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optimalstartingpriceforebaylikeonlineauctions
Hai Yu1; Shongyang Wang1; Chuangyin Dang2
2006
Source Publicationjournalofsystemsscienceandcomplexity
ISSN1009-6124
Volume19Issue:1Pages:9
AbstractReserve price auctions are one of hot research issues in traditional auction theory. Here we study the starting price in an online auction, the counterpart of the public reserve price in a traditional auction. By considering three features of eBay-like online auctions: stochastic entry of bidders (subject to Poisson process), insertion fee proportional to the starting price, and time discount, we have analyzed the properties of extremum points of the starting price for maximizing the seller's expected revenue, and found that, under certain conditions, the optimal starting price should be at the lowest allowable level, which is contrary to the results from the classic auction theory and finds its optimality in reality. We have also developed a general extended model of multistage auctions and carried out analysis on its properties. At last, some directions for further research are also put forward.
Language英语
Document Type期刊论文
Identifierhttp://ir.amss.ac.cn/handle/2S8OKBNM/45592
Collection中国科学院数学与系统科学研究院
Affiliation1.中国科学院数学与系统科学研究院
2.香港城市大学
Recommended Citation
GB/T 7714
Hai Yu,Shongyang Wang,Chuangyin Dang. optimalstartingpriceforebaylikeonlineauctions[J]. journalofsystemsscienceandcomplexity,2006,19(1):9.
APA Hai Yu,Shongyang Wang,&Chuangyin Dang.(2006).optimalstartingpriceforebaylikeonlineauctions.journalofsystemsscienceandcomplexity,19(1),9.
MLA Hai Yu,et al."optimalstartingpriceforebaylikeonlineauctions".journalofsystemsscienceandcomplexity 19.1(2006):9.
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