Download e-book for kindle: Adaptive Bidding in Single-Sided Auctions Under Uncertainty: by Clemens van Dinther
By Clemens van Dinther
In the final years digital markets, specially on-line auctions, became highly regarded and obtained a growing number of recognition in either, company (B2B) in addition to in public perform (B2C and C2C). technology, although, continues to be faraway from having studied all phenomena and results which are saw on digital markets. This e-book indicates that and the way software program brokers can be utilized to simulate bidding behaviour in digital auctions. the most emphasis of this e-book is to use computational economics to industry conception. It summarizes the commonest and updated agent-based simulation tools and instruments and develops the simulation software program AMASE. On foundation of the brought tools a version is demonstrated to simulate bidding behaviour below uncertainty.
The ebook addresses researchers, laptop scientists, economists and scholars who're attracted to employing agent-based computational easy methods to digital markets. It is helping to profit extra approximately simulations in economics often and customary agent-based tools and instruments specifically.
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Additional info for Adaptive Bidding in Single-Sided Auctions Under Uncertainty: An Agent-based Approach in Market Engineering
The paper of Bajari and Hortacsu  studies empirical data from eBay and compares it to theory. The eBay mechanisms are designed for private value auctions, but the analysis supports a better ﬁt of the eBay auction to a common values framework. The authors also investigate the “winner’s curse eﬀect” dependent on the number of bidders and study the eﬀect of entry that seems to play a very important role in determining revenues. That is, a high initial bid “reduces the incentive to spend time and eﬀort to enter the auction”[p.
Started with a Generic Experimentation Engine (GEE) a software prototype for game-oriented experimentation, the GNP is an extension of the GEE towards negotiation processes. The negotiation process is modelled as a ﬁnite state machine (FSM) – with the states of the auction and with the input and output alphabet as the input-messages and output-messages that can be possibly sent by participants and received by participants. The transitions of the states are caused by messages which describe the process ﬂow.
A concrete instance of this object running on an electronic platform can be understood as a market institution since it contains the microstructure as well as the business structure and is part of the market infrastructure itself. Throughout this work, a platform is understood as framework on which software can run. From a software engineering point of view it is easy to provide several instances of the same object on one platform. Consequently, each of the object instances is an electronic market institution and together with a commodity and two or more economic agents, it constitutes an electronic market.
Adaptive Bidding in Single-Sided Auctions Under Uncertainty: An Agent-based Approach in Market Engineering by Clemens van Dinther