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Academy of Mathematics and Systems Science, CAS Colloquia & Seminars：Auctions and Bidding
Auctions Bidding 拍卖理论
2023/4/14
The 2020 Nobel Prize in Economics was awarded to Paul Milgrom and Robert Wilson for their improvements to auction theory and inventions of new auction formats. Their theoretical discoveries have impro...
An Improved Protocol for Securely Solving the Shortest Path Problem and its Application to Combinatorial Auctions
secure multi-party computation applied cryptography shortest path problem
2017/10/9
We propose a protocol to securely compute the solution to the (single source) Shortest Path Problem, based on Dijkstra's algorithm and Secure Multiparty Computation. Our protocol improves state of the...
Practically Efficient Secure Single-Commodity Multi-Market Auctions
applied cryptography secure multiparty computation electricity markets
2017/5/23
We study the problem of securely building single-commodity multi-markets auction mechanisms. We introduce a novel greedy algorithm and its corresponding privacy preserving implementation using secure ...
An n-to-1 Bidder Reduction for Multi-item Auctions and its Applications
Bidder Reduction Multi-item Auctions Applications
2016/1/22
In this paper, we introduce a novel approach for reducing the k-item n-bidder auction with additive valuation to k-item 1-bidder auctions. This approach, called the Best-Guess reduction, can be applie...
Optimal Auctions for Partially Rational Bidders
Optimal Auctions Partially Rational Bidders
2016/1/22
We investigate the problem of revenue optimal mechanism design [Myerson, 1981] under the con-text of the partial rationality model, where buyers randomize between two modes: rational and irra-tional. ...
The role of participants’ competitiveness in consumers’ valuation for food products using experimental auctions
bids lamb meat Spain
2015/10/29
The aim of the paper is to assess the effect of the participants’ competitiveness on their valuation for food products. Specifically, to investigate the effect of the participants’ competitiveness on ...
When Should Sellers Use Auctions?
Auctions Entry Selection Mechanism Design Mergers and Acquisitions
2015/9/24
A bidding process can be organized so that offers are submitted simultaneously orsequentially. In the latter case, potential buyers can condition their behavior on previous entrants’ decisions. The re...
Why do we observe overbidding in first
price private value auctions? This paper aims
to answer this question, which has been extensively
studied in the literature, from a nonstandard
point of view...
Understanding Overbidding: Using the Neural Circuitry of Reward to Design Economic Auctions
Neural Circuitry Economic Auctions
2015/9/23
We take advantage of our knowledge of the neural circuitry of reward to investigate a puzzling
economic phenomenon: Why do people overbid in auctions? Using functional magnetic resonance
imaging (fM...
Losing the auction at an affordable price generates loser regret. In third price auctions if bidders anticipate
loser regret, then in line with the experimental findings, in a symmetric equilibrium t...
Discrete Clock Auctions: An Experimental Study
Clock auctions Pricing rules Market design Experiments
2015/9/23
We analyze the implications of different pricing rules in discrete clock
auctions. The two most common pricing rules are highest-rejected bid (HRB) and
lowest-accepted bid (LAB). Under HRB, the winn...
In auctions where a seller can post a reserve price but if the object fails to sell cannot commit never to attempt to resell it, revenue equivalence between repeated first price and second price aucti...
Common-Value Auctions with Liquidity Needs: An Experimental Test of a Troubled Assets Reverse Auctions
financial crisis uniform-price auction clock auction
2015/9/23
We report the results of an experimental test of alternative auction designs suitable for pricing
and removing troubled assets from banks’ balance sheets as part of the financial rescue
planned by t...
How to Set Minimum Acceptable Bids,with an Application to Real Estate Auctions
Minimum Acceptable Bids Real Estate Auctions
2015/9/23
In a general auction model with affiliated signals, common components to valuations and endogenous entry, we compute the equilibrium bidding strategies and outcomes, and derive a lower bound on the op...
Tariffying Auctions
Tariffying Auctions
2015/9/23
A strategy to convert quotas to tariffs is to auction the quota rights and use the realized auction prices as guides to setting tariffs. In the 1980's, New Zealand employed auctions to allocate quota ...