PASCAL - Pattern Analysis, Statistical Modelling and Computational Learning

Performance of auctions and sealed bids
Erol Gelenbe and Laszlo Gyorfi
In: 6th European Performance Engineering Workshop, EPEW 2009, Proceedings Lecture Notes in Computer Science , 5652 . (2009) Springer-Verlag , Berlin, Heidelberg, Germany , pp. 30-43. ISBN 978-3-642-02923-3

Abstract

We develop models of automated E-commerce techniques, which predict the economic outcomes of these decision mechanisms, including the price attained by a good and the resulting income per unit time, as a function of the rate at which bidders provide the bids and of the time taken by the seller to decide whether to accept a bid. This paper extends previous work in two main directions. Since automated E-commerce mechanisms are typically implemented in software residing on the Internet, this paper shows how network quality of service will impact the economic outcome of automated auctions. We also analyse sealed bids which can also be automated, but which differ significantly from auctions in the manner in which information is shared between the bidders and the the party that decides the outcome. The approach that we propose opens novel avenues of research that bring together traditional computer and system performance analysis and the economic analysis of Internet based trading methods.

EPrint Type:Book Section
Additional Information:(London, UK, July 9-10, 2009)
Project Keyword:Project Keyword UNSPECIFIED
Subjects:Theory & Algorithms
ID Code:6707
Deposited By:Laszlo Gyorfi
Deposited On:08 March 2010