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Equilibrium strategy and population-size effects in lowest unique bid auctions

Autor
Pigolotti, S.; Bernhardsson, S.; Juul, J.; Galster, G.; Vivo, P.
Tipus d'activitat
Article en revista
Revista
Physical review letters
Data de publicació
2012-02-22
Volum
108
Número
8
Pàgina inicial
1
Pàgina final
5
DOI
https://doi.org/10.1103/PhysRevLett.108.088701 Obrir en finestra nova
Repositori
http://hdl.handle.net/2117/16410 Obrir en finestra nova
URL
http://prl.aps.org/abstract/PRL/v108/i8/e088701 Obrir en finestra nova
Resum
In lowest unique bid auctions, N players bid for an item. The winner is whoever places the lowest bid, provided that it is also unique. We use a grand canonical approach to derive an analytical expression for the equilibrium distribution of strategies. We then study the properties of the solution as a function of the mean number of players, and compare them with a large data set of internet auctions. The theory agrees with the data with striking accuracy for small population-size N, while for la...
Citació
Pigolotti, S. [et al.]. Equilibrium strategy and population-size effects in lowest unique bid auctions. "Physical review letters", 22 Febrer 2012, vol. 108, núm. 8, p. 1-5.
Grup de recerca
DONLL - Dinàmica no Lineal, Òptica no Lineal i Làsers

Participants

  • Pigolotti, Simone  (autor)
  • Bernhardsson, Sebastian  (autor)
  • Juul, Jeepe  (autor)
  • Galster, Gorm  (autor)
  • Vivo, Pierpaolo  (autor)

Arxius