Game theoretical analysis of buy-it-now price auctions

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	Game theoretical analysis of buy-it-now price auctions
	Yu, Hai ; Dang, Chuangyin ; Wang, Shou-Yang
	2006-09-01
发表期刊	INTERNATIONAL JOURNAL OF INFORMATION TECHNOLOGY & DECISION MAKING
ISSN	0219-6220
卷号	5 期号:3 页码:557-581
摘要	We study two kinds of buy-it-now options, temporary and permanent, under a theoretical model of Stackelberg game. In this two-stage game, the bidders, as the followers, use a two-threshold strategy to determine whether to bid or directly buy the item at the posted price, given an auction configuration featured by the seller in the first stage and other common knowledge. Under the uniform distribution assumption for the bidders' valuation, we derive the optimal necessary conditions of the starting price and the buy-it-now price for maximizing the seller's expected revenue. Then, we use two numerical experiments to find some interesting insights, which include that under identical bidders' participation costs, the temporary buy-it-now option can acquire a higher expected revenue for the seller than the permanent option, and a buy-it-now price auction always nontrivially dominates a regular auction in terms of the achieved expected revenue, no matter whether the seller or the bidders are risk-averse.
关键词	game theory buy-it-now price auction temporary permanent Stackelberg game
语种	英语
WOS研究方向	Computer Science ; Operations Research & Management Science
WOS类目	Computer Science, Artificial Intelligence ; Computer Science, Information Systems ; Computer Science, Interdisciplinary Applications ; Operations Research & Management Science
WOS记录号	WOS:000241441600012
出版者	WORLD SCIENTIFIC PUBL CO PTE LTD
引用统计
文献类型	期刊论文
条目标识符	http://ir.amss.ac.cn/handle/2S8OKBNM/3597
专题	中国科学院数学与系统科学研究院
通讯作者	Dang, Chuangyin
作者单位	1.City Univ Hong Kong, Dept Mfg Engn & Engn Management, Hong Kong, Hong Kong, Peoples R China 2.Univ Tsukuba, Grad Sch Syst & Informat Engn, Tsukuba, Ibaraki 3058573, Japan 3.Chinese Acad Sci, Inst Syst Sci, Acad Math & Syst Sci, Beijing 100080, Peoples R China 4.Chinese Acad Sci, Grad Sch, Beijing 100049, Peoples R China
推荐引用方式 GB/T 7714	Yu, Hai,Dang, Chuangyin,Wang, Shou-Yang. Game theoretical analysis of buy-it-now price auctions[J]. INTERNATIONAL JOURNAL OF INFORMATION TECHNOLOGY & DECISION MAKING,2006,5(3):557-581.
APA	Yu, Hai,Dang, Chuangyin,&Wang, Shou-Yang.(2006).Game theoretical analysis of buy-it-now price auctions.INTERNATIONAL JOURNAL OF INFORMATION TECHNOLOGY & DECISION MAKING,5(3),557-581.
MLA	Yu, Hai,et al."Game theoretical analysis of buy-it-now price auctions".INTERNATIONAL JOURNAL OF INFORMATION TECHNOLOGY & DECISION MAKING 5.3(2006):557-581.