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## Accounting for Cognitive Costs in On-Line Auction Design

Parkes, David C.; Ungar, Lyle H.; Foster, Dean P.
Fonte: Springer Verlag Publicador: Springer Verlag
Tipo: Monograph or Book
EN_US
Relevância na Pesquisa
36.47%
Many auction mechanisms, including first and second price ascending and sealed bid auctions, have been proposed and analyzed in the economics literature. We compare the usefulness of different mechanisms for on-line auctions, focusing on the cognitive costs placed on users (e.g. the cost of determining the value of a good), the possibilities for agent mediation, and the trust properties of the auction. Different auction formats prove to be attractive for agent mediated on-line auctions than for traditional off-line auctions. For example, second price sealed bid auctions are attractive in traditional auctions because they avoid the communication cost of multiple bids in first price ascending auctions, and the “gaming” required to estimate the second highest bid in first price sealed bid auctions. However, when bidding agents are cheap, communication costs cease to be important, and a progressive auction mechanism is preferred over a closed bid auction mechanism, since users with semi-autonomous agents can avoid the cognitive cost of placing an accurate value on a good. As another example, when an on-line auction is being conducted by an untrusted auctioneer (e.g. the auctioneer is selling its own items), rational participants will build bidding agents that transform second price auctions into first price auctions.; Engineering and Applied Sciences

## Worst-case efficiency ratio in false-name-proof combinatorial auction mechanisms

Iwasaki, A.; Conitzer, V.; Omori, Y.; Sakurai, Y.; Todo, T.; Guo, M.; Yokoo, M.
Fonte: International Foundation for Autonomous Agents and Multiagent Systems; USA Publicador: International Foundation for Autonomous Agents and Multiagent Systems; USA
Tipo: Conference paper
Publicado em //2010 EN
Relevância na Pesquisa
46.25%
This paper analyzes the worst-case efficiency ratio of false-name-proof combinatorial auction mechanisms. False-name-proofness generalizes strategy-proofness by assuming that a bidder can submit multiple bids under fictitious identifiers. Even the well-known Vickrey-Clarke-Groves mechanism is not false-name-proof. It has previously been shown that there is no false-name-proof mechanism that always achieves a Pareto efficient allocation. Consequently, if false-name bids are possible, we need to sacrifice efficiency to some extent. This leaves the natural question of how much surplus must be sacrificed. To answer this question, this paper focuses on worst-case analysis. Specifically, we consider the fraction of the Pareto efficient surplus that we obtain and try to maximize this fraction in the worst-case, under the constraint of false-name-proofness. As far as we are aware, this is the first attempt to examine the worst-case efficiency of false-name-proof mechanisms. We show that the worst-case efficiency ratio of any false-name-proof mechanism that satisfies some apparently minor assumptions is at most 2/(m + 1) for auctions with m different goods. We also observe that the worst-case efficiency ratio of existing false-name-proof mechanisms is generally 1/m or 0. Finally...

## Rank-order tournaments as selection mechanisms: Applications in project finance; Relative Leistungsturniere als Auslesemechanismen: Anwendungen in der Projektfinanzierung

Kaldewei, Cornelia
Fonte: Universidade de Tubinga Publicador: Universidade de Tubinga
Tipo: Dissertação
EN
Relevância na Pesquisa
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Tournaments are used in a variety of contexts for ranking competitors on an ordinal scale according to their relative achievements. From competitive sports to manager compensation, they provide a mechanism for incentivizing and selecting contestants in a world of incomplete information. This thesis focuses on the selection aspect, and shows how external (institutional and market) conditions affect selection efficiency in the context of heterogeneous competitors, when the winning prize is determined endogenously by a post-tournament auction. The introduction of a post-tournament auction to endogenize contestants’ expected payoffs allows for a scenario where the tournament winner benefits less from the winning prize itself than more from the positive signal that his victory conveys to the outside world. In the case of a sports tournament, for example, the winner is likely to earn more from resulting endorsement contracts than from the actual prize money. Similarly, in project finance, contestants are more interested in the actual financing of their projects than in what is usually a comparatively small winner’s prize. In addition to an extensive review of the literature on tournaments, this thesis therefore provides a detailed discussion of a common value auction with asymmetric information...

## From Uniform Auction to Discriminatory Auction: Assessment of the Restructuring Proposal for the Italian Electricity Day-Ahead Market

GUERCI, Eric; RASTEGAR, Mohammad Ali
Fonte: Instituto Universitário Europeu Publicador: Instituto Universitário Europeu
Tipo: Trabalho em Andamento Formato: application/pdf; digital
EN
Relevância na Pesquisa
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In the context of the 2009 debate on reforming the Italian market, a realistic agent-based computational model of the day-ahead market session of the Italian wholesale electricity market is simulated to compare market performances between uniform-price and pay-as-bid clearing mechanisms. An empirical validation of computational results at a macro-level is performed to test for accuracy of simulated outcomes with historical ones. The level of prices are accurately reproduced except for few peak hours. As far as concerns pay-as-bid auction, the computational experiments point out that it results in higher market prices than the uniform-price auction. In the pay-as-bid mechanism, sellers’ endeavours to maximize their profits are more costly thus leading to higher price levels.

## The combinatorial retention auction mechanism (CRAM): integrating monetary and non-monetary reenlistment incentives

Coughlan, Peter J.; Gates, William R.; Zimmerman, Brooke M.
Fonte: Naval Postgraduate School Publicador: Naval Postgraduate School
Tipo: Relatório
EN_US
Relevância na Pesquisa
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This research addresses the potential retention and cost impacts of providing an optimal individualized portfolio of non-monetary and monetary incentives to influence reenlistment and retention behavioral in enlisted Sailors. Specifically, it explores three mechanisms for administrating enlisted retention: a purely monetary auction, a Universal Incentive Package (UIP) auction, and the Combinatorial Retention Auction Mechanism (CRAM). In this text, the mechanisms are simulated, their outcomes compared and their respective strengths and weaknesses explored. The findings of this research confirm that CRAM clearly outperformed the monetary and UIP auctions. Cost savings to the Navy reanged from 25 to 80% over monetary incentives alone. Additionally, this research addresses the force-diversfying potential of CRAM. It is shown, for the sample used, that offering certain non-monetary incetives changed the demographic mix of Sailors retained. By allowing Sailors to choose only those benefits which suit them, the Navy can eliminate the waste associated with unwanted benefits, while at the same time empowering its members.

## Improving the efficiency of aviation retention bonuses through the use of market mechanisms

Kelso, Eric W.
Fonte: Monterey, California: Naval Postgraduate School Publicador: Monterey, California: Naval Postgraduate School
Tipo: Tese de Doutorado
Relevância na Pesquisa
36.46%

## Auction-Based Distributed Resource Allocation for Cooperation Transmission in Wireless Networks

Huang, Jianwei; Han, Zhu; Chiang, Mung; Poor, H. Vincent
Fonte: Universidade Cornell Publicador: Universidade Cornell
Tipo: Artigo de Revista Científica
Publicado em 04/08/2007
Relevância na Pesquisa
36.37%
Cooperative transmission can greatly improve communication system performance by taking advantage of the broadcast nature of wireless channels. Most previous work on resource allocation for cooperation transmission is based on centralized control. In this paper, we propose two share auction mechanisms, the SNR auction and the power auction, to distributively coordinate the resource allocation among users. We prove the existence, uniqueness and effectiveness of the auction results. In particular, the SNR auction leads to a fair resource allocation among users, and the power auction achieves a solution that is close to the efficient allocation.; Comment: To appear in the Proceedings of the IEEE IEEE Global Communications Conference (GLOBECOM), Washington, DC, November 26 - 30, 2007

## Truthful Auction Mechanism for Heterogeneous Spectrum Allocation in Wireless Networks

Huang, He; Sun, Yu-e; Li, Xiang-yang; Xu, Hongli; Zhou, Yousong; Huang, Liusheng
Fonte: Universidade Cornell Publicador: Universidade Cornell
Tipo: Artigo de Revista Científica
Publicado em 01/08/2012
Relevância na Pesquisa
36.41%
Secondary spectrum auction is widely applied in wireless networks for mitigating the spectrum scarcity. In a realistic spectrum trading market, the requests from secondary users often specify the usage of a fixed spectrum frequency band in a certain geographical region and require a duration time in a fixed available time interval. Considering the selfish behaviors of secondary users, it is imperative to design a truthful auction which matches the available spectrums and requests of secondary users optimally. Unfortunately, existing designs either do not consider spectrum heterogeneity or ignore the differences of required time among secondary users. In this paper, we address this problem by investigating how to use auction mechanisms to allocate and price spectrum resources so that the social efficiency can be maximized. We begin by classifying the spectrums and requests from secondary users into different local markets which ensures there is no interference between local markets, and then we can focus on the auction in a single local market. We first design an optimal auction based on the Vickrey-Clarke-Groves (VCG) mechanism to maximize the social efficiency while enforcing truthfulness. To reduce the computational complexity, we further propose a truthful sub-optimal auction with polynomial time complexity...

## Online Auction Markets

Yao, Song
Fonte: Universidade Duke Publicador: Universidade Duke
Tipo: Dissertação Formato: 1538884 bytes; application/pdf
Publicado em //2009 EN_US
Relevância na Pesquisa
46.58%

Central to the explosive growth of the Internet has been the desire

of dispersed buyers and sellers to interact readily and in a manner

hitherto impossible. Underpinning these interactions, auction

pricing mechanisms have enabled Internet transactions in novel ways.

Despite this massive growth and new medium, empirical work in

marketing and economics on auction use in Internet contexts remains

relatively nascent. Accordingly, this dissertation investigates the

role of online auctions; it is composed of three essays.

The first essay, Online Auction Demand,'' investigates seller and

buyer interactions via online auction websites, such as eBay. Such

auction sites are among the earliest prominent transaction sites on

the Internet (eBay started in 1995, the same year Internet Explorer

was released) and helped pave the way for e-commerce. Hence, online

auction demand is the first topic considered in my dissertation. The

second essay, A Dynamic Model of Sponsored Search Advertising,''

investigates sponsored search advertising auctions, a novel approach

that allocates premium advertising space to advertisers at popular

websites, such as search engines. Because sponsored search

advertising targets buyers in active purchase states...

## Mathematical Models of Coordination Mechanisms in Multi-Agent Systems

Terán,Juan; Aguilar,José L; Cerrada,Mariela
Fonte: CLEI Electronic Journal Publicador: CLEI Electronic Journal
Tipo: Artigo de Revista Científica Formato: text/html
Publicado em 01/08/2013 EN
Relevância na Pesquisa
36.47%
The good performance of a set of computer systems based on agents depends on the coherence degree and coordination between their activities. The study of coordination problem is an important topic for designers and researchers in the multi-agents systems field. There are several coordination mechanisms in the current literature, being the auction and the contract net the most popular ones. These mechanisms allow the agents to allocate resources and tasks to achieve their objectives. This paper aims to present formal models of the auction and the contract net as coordination mechanisms in multi-agents systems based on FIPA (Foundation for Intelligent Physical Agents) Protocols. Mathematical equations describe the different parameters characterizing the auction and the contract net mechanisms; they allow define a generic structure of each mechanism and groups of agents can create several instances of them to coordinate their needs