Comparative Evaluation of Independent Private Values Distributions on Internet Auction Performance

2012 ◽  
Vol 3 (1) ◽  
pp. 59-71
Author(s):  
Timothy L. Y. Leung ◽  
William J. Knottenbelt
Keyword(s):  
Internet Auction ◽  
Internet Auctions ◽  
Vickrey Auctions ◽  
Common Distribution ◽  
Private Values ◽  
Auction Mechanisms ◽  
The Individual ◽  
Experimental Findings ◽  
Process Simulator ◽  
Independent Private Values

The Independent Private Values (IPV) model is foundational for the analysis of Internet auction performance and is widely used in the study of auction behaviour. The characteristics of this model include the assumptions of privacy and independence where the value of the commodity in question is private to the individual buyers, and that different buyers do not know the values other buyers attached to the commodity. In addition, these values are drawn from a common distribution which is known to the buyers. In probabilistic terms, this essentially amounts to a series of values which are independent and identically distributed. The features and characteristics of the IPV distribution will have a significant impact on auction behaviour, and since a general stochastic analysis of their impact is analytically intractable, here auction performance is studied using an auction process simulator. Both hard close and soft close Internet auctions are studied. In addition, Vickrey auctions and auction mechanisms with multiple bid acceptance are compared and evaluated. From experimental findings, the paper establishes quantitative relationships between the different auction process parameters, deploy suitable IPV distributions to model the characteristics of different communities of bidders, provide suggestions for optimising auction performance, and recommend strategies for efficient auction design.

Consumer-to-Consumer Internet Auction Models

2013 ◽  
pp. 181-194
Author(s):  
Timothy L. Y. Leung ◽  
William J. Knottenbelt
Keyword(s):  
Arrival Rate ◽  
Fixed Time ◽  
Online Auction ◽  
Internet Auction ◽  
Internet Auctions ◽  
Goods And Services ◽  
Auction Models ◽  
Private Values ◽  
Auction Mechanisms ◽  
Operational Behaviour

Internet auctions have become an increasingly common method for exchanging goods and services across the world both among consumers themselves, as well as between businesses and consumers. These Internet auction mechanisms have the scope of incorporating procedures of much greater complexity and variety, and they exhibit characteristics and properties that are quite distinct from conventional auctions. In this paper, the authors provide an experimental study of the performance characteristics and operational behaviour of a number of online auction models, including the fixed time forward auctions, the Vickrey auctions, and models with soft close variable auction times. These online auction models are studied through systematic simulation experiments, based on a series of operational assumptions, which characterize the arrival rate of bids, as well as the distribution from which the private values of buyers are sampled. Suggestions for efficient online auction design and procedures for improving auction performance are given, and the behaviour of the average auction income and average auction duration are quantified and compared.

Consumer-to-Consumer Internet Auction Models

2011 ◽  
Vol 1 (3) ◽  
pp. 17-28 ◽  
Author(s):  
Timothy L. Y. Leung ◽  
William J. Knottenbelt
Keyword(s):  
Arrival Rate ◽  
Fixed Time ◽  
Online Auction ◽  
Internet Auction ◽  
Internet Auctions ◽  
Goods And Services ◽  
Auction Models ◽  
Private Values ◽  
Auction Mechanisms ◽  
Operational Behaviour

Internet auctions have become an increasingly common method for exchanging goods and services across the world both among consumers themselves, as well as between businesses and consumers. These Internet auction mechanisms have the scope of incorporating procedures of much greater complexity and variety, and they exhibit characteristics and properties that are quite distinct from conventional auctions. In this paper, the authors provide an experimental study of the performance characteristics and operational behaviour of a number of online auction models, including the fixed time forward auctions, the Vickrey auctions, and models with soft close variable auction times. These online auction models are studied through systematic simulation experiments, based on a series of operational assumptions, which characterize the arrival rate of bids, as well as the distribution from which the private values of buyers are sampled. Suggestions for efficient online auction design and procedures for improving auction performance are given, and the behaviour of the average auction income and average auction duration are quantified and compared.

Identification, Estimation, and Testing in Parametric Empirical Models of Auctions within the Independent Private Values Paradigm

1996 ◽  
Vol 12 (3) ◽  
pp. 517-567 ◽  
Author(s):  
Stephen G. Donald ◽  
Harry J. Paarsch
Keyword(s):  
Field Data ◽  
Theoretical Models ◽  
Empirical Models ◽  
Empirical Literature ◽  
Vickrey Auctions ◽  
Sealed Bid ◽  
Private Values ◽  
Structural Econometric Models ◽  
Structural Econometric ◽  
Independent Private Values

Recent advances in the application of game theory to the study of auctions have spawned a growing empirical literature involving both experimental and field data. In this paper, we focus on four different mechanisms (the Dutch, English, first-price sealed-bid, and Vickrey auctions) within one of the most commonly used theoretical models (the independent private values paradigm) to investigate issues of identification, estimation, and testing in parametric structural econometric models of auctions.

scholarly journals Core-stable rings in auctions with independent private values

2011 ◽  
Vol 73 (1) ◽  
pp. 52-64 ◽  
Author(s):  
Omer Biran ◽  
Françoise Forges
Keyword(s):  
Private Values ◽  
Independent Private Values

On the Utility of Crystal Plasticity Modeling to Uncover the Individual Roles of Microdeformation Mechanisms on the Work Hardening Response of Fe-23Mn-0.5C TWIP Steel in the Presence of Hydrogen

2018 ◽  
Vol 140 (3) ◽  
Author(s):  
B. Bal ◽  
M. Koyama ◽  
D. Canadinc ◽  
G. Gerstein ◽  
H. J. Maier ◽  
...  
Keyword(s):  
Electron Microscopy ◽  
Hydrogen Embrittlement ◽  
Twip Steel ◽  
Strain Response ◽  
Deformation Response ◽  
Self Consistent ◽  
Twip Steels ◽  
Simulation Results ◽  
The Individual ◽  
Experimental Findings

This paper presents a combined experimental and theoretical analysis focusing on the individual roles of microdeformation mechanisms that are simultaneously active during the deformation of twinning-induced plasticity (TWIP) steels in the presence of hydrogen. Deformation responses of hydrogen-free and hydrogen-charged TWIP steels were examined with the aid of thorough electron microscopy. Specifically, hydrogen charging promoted twinning over slip–twin interactions and reduced ductility. Based on the experimental findings, a mechanism-based microscale fracture model was proposed, and incorporated into a visco-plastic self-consistent (VPSC) model to account for the stress–strain response in the presence of hydrogen. In addition, slip-twin and slip–grain boundary interactions in TWIP steels were also incorporated into VPSC, in order to capture the deformation response of the material in the presence of hydrogen. The simulation results not only verify the success of the proposed hydrogen embrittlement (HE) mechanism for TWIP steels, but also open a venue for the utility of these superior materials in the presence of hydrogen.

Time Estimation Performance Before, during and after Physical Activity

1988 ◽  
Vol 32 (15) ◽  
pp. 985-989 ◽  
Author(s):  
T. Mihaly ◽  
P.A. Hancock ◽  
M. Vercruyssen ◽  
M. Rahimi
Keyword(s):  
Interval Estimation ◽  
Time Estimation ◽  
Cycle Ergometer ◽  
Estimation Accuracy ◽  
Physical Work ◽  
Time Interval ◽  
Individual Subject ◽  
Knowledge Of Results ◽  
The Individual ◽  
Experimental Findings

An experiment is reported which evaluated performance on a 10-sec time interval estimation task before, during and after physical work on cycle ergometer at intensities of 30 and 60% VO2max, as scaled to the individual subject. Results from the eleven subjects tested indicate a significant increase in variability of estimates during exercise compared to non-exercise phases. Such a trend was also seen in the mean of estimates, where subjects significantly underestimated the target interval (10 seconds) during exercise. Subjects also performed more accurately with information feedback than without knowledge of results, but they were still not able to overcome the effects of exercise. As suggested by the experimental findings, decreased estimation accuracy and increased variability can be expected during physical work and is part of a body of evidence which indicates that exercise and its severity has a substantive impact on perceptual and cognitive performance.

A Review of Single-Item Internet Auction Literature and a Model for Future Research

2011 ◽  
pp. 3987-4012
Author(s):  
Jeff Baker ◽  
Jaeki Song
Keyword(s):  
Behavioral Economics ◽  
Conceptual Model ◽  
Empirical Studies ◽  
Empirical Literature ◽  
Future Research ◽  
Internet Auction ◽  
Internet Auctions ◽  
Single Item ◽  
Comprehensive List ◽  
Future Work

Internet auctions have received a considerable amount of attention from researchers. We review recent empirical literature pertaining to single-item Internet auctions and observe that existing work has examined the roles of the auctioneer, bidder, and seller in Internet auctions. As this stream of research matures, research will necessarily move from concept discovery and process explanation to theory deepening. As a first step towards synthesis of findings in Internet auctions, we compile a comprehensive list of the various factors that have been examined in empirical studies and note their general impact upon auction outcome. Based upon this extant research, we propose a conceptual model of Internet auctions as a framework for structuring future work into Internet auctions. We then note the existing economic, psychological, sociological, and cognitive theoretical bases for work on Internet auctions. We conclude by highlighting the potential for behavioral economics to bring unity to Internet auction research and by calling researchers to engage in the work of forging a comprehensive theory of Internet auctions.

Network Effects and the Evolution of Internet Auctions

2011 ◽  
pp. 71-87
Author(s):  
S. Park
Keyword(s):  
Web Site ◽  
Network Effects ◽  
Empirical Support ◽  
The Other ◽  
Network Effect ◽  
The Internet ◽  
Theoretical Studies ◽  
Internet Auctions ◽  
Auction Mechanisms ◽  
Entry Behavior

Based on the weekly data of listings and Web site usage of eBay and Yahoo!Auctions, as well as fee schedules and available auction mechanisms, this chapter provides empirical support of the network effect in Internet auctions: A seller’s expected auction revenue increases with page views per listing on one hand and increased listings raise page views per listing on the other hand. The existence of the network effect between Web site usage and listings explains the first mover’s advantage and the dominance of eBay even with higher fees in the Internet auctions market. Our empirical findings also highlight unique features of Internet auctions, especially in the entry behavior of potential bidders into specific auctions, inviting more theoretical studies of the market microstructure of Internet auctions.

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