摘要:
A computer-implemented automated decision support system for designing an auction for a given item includes a structure extractor that estimates unknown elements of market structure of the auction based on auction characteristics data extracted from historical auctions for similar items and a bidding model matching the extracted auction characteristics data. The decision support system also includes a bidding behavior predictor that predicts bidding behaviors of bidders in the auction based on the estimated unknown elements of market structure and characteristics of the auction. In addition, the system includes an optimizer that employs an evaluation criterion to generate an evaluation of the auction based on (1) the estimated unknown elements of market structure and (2) the predicted bidding behavior of bidders. A method of providing an automated auction analysis is also described.
摘要:
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.
摘要:
An automated estimation and optimization solution for selecting the best auction format by determining the latent elements of the auction environment taking into account the strategic and information conditions with minimal assumptions on the distributions of unobserved random elements. Structural analysis of bid data from prior auctions is used to identify and estimate the distributions of bidders' private signals conditional on observable bidder characteristics. The estimated signal distributions, identified by the structural analysis, are used to evaluate alternative auction formats and to select the best format from among a given set of candidates. The present invention provides decision support tools to select an auction format based on structural econometric analysis of available data on the market environment. A decision-maker may estimate the unobservable private signals of the bidders and to determine the best auction format the decision maker can employ to sell a given set of items.
摘要:
One embodiment of the present invention provides a method and system that determines the optimal preference policy for a market, such as an auction, with respect to a multiplicity of possible evaluation criteria that auction participants or other end users specify. In one embodiment, a method and system that configures the optimal preference policies that can be implemented in any market, particularly an auction, applicable to any auction format a market decision maker may wish to conduct. An embodiment of the present invention estimates bidders' private information and correspondingly identifies exploitable asymmetries to implement a preferential treatment policy. In one embodiment, this method is implemented on a computer system, under the control of software and firmware directing the operation of its processor and other components. In one embodiment, a computer readable medium causes a computer system to execute the method.
摘要:
The present invention provides an automated estimation and optimization solution for selecting the optimal bid for an item in an auction. The characteristics of the auction are selected (e.g., auction format, reserve price). A relevant bidding model, based on the characteristics of the auction, is selected. The structure of the auction is estimated based on the relevant bidding model. A bid function is determined based on the auction structure and user inputs regarding the item being bid on and the characteristics of the rival bidders. An optimal bid is determined based on the bid function and user-defined evaluation criterion. An embodiment of the present invention provides a method and system that determines the latent elements of the auction environment taking into account the strategic and information conditions with minimal assumptions on the distributions of unobserved random elements. The present invention allows a bidder to estimate the unobservable private signals of rival bidders and to determine the optimal bid the bidder can employ to optimize their evaluation criterion.
摘要:
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.
摘要:
Methods and associated apparatus comprise, among other features, organizing previously acquired auction data into a plurality of sub-samples, each sub-sample comprising bid data associated with auctions having a common number of bidders, applying an inverse bid function to at least two sub-samples, pooling results from applying the inverse bid function to form a first pool, applying a direct bid function on the first pool to generate sample bids, matching bids from at least one sub-sample to the sample bids, and pooling results from the matching with the first pool to form a second pool.
摘要:
A system and method comprises simulating a multiple lot auction using a sequencing rule until bidding on all lots is closed, simulating the multiple lot auction using a different sequencing rule until bidding on all lots is closed, and comparing results of the simulated auctions with both sequencing rules.
摘要:
A method for extracting an implied value of a component associated with a plurality of product packages is disclosed. One embodiment of the method includes receiving data associated with a plurality of product packages. It is noted that the data comprises product package price data associated with the plurality of product packages. The data is processed utilizing a mathematical optimization to produce first output data. The first output data is processed with a statistical regression to produce second output data. The second output data includes an estimated value and its standard error of a component associated with the plurality of product packages.
摘要:
A system and method comprises simulating a multiple lot auction using a sequencing rule until bidding on all lots is closed, simulating the multiple lot auction using a different sequencing rule until bidding on all lots is closed, and comparing results of the simulated auctions with both sequencing rules.