Abstract:
A method and system for selecting feedback rules for an online auction. An exemplary method may comprise controlling feedback by customizing feedback rules for an online auction substantially no earlier than entry of auction rules into an auction program by an end-user, storing the customized feedback rules for future use by the auction program, and conducting the online auction by the auction program using the feedback rules.
Abstract:
An embodiment in accordance with the present invention provides a method for determining a demand function for an item. For example, the method includes determining a first estimate of the demand function for the item by utilizing a first auction having a first set of auction parameters. Additionally, the method includes determining a second estimate of the demand function for the item by utilizing a second auction using auction data from the first auction. The second auction has a second set of auction parameters based on the first estimate of the demand function.
Abstract:
A method and related system for predicting, possibly a software program executing on a computer system, an online auction outcome for each of a plurality of feedback rules.
Abstract:
One embodiment of the present invention provides a method and system that computes the optimal level of the reserve price for an auction, with respect to a multiplicity of possible evaluation criteria that the end user of the system may specify. In one embodiment, structural elements characterizing the auction situation are estimated from bid data available on past auctions. The estimated structural elements are then used in the formulation of the user's expected payoff as a function of the reserve price. This objective function is then optimized to obtain the best level of the reserve price. In one embodiment, this method is implemented by a process executed on a computer system, under the control of software and firmware directing the operation of its processors and components. In one embodiment, a computer readable medium causes a computer system to execute the steps in a process for implementing the method.
Abstract:
A method and apparatus for determining private information and risk attitudes of bidders at auctions. By varying auction formats, the underlying risk attitudes and joint distribution of bidders' private information is extracted. Bids submitted in utility-independent auctions are used to determine the bidders private information. Risk attitudes for bidders are determined using utility-dependent auctions and using the determined bidders' private information. When there is insufficient auction data for determining private information and risk attitudes, additional auctions are conducted to obtain the needed auction data. The results can then be used for designing auctions and for determining bids to be made by buyers.
Abstract:
A method and associated system comprise obtaining historical auction data, determining, from the historical auction data, a first parameter that is a function of a joint bid distribution and a density function related to the joint bid distribution, selecting a bidder, obtaining a value distribution for the selected bidder, and solving an equation. The equation may include the first parameter and the selected bidder's value distribution, and not the value distribution of other bidders. The equation computes a bid value associated with the selected bidder for a given bid.