Search results for: Auction%20theory

Authors: Jagannath Aryal, Don Kulasiri, Garth A. Carnaby

Abstract:

This paper provides an overview of auction theory literature. We present a general review on literature of various auctions and focus ourselves specifically on an English auction. We are interested in modelling bidder-s behavior in an English auction environment. And hence, we present an overview of the New Zealand wool auction followed by a model that would describe a bidder-s decision making behavior from the New Zealand wool auction. The mathematical assumptions in an English auction environment are demonstrated from the perspective of the New Zealand wool auction.

Keywords: Bidder, English auction, New Zealand, Wool

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Authors: J. Aryal, D. Kulasiri, G. A. Carnaby

Abstract:

This paper provides an overview of auction theory literature. We present a general review on literature of various auctions and focus ourselves specifically on an English auction. We are interested in modelling bidder's behavior in an English auction environment. And hence, we present an overview of the New Zealand wool auction followed by a model that would describe a bidder's decision making behavior from the New Zealand wool auction. The mathematical assumptions in an English auction environment are demonstrated from the perspective of the New Zealand wool auction.

Keywords: Bidder, English auction, New Zealand, wool.

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Authors: Trish O'Sullivan

Abstract:

This paper considers the exclusion of consumer rights by the New Zealand Consumer Guarantees Act 1993 in eauctions. The paper asserts that the absence of an individual auctioneer conducting each e-auction means that e-auctions may not be auctions at all. The paper also questions the justification for excluding consumer rights in e-auctions because the rationale for excluding consumer rights in traditional auctions does not fit with e-auctions due to the significant differences in the sale processes. The paper recommends reform by way of statutory amendment.

Keywords: auction, auctioneer, consumer rights, e-auction.

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Authors: Costin Badica, Maria Ganzha, Maciej Gawinecki, Pawel Kobzdej, Marcin Paprzycki

Abstract:

Recently, we have presented an initial implementation of a model agent-based e-commerce system, which utilized a simple price negotiation mechanism–English Auction. In this note we discuss how a Dutch Auction involving multiple units of a product can be included in our system. We present UML diagrams of agents involved in price negotiations and briefly discuss rule-based mechanism exemplifying Dutch Auction.

Keywords: e-commerce, rule-based price negotiation mechanism, Dutch Auction, agent system.

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Authors: Bojan Korizma, Zeljko Panian

Abstract:

Online auctions are not very popular in Croatia. The main reason for this is a very limited number of services which can be used by Croatian users. Until recent times, even selling through the most popular online auction site eBay wasn't possible because PayPal services could not make payment to bank or debit card accounts in Croatia. Furthermore, many foreign sellers do not offer delivery of their products to Croatia which means that large quantities of goods initially offered on such sites are not available. With that in mind, it is necessary to analyze the buying and selling habits of Croatian users and existing online auction sites, both Croatian and foreign, and create a model for new domestic site. This site will have to exploit every positive aspect of existing models and neutralize every negative perception indicated by users in the survey so that, hopefully, it would attract new users.

Keywords: online auction, eBay, safe payment, product delivery

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Authors: Chien-Hua Wang, Meng-Ying Chou, Chin-Tzong Pang

Abstract:

This paper applies fuzzy AHP to evaluate the service quality of online auction. Service quality is a composition of various criteria. Among them many intangible attributes are difficult to measure. This characteristic introduces the obstacles for respondents on reply in the survey. So as to overcome this problem, we invite fuzzy set theory into the measurement of performance and use AHP in obtaining criteria. We found the most concerned dimension of service quality is Transaction Safety Mechanism and the least is Charge Item. Other criteria such as information security, accuracy and information are too vital.

Keywords: Fuzzy set theory, AHP, Online auction, Service quality

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Authors: Wei-Hsuan Lee, Chien-Hua Wang, Chin-Tzong Pang

Abstract:

This paper applies fuzzy set theory to evaluate the service quality of online auction. Service quality is a composition of various criteria. Among them many intangible attributes are difficult to measure. This characteristic introduces the obstacles for respondent in replying to the survey. So as to overcome this problem, we invite fuzzy set theory into the measurement of performance. By using AHP in obtaining criteria and TOPSIS in ranking, we found the most concerned dimension of service quality is Transaction Safety Mechanism and the least is Charge Item. Regarding to the most concerned attributes are information security, accuracy and information.

Keywords: AHP, Fuzzy set theory, TOPSIS, Online auction, Servicequality

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Authors: Pushkar Umaranikar, Chris Pollett

Abstract:

An online advertisement system and its implementation for the Yioop open source search engine are presented. This system supports both selling advertisements and displaying them within search results. The selling of advertisements is done using a system to auction off daily impressions for keyword searches. This is an open, ascending price auction system in which all accepted bids will receive a fraction of the auctioned day’s impressions. New bids in our system are required to be at least one half of the sum of all previous bids ensuring the number of accepted bids is logarithmic in the total ad spend on a keyword for a day. The mechanics of creating an advertisement, attaching keywords to it, and adding it to an advertisement inventory are described. The algorithm used to go from accepted bids for a keyword to which ads are displayed at search time is also presented. We discuss properties of our system and compare it to existing auction systems and systems for selling online advertisements.

Keywords: Online markets, online ad system, online auctions, search engines.

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Authors: Popa Cosmin, Chiran Aurel

Abstract:

The study aimed to identify the logical structure of data and particularities of developing and testing a website designed for selling farm products through online auctions. The research is based on a short literature review in the field and exploratory trials of some successful models from other industries, in order to identify the advantages of using such tool, as well as the optimal structure and functionality of an auction portal. In the last part, the study focuses on the results of testing the website by the potential beneficiaries. Conclusions of the study underlines that the particularities of some agricultural products could raise difficulties in the process of selling them through online auctions, but the use of such system it is perceived to bring significant improvements in the supply chain. The results of scientific investigations require a more detailed study regarding the importance of using quality standards for agricultural products sold via online auction, the impact that implementation of an online payment system could have on trade with agricultural products and problems which could arise in using the website in different countries.

Keywords: E-commerce, online auctions, marketing.

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Authors: Prashant Kumar Tiwari, Yog Raj Sood

Abstract:

This paper proposes an investment cost recovery based efficient and fast sequential optimization approach to optimal allocation of thyristor controlled series compensator (TCSC) in competitive power market. The optimization technique has been used with an objective to maximizing the social welfare and minimizing the device installation cost by suitable location and rating of TCSC in the system. The effectiveness of proposed approach for location of TCSC has been compared with some existing methods of TCSC placement, in terms of its impact on social welfare, TCSC investment recovery and optimal generation as well as load patterns. The results have been obtained on modified IEEE 14-bus system.

Keywords: Double auction market, Investment cost recovery, Optimal location, Social welfare, TCSC

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Authors: Samee Ullah Khan, Ishfaq Ahmad

Abstract:

This paper proposes a novel game theoretical technique to address the problem of data object replication in largescale distributed computing systems. The proposed technique draws inspiration from computational economic theory and employs the extended Vickrey auction. Specifically, players in a non-cooperative environment compete for server-side scarce memory space to replicate data objects so as to minimize the total network object transfer cost, while maintaining object concurrency. Optimization of such a cost in turn leads to load balancing, fault-tolerance and reduced user access time. The method is experimentally evaluated against four well-known techniques from the literature: branch and bound, greedy, bin-packing and genetic algorithms. The experimental results reveal that the proposed approach outperforms the four techniques in both the execution time and solution quality.

Keywords: Auctions, data replication, pricing, static allocation.

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Authors: Smajo Bisanovic, Mensur Hajro, Muris Dlakic

Abstract:

This paper presents one comprehensive modelling approach for maintenance scheduling problem of thermal power units in competitive market. This problem is formulated as a 0/1 mixedinteger linear programming model. Model incorporates long-term bilateral contracts with defined profiles of power and price, and weekly forecasted market prices for market auction. The effectiveness of the proposed model is demonstrated through case study with detailed discussion.

Keywords: Maintenance scheduling, bilateral contracts, market prices, profit.

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Authors: Antonio Estache, Atsushi Iimi

Abstract:

Limited competition has been a serious concern in infrastructure procurement. Importantly, however, there are normally a number of potential bidders initially showing interest in proposed projects. This paper focuses on tackling the question why these initially interested bidders fade out. An empirical problem is that no bids of fading-out firms are observable. They could decide not to enter the process at the beginning of the tendering or may be technically disqualified at any point in the selection process. The paper applies the double selection model to procurement data from road development projects in developing countries and shows that competition ends up restricted, because bidders are self-selective and auctioneers also tend to limit participation depending on the size of contracts.Limited competition would likely lead to high infrastructure procurement costs, threatening fiscal sustainability and economic growth.

Keywords: Auction theory, endogenous bidder entry, infrastructure development, public procurement.

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Authors: A. Badri

Abstract:

Restructured electricity markets may provide opportunities for producers to exercise market power maintaining prices in excess of competitive levels. In this paper an oligopolistic market is presented that all Generation Companies (GenCos) bid in a Cournot model. Genetic algorithm (GA) is applied to obtain generation scheduling of each GenCo as well as hourly market clearing prices (MCP). In order to consider network constraints a multiperiod framework is presented to simulate market clearing mechanism in which the behaviors of market participants are modelled through piecewise block curves. A mixed integer linear programming (MILP) is employed to solve the problem. Impacts of market clearing process on participants- characteristic and final market prices are presented. Consequently, a novel multi-objective model is addressed for security constrained optimal bidding strategy of GenCos. The capability of price-maker GenCos to alter MCP is evaluated through introducing an effective-supply curve. In addition, the impact of exercising market power on the variation of market characteristics as well as GenCos scheduling is studied.

Keywords: Optimal bidding strategy, Cournot equilibrium, market power, network constraints, market auction mechanism

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Authors: Ileladewa Adeoye Abiodun, Cheng Wai Khuen

Abstract:

Multi-Agent Systems (MAS) emerged in the pursuit to improve our standard of living, and hence can manifest complex human behaviors such as communication, decision making, negotiation and self-organization. The Social Network Services (SNSs) have attracted millions of users, many of whom have integrated these sites into their daily practices. The domains of MAS and SNS have lots of similarities such as architecture, features and functions. Exploring social network users- behavior through multiagent model is therefore our research focus, in order to generate more accurate and meaningful information to SNS users. An application of MAS is the e-Auction and e-Rental services of the Universiti Cyber AgenT(UniCAT), a Social Network for students in Universiti Tunku Abdul Rahman (UTAR), Kampar, Malaysia, built around the Belief- Desire-Intention (BDI) model. However, in spite of the various advantages of the BDI model, it has also been discovered to have some shortcomings. This paper therefore proposes a multi-agent framework utilizing a modified BDI model- Belief-Desire-Intention in Dynamic and Uncertain Situations (BDIDUS), using UniCAT system as a case study.

Keywords: Distributed Data Mining, Multi-Agent Systems, Preference-Based, SNS.

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