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Obviousness Around the Clock
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Breitmoser, Yves; Schweighofer-Kodritsch, Sebastian Working Paper Obviousness around the clock WZB Discussion Paper, No. SP II 2019-203 Provided in Cooperation with: WZB Berlin Social Science Center Suggested Citation: Breitmoser, Yves; Schweighofer-Kodritsch, Sebastian (2019) : Obviousness around the clock, WZB Discussion Paper, No. SP II 2019-203, Wissenschaftszentrum Berlin für Sozialforschung (WZB), Berlin This Version is available at: http://hdl.handle.net/10419/195919 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu Yves Breitmoser Sebastian Schweighofer-Kodritsch Obviousness around the clock Put your Research Area and Unit Discussion Paper SP II 2019–203 March 2019 WZB Berlin Social Science Center Research Area Markets and Choice Research Unit Market Behavior Wissenschaftszentrum Berlin für Sozialforschung gGmbH Reichpietschufer 50 10785 Berlin Germany www.wzb.eu Copyright remains with the author(s). -
Handout 21: “You Can't Handle the Truth!”
CSCE 475/875 Multiagent Systems Handout 21: “You Can’t Handle the Truth!” October 24, 2017 (Based on Shoham and Leyton-Brown 2011) Independent Private Value (IPV) To analyze properties of the various auction protocols, let’s first consider agents’ valuations of goods: their utilities for different allocations of the goods. Auction theory distinguishes between a number of different settings here. One of the best-known and most extensively studied is the independent private value (IPV) setting. In this setting all agents’ valuations are drawn independently from the same (commonly known) distribution, and an agent’s type (or “signal”) consists only of its own valuation, giving itself no information about the valuations of the others. An example where the IPV setting is appropriate is in auctions consisting of bidders with personal tastes who aim to buy a piece of art purely for their own enjoyment. (Note: Also think about the common-value assumption. Resale value!) Second-price, Japanese, and English auctions Theorem 11.1.1 In a second-price auction where bidders have independent private values, truth telling is a dominant strategy. Proof. Assume that all bidders other than i bid in some arbitrary way, and consider i’s best response. First, consider the case where i’s valuation is larger than the highest of the other bidders’ bids. In this case i would win and would pay the next-highest bid amount. Could i be better off by bidding dishonestly in this case? • If i bid higher, i would still win and would still pay the same amount. • If i bid lower, i would either still win and still pay the same amount or lose and pay zero. -
CS395T Agent-Based Electronic Commerce Fall 2003
CS395T Agent-Based Electronic Commerce Fall 2003 Peter Stone Department or Computer Sciences The University of Texas at Austin Week 2a, 9/2/03 Logistics • Mailing list and archives Peter Stone Logistics • Mailing list and archives • Submitting responses to readings Peter Stone Logistics • Mailing list and archives • Submitting responses to readings − no attachments, strange formats − use specific subject line (see web page) Peter Stone Logistics • Mailing list and archives • Submitting responses to readings − no attachments, strange formats − use specific subject line (see web page) − by midnight; earlier raises probability of response Peter Stone Logistics • Mailing list and archives • Submitting responses to readings − no attachments, strange formats − use specific subject line (see web page) − by midnight; earlier raises probability of response • Presentation dates to be assigned soon Peter Stone Logistics • Mailing list and archives • Submitting responses to readings − no attachments, strange formats − use specific subject line (see web page) − by midnight; earlier raises probability of response • Presentation dates to be assigned soon • Any questions? Peter Stone Klemperer • A survey • Purpose: a broad overview of terms, concepts and the types of things that are known Peter Stone Klemperer • A survey • Purpose: a broad overview of terms, concepts and the types of things that are known − Geared more at economists; assumes some terminology − Results stated with not enough information to verify − Apolgies if that was frustrating Peter Stone -
Hiding Information in Open Auctions with Jump Bids David Ettinger, Fabio Michelucci
Hiding Information in Open Auctions with Jump Bids David Ettinger, Fabio Michelucci To cite this version: David Ettinger, Fabio Michelucci. Hiding Information in Open Auctions with Jump Bids. Economic Journal, Wiley, 2016, 126 (594), pp.1484 - 1502. 10.1111/ecoj.12243. hal-01432853 HAL Id: hal-01432853 https://hal.archives-ouvertes.fr/hal-01432853 Submitted on 12 Jan 2017 HAL is a multi-disciplinary open access L’archive ouverte pluridisciplinaire HAL, est archive for the deposit and dissemination of sci- destinée au dépôt et à la diffusion de documents entific research documents, whether they are pub- scientifiques de niveau recherche, publiés ou non, lished or not. The documents may come from émanant des établissements d’enseignement et de teaching and research institutions in France or recherche français ou étrangers, des laboratoires abroad, or from public or private research centers. publics ou privés. Hiding Information in Open Auctions with Jump Bids∗ David Ettinger and Fabio Michelucci We analyse a rationale for hiding information in open ascending auction formats. We focus on the incentives for a bidder to call a price higher than the highest standing one in order to prevent the remaining active bidders from aggregating more accurate information by observing the exact drop out values of the opponents who exit the auction. We show that the decision whether to allow jump bids or not can have a drastic impact on revenue and efficiency. Economists have focused extensive attention on market environments where the aggregation of new information is important.1 The possibility of aggregating new information is also the key feature of open auction formats, which often leads auction theorists and designers to advocate the use of open auction formats as opposed to sealed bid auction formats. -
Mechanism Design for Multiagent Systems
Mechanism Design for Multiagent Systems Vincent Conitzer Assistant Professor of Computer Science and Economics Duke University [email protected] Introduction • Often, decisions must be taken based on the preferences of multiple, self-interested agents – Allocations of resources/tasks – Joint plans – … • Would like to make decisions that are “good” with respect to the agents’ preferences • But, agents may lie about their preferences if this is to their benefit • Mechanism design = creating rules for choosing the outcome that get good results nevertheless Part I: “Classical” mechanism design • Preference aggregation settings • Mechanisms • Solution concepts • Revelation principle • Vickrey-Clarke-Groves mechanisms • Impossibility results Preference aggregation settings • Multiple agents… – humans, computer programs, institutions, … • … must decide on one of multiple outcomes… – joint plan, allocation of tasks, allocation of resources, president, … • … based on agents’ preferences over the outcomes – Each agent knows only its own preferences – “Preferences” can be an ordering ≥i over the outcomes, or a real-valued utility function u i – Often preferences are drawn from a commonly known distribution Elections Outcome space = { , , } > > > > Resource allocation Outcome space = { , , } v( ) = $55 v( ) = $0 v( ) = $0 v( ) = $32 v( ) = $0 v( ) = $0 So, what is a mechanism? • A mechanism prescribes: – actions that the agents can take (based on their preferences) – a mapping that takes all agents’ actions as input, and outputs the chosen outcome -
Hiding Information in Open Auctions with Jump Bids∗
Hiding information in open auctions with jump bids∗ David Ettinger y Fabio Michelucciz PSL, Universite Paris Dauphine CERGE-EI March 7, 2013 Abstract We analyze a rationale for hiding information in open auction formats. We focus on the incentives for a bidder to call a price higher than the highest standing one in order to prevent the remaining active bidders from aggregating more accurate information that could be gathered by observing the exact drop out values of the exiting bidders. Necessary conditions for the existence of jump bids with such motivations are provided. Finally, we show that there is no clear-cut effect of jump bids on efficiency and expected revenue and introduce several specific results. JEL Classification Numbers: D44, D82. Keywords: auctions, efficiency, jump bids. ∗We would like to thank Levent C¸elik, Fran¸coiseForges, Philippe Jehiel, Marco Pagnozzi, Margaret Meyer, Jakub Steiner and the participants to the Transatlantic Theory Workshop, PET 2012, Dauphine, Naples, Salerno and Lille seminars for helpful discussions and feedback on earlier drafts of this paper. yPSL, Universite Paris Dauphine, LEDa, CEREMADE. Place du Mar´echal de Lattre de Tassigny 75775 Paris Cedex 16 France, [email protected] zFabio Michelucci, CERGE-EI, P.O. Box 882 Politickych veznu 7 111 21 Praha 1 Czech Republic. Email: [email protected]. CERGE-EI, a joint workplace of Charles University and the Economics Institute of the Academy of Sciences of the Czech Republic, Politickych veznu 7, 111 21 Prague, Czech Republic. 1 1 Introduction One of the main characteristics of an open ascending auction format is that it allows partici- pants to aggregate new information on top of the information available ex-ante. -
A Primer on Auction Design, Management, and Strategy∗
A Primer on Auction Design, Management, and Strategy∗ David J. Salant TSE 31000 Toulouse December 23, 2013 DRAFT 2 Contents 1 Introduction 11 1.1 Goals of this Primer . 11 1.2 What are Auctions? . 14 1.2.1 Why Auctions? . 16 1.2.2 Types of Auctions . 17 1.3 A New Age of Auctions . 19 1.3.1 New Types of Auctions . 20 1.3.2 Auctions Replacing Regulation . 22 1.3.3 Auctions in the Private Sector . 24 1.4 Why Auction Design (and Management) Matters . 25 1.5 Outline of This Primer . 27 2 Game Theory, Auction Design, and Strategy 29 2.1 Game Theory and Auctions . 29 2.2 Noncooperative Games . 30 2.2.1 One-Shot Auctions . 30 3 4 CONTENTS 2.2.2 Normal Form Games . 31 2.2.3 Equilibrium in Normal Form Games . 32 2.2.4 Mixed Equilibrium in Spectrum Auctions: Some Ex- amples . 33 2.2.5 Equilibrium in Multi-attribute Auctions . 34 2.3 Multi-stage and Sequential Auctions . 36 2.3.1 Subgame Perfect Equilibrium . 36 2.3.2 Signaling Games . 38 2.4 Repeated Games . 39 2.4.1 Finitely Repeated Games . 40 2.4.2 Infinitely Repeated Games . 41 2.4.3 Overlapping Generations of Players . 42 2.5 Summary . 42 3 Revenue Equivalence 45 3.1 The Four Basic Auction Types for Single-Object Auctions . 45 3.2 Auction Strategy in the Four Basic Auction Types . 47 3.3 Strategic Equivalence . 48 3.4 Revenue Equivalence of English and Dutch Auctions . 51 3.5 Summary . -
(12) Patent Application Publication (10) Pub. No.: US 2002/0095369 A1 Kaplan Et Al
US 2002O095369A1 (19) United States (12) Patent Application Publication (10) Pub. No.: US 2002/0095369 A1 Kaplan et al. (43) Pub. Date: Jul.18, 2002 (54) ANONYMOUSAUCTIONING OF (52) U.S. Cl. ................................................................ 705/37 STRUCTURED FINANCIAL PRODUCTS OVER A COMPUTER NETWORK (76) Inventors: Harry A. Kaplan, Brooklyn, NY (US); (57) ABSTRACT Patrick F. Downes, Greenwich, CT (US) A method and System for anonymously buying and Selling a Structured financial product over a computer network Correspondence Address: Brian P. Hopkins includes providing a host for receiving information for the Mintz, Levin, Cohn, Ferris, offer for sale of a structured financial product from a first Glovsky and Popeo, P.C. client, anonymously publishing the offer for Sale of the One Financial Center Structured financial product over a computer network by the Boston, MA 02111 (US) host to a plurality of Second clients over the computer network for a predetermined period of time, initiating the (21) Appl. No.: 10/043,899 offer for sale of the product over the network at a prescribed Starting time, providing an opportunity for the plurality of (22) Filed: Jan. 11, 2002 Second clients to bid on the product in real-time during the period of time, automatically publishing to the plurality of Related U.S. Application Data Second clients viewing the Sale of the product each bid in Non-provisional of provisional application No. real-time as each bid is submitted by one of the second (63) clients, wherein a Substantial number of all Submitted bids 60/261,502, filed on Jan. 12, 2001. are displayed together during the offer for Sale, and awarding Publication Classification the Structured financial product to a Second client of the plurality of the second clients submitting the highest bid by (51) Int. -
The Following Pages Contain the Detailed Scoring for This Company Based on Publicly Available Information
The following pages contain the detailed scoring for this company based on publicly available information. The table below shows a summary of the company’s scores per section: Score Based on Section Number of Questions* Publicly Available Information 1. Leadership and Organisational Culture 4 5/8 2. Internal Controls 6 7/12 3. Support to Employees 7 4/14 4. Conflict of Interest 4 1/8 5. Customer Engagement 6 3/12 6. Supply Chain Management 5 3/10 7. Agents, Intermediaries and Joint Ventures 10 0/20 8. Offsets 4 0/8 9. High Risk Markets 4 3/8 10. State-Owned Enterprises 5 6/10 TOTAL 32 / 110 BAND E *This column represents the number of questions on which the company was eligible to receive a score; i.e. where the company did not receive a score of N/A. 1 1. Leadership and Organisational Culture Question 1.1. Does the company have a publicly stated anti-bribery and corruption commitment, which is authorised by its leadership? Score 2 Comments There is evidence that the company has a publicly stated anti-corruption commitment, which details the company’s stance against corruption within the organisation. It is clear that this commitment was authorised and endorsed by the company’s leadership. Evidence [1] Vigilance Manual- 2018 (Document) Accessed 07/08/2019 http://www.bel-india.in/Documentviews.aspx?fileName=BEL_Vigilance_Manual_2018.pdf [p.7] M.V.GOWTAMA CHAIRMAN & MANAGING DIRECTOR CMD’s FOREWORD Vigilance is an important management function. Vigilance is an essential organ of Management. Like other segments of management, its role is to take forward the organization in a healthy transparent environment. -
Speeding up Ascending-Bid Auctions*
Speeding Up Ascending-Bid Auctions* Yuzo Fujishimaj, David Mc Adams J, and Yoav Shohamj Computer Science Department (f) and Graduate School of Business (J) Stanford University Stanford, CA 94305 Abstract well as other market mechanisms are used in parts con• figuration design, factory scheduling, operating system In recent years auctions have grown in inter- memory allocation, ATM network bandwidth alloca• est within the AI community as innovative tion, and distributed QoS allocation. [Clearwater, 1996; mechanisms for resource allocation. The pri• Yarnaki et al., 1996]. Within AI, market-oriented pro• mary contribution of this paper is to iden• gramming (MOP) [Wellman, 1993; Mullen and Wellman, tify a family of hybrid auctions, called sur• 1996] has excited many researchers with the prospect of vival auctions, which combine the benefits of market-based control. both sealed-bid auctions (namely, quick and MOP and related approaches leverage ideas from eco• predictable termination time) and ascending- nomics and game theory, but these ideas provide little bid auctions (namely, more information revela• help with computational issues. This paper is concerned tion often leading, among other things, to bet• with the speed with which an auction terminates. (In the ter allocations and greater expected revenue). following we assume familiarity with some auction the• Survival auctions are multi-round sealed-bid ory. Unfamiliar readers should consult the brief primer auctions with an information-revelation com• provided in Section 2.) ponent, in which some bidders are eliminated from the auction from one round to the next. Sealed-bid auctions are attractive since they last ex• These auctions are intuitive, easy to imple• actly one round, but in some situations they have sub• ment, and most importantly provably opti• stantial disadvantages. -
Akademia Baru Analyzing Factors That Influence Public Sector
Penerbit Akademia Baru Journal of Advanced Research Design ISSN (online): 2289-7984 | Vol. 2, No. 1. Pages 20-25, 2014 Analyzing Factors that Influence Public Sector Procurement Reverse Auction System: A Review M. S. Zulkifli *,1,a, M. F. Said 2,b and C. W. Chong 2,c 1Putra Business School, Universiti Putra Malaysia, 43400 Serdang, Selangor, Malaysia. 2Faculty of Economics & Management, Universiti Putra Malaysia, 43400 Serdang, Selangor, Malaysia. 3Faculty of Economics & Management, Universiti Putra Malaysia, 43400 Serdang, Selangor, Malaysia. a,* [email protected], [email protected], [email protected] Abstract – This study was performed to review the conceptualization and relationships among user behaviour, system quality and intention to use eBidding, an eGovernment auction system with user satisfaction as the moderator. From the theoretical framework, user behaviour and system quality factors have significant relationships with the adoption of information system (IS). Empirical evidence also shows that satisfaction has a significant moderating effect on the relationship between system quality factors with the adoption of IS. Given the significant impact of behavioural factors of officials in eBidding adoption and role satisfaction on the intention and use of eGovernment system, system managers could introduce key changes in the workplace to increase satisfaction to address the problems of low eBidding adoption among users. Copyright © 2014 Penerbit Akademia Baru - All rights reserved. Keywords: eBidding, Online Procurement Auction, Electronic Government, eCommerce 1.0 INTRODUCTION Electronic reverse auction system (eRAs) provides real-time internet transaction between a purchaser and multiple suppliers. In this type of auction, suppliers compete among themselves online using specific software by continuously offering lower-priced bids during a specified transaction cycle [1]. -
Reverse Auction Bidding: an Analysis of Case Study for Bid
View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by Texas A&M Repository REVERSE AUCTION BIDDING: AN ANALYSIS OF CASE STUDY FOR BID TIMING A Thesis by APOORV KUMAR Submitted to the Office of Graduate and Professional Studies of Texas A&M University in partial fulfillment of the requirements for the degree of MASTER OF SCIENCE Chair of Committee, John M. Nichols Committee Members, Edelmiro F. Escamilla John A. Walewski Head of Department, Joseph P. Horlen August 2014 Major Subject: Construction Management Copyright 2014 Apoorv Kumar ABSTRACT Reverse Auction Bidding is utilized by a significant number of enterprises for supply of materials and in part construction. This thesis investigates aspects of the Reverse Auction system using the web site developed by others to continue the work on understanding aspects of the impact of human personality types on the bidding results for a standard game. A game theory was developed for the Reverse Auction Bidding framework used at TAMU to study the results of the bids collected in a standard game. This theory postulated two sub-games exist inside the main Reverse Auction Bidding game. The main sub-game is between the buyer and the set of bidders. The second sub-game is between the bidders. The theory exists that the buyer seeks minimal costs, which must be acknowledged as prima facie correct for this study. Extent studies at TAMU have indicated that the costs distribution is non-Gaussian, indicating that the buyer’s objective is not achieved for all bidders. The second sub-game is between the bidders, they utilize the non-Gaussian component of the profit distribution to amplify individual returns.