordid><startdate>2006</startdate><enddate>2006</enddate><creator>Gelenbe, Erol</creator><general>Springer Berlin Heidelberg</general><general>Springer</general><scope>IQODW</scope></search><sort><creationdate>2006</creationdate><title>Analysis of Automated Auctions</title><author>Gelenbe, Erol</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-p218t-3e56d2a306c616834172f85ce498a276066b386b8124c34ab900d74899d5fa6c3</frbrgroupid><rsrctype>conference_proceedings</rsrctype><prefilter>conference_proceedings</prefilter><language>eng</language><creationdate>2006</creationdate><topic>Applied sciences</topic><topic>Computer science; control theory; systems</topic><topic>Computer systems and distributed systems. User interface</topic><topic>Decision Time</topic><topic>English Auction</topic><topic>Exact sciences and technology</topic><topic>Rest Time</topic><topic>Seller Agent</topic><topic>Software</topic><topic>Vickrey Auction</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Gelenbe, Erol</creatorcontrib><collection>Pascal-Francis</collection></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Gelenbe, Erol</au><au>Savaş, Erkay</au><au>Balcısoy, Selim</au><au>Levi, Albert</au><au>Yenigün, Hüsnü</au><au>Saygın, Yücel</au><format>book</format><genre>proceeding</genre><ristype>CONF</ristype><atitle>Analysis of Automated Auctions</atitle><btitle>Computer and Information Sciences – ISCIS 2006</btitle><date>2006</date><risdate>2006</risdate><spage>1</spage><epage>12</epage><pages>1-12</pages><issn>0302-9743</issn><eissn>1611-3349</eissn><isbn>9783540472421</isbn><isbn>3540472428</isbn><eisbn>3540472436</eisbn><eisbn>9783540472438</eisbn><abstract>Web based computerised auctions are increasingly present in the Internet, and we can imagine that in the future automated buyer and seller agents will conduct automated transactions in this manner. The purpose of this paper is to model automated bidders and sellers which interact through a computerised auction. We model bidding process using random processes with discrete state-space. We obtain analytical solutions for a variety of single auction models, including English and Vickrey auctions, and relate the income per unit time to the other parameters including the rate of arrival of bids, the seller’s decision time, the value of the good, and the “rest time” of the seller between successive auctions. We examine how the seller’s “decision time” impacts the expected income per unit time received by the seller, and illustrate its effect via numerical examples.</abstract><cop>Berlin, Heidelberg</cop><pub>Springer Berlin Heidelberg</pub><doi>10.1007/11902140_1</doi><tpages>12</tpages></addata></record> |
| fulltext | fulltext |
| identifier | ISSN: 0302-9743 |
| ispartof | Computer and Information Sciences – ISCIS 2006, 2006, p.1-12 |
| issn | 0302-9743 1611-3349 |
| language | eng |
| recordid | cdi_pascalfrancis_primary_19993299 |
| source | Springer Books |
| subjects | Applied sciences Computer science control theory systems Computer systems and distributed systems. User interface Decision Time English Auction Exact sciences and technology Rest Time Seller Agent Software Vickrey Auction |
| title | Analysis of Automated Auctions |
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