COMPETITIVE ANALYSIS OF ON-LINE LIMITED AUCTION
This paper is concerned with the on-line auction. For this problem, at each period a new bid is announced and the auctioneer must decide how many goods to sell according to the current bid without knowing future bid sequences. Such settings occur in computerized auction as well as in other settings. We describe some properties of the bidders’ private information into two variants. Using the competitive ratio as a performance measure we determine the optimal competitive auction strategies for these two variants. Furthermore, we present a simple average auction strategy and prove it is optimal for the first variant. We also show that the threat auction strategy is optimal and determine its competitive ratio, which yields a low competitive ratio for the second realistic variant.
On-line auction Competitive analysis Competitive ratio Auction strategy
Lili Ding Changhong Zhou Yan Guo
School of Economics and Management, Shandong University of Science and Technology, Qingdao, P.R. China
国际会议
北京
英文
637-640
2011-06-08(万方平台首次上网日期,不代表论文的发表时间)