Search Results for the-dynamics-of-auction

In this book, Christian Heath examines the fine details of interaction that arises at auctions, the talk and visible conduct of the participants, and their use of various tools and technologies.

Author: Christian Heath

Publisher:

ISBN: 113977591X

Category: Antique auctions

Page: 266

View: 468

DOWNLOAD & READ
Each year art and antiques worth many billions of pounds are sold at auction. These auctions consist of numerous, intense episodes of social interaction through which the price of goods rapidly escalates until sold on the strike of a hammer. In this book, Christian Heath examines the fine details of interaction that arises at auctions, the talk and visible conduct of the participants, and their use of various tools and technologies. He explores how auctioneers, buyers and their representatives are able to transact the sale of goods worth anything from a few dollars through to many millions in just seconds. Heath addresses how order, trust, and competition are established at auctions and demonstrates how an economic institution of some global importance is founded upon embodied action and interaction. The analysis is based on video recordings of sales of art and antiques gathered within a range of national and international auction houses in Europe and the United States.
2014-05-14 By Christian Heath

Addresses how social interaction forms the foundation to sale of art and antiques worth many billions of pounds each year.

Author: Christian Heath

Publisher: Cambridge University Press

ISBN: 9780521767408

Category: Antiques & Collectibles

Page: 244

View: 455

DOWNLOAD & READ
Addresses how social interaction forms the foundation to sale of art and antiques worth many billions of pounds each year.
2012-11-12 By Christian Heath

Author: Joachim Büschken

Publisher:

ISBN: OCLC:318219739

Category:

Page: 104

View: 827

DOWNLOAD & READ

Abstract: This paper studies bidding dynamics where values and bidding opportunities follow an unrestricted joint Markov process, independent across agents.

Author: Hugo Andrés Hopenhayn

Publisher:

ISBN: OCLC:960822150

Category: Auctions

Page: 54

View: 700

DOWNLOAD & READ
Abstract: This paper studies bidding dynamics where values and bidding opportunities follow an unrestricted joint Markov process, independent across agents. Bids cannot be retracted, as is frequently the case in auctions. Our main methodological contribution is that we construct a mapping from this general stochastic process into a distribution of values that is independent of the type of auction considered. The equilibria of a static auction with this distribution of values is used to characterize the equilibria of the dynamic auction, making this general class very tractable. As a result of the option of future rebidding, early bids are shaded and under mild conditions increase toward the end of the auction. Our results are consistent with repeated bidding and skewness of the time distribution of winning bids, two puzzling observations in dynamic auctions. As an application, we estimate the model by matching moments from eBay auctions

Author:

Publisher:

ISBN: OCLC:632018493

Category:

Page:

View: 828

DOWNLOAD & READ
We analyze the price structure of sequential auctions of modern and contemporary art that took place in Italy during the period 1983-96. Contrary to previous empirical studies, we do not find any "afternoon" effect - i.e., a decline of auction prices relative to their estimates. If anything, we find the opposite, or "morning", effect. Our results are robust to different econometric specifications. Taking into consideration the possible dynamic nature of price determination, we propose an interpretation of the empirical results that encompasses previous contributions.
1999 By

The combination of static information with price dynamics leads to resulting behavior that sometimes adheres to auction theory, while othertimes it does not. For example, the three-way relationship between the opening price, competition ...

Author: Gediminas Adomavicius

Publisher: Emerald Group Publishing

ISBN: 9781848552647

Category: Computers

Page: 442

View: 641

DOWNLOAD & READ
Focuses on presenting specific innovative computing artifacts and tools developed by researchers that are not commercially used. This work presents approaches and frameworks that focus on ability of an enterprise to analyze, build and protect computing infrastructure that supports value-added dimensions to the enterprise's business processes.
2009-01-29 By Gediminas Adomavicius

Empirical research of online auctions has dramatically grown in recent years.

Author: Wolfgang Jank

Publisher:

ISBN: OCLC:1290242726

Category:

Page: 36

View: 838

DOWNLOAD & READ
Empirical research of online auctions has dramatically grown in recent years. Studies using publicly available bid data from websites such as eBay.com have found many divergences of bidding behavior and auction outcomes compared to ordinary offline auctions and auction theory. Among the main differences between online and offline auctions is their longer duration (typically a few days). Along with the anonymity of bidders and sellers and the low barriers of entry, the longer online auctions tend to exhibit variable dynamics both in the bid arrivals and in the price process. In this paper we propose a family of differential equations models that captures the dynamics in online auctions. We show that a second-order differential equation well-approximates the three-phase dynamics that take place during an eBay auction. We then propose a novel multiple-comparisons test to compare dynamic models of auction sub-populations, where the population grouping is based on characteristics of the auction, the item, the seller, and the bidders. We accomplish the modeling task within the framework of principal differential analysis and functional data models.
2011 By Wolfgang Jank

Our results are robust to different econometric specifications. Taking into consideration the possible dynamic nature of price determination, we propose an interpretation of the empirical results that encompasses previous contributions.

Author:

Publisher:

ISBN: OCLC:632018493

Category:

Page:

View: 821

DOWNLOAD & READ
We analyze the price structure of sequential auctions of modern and contemporary art that took place in Italy during the period 1983-96. Contrary to previous empirical studies, we do not find any "afternoon" effect - i.e., a decline of auction prices relative to their estimates. If anything, we find the opposite, or "morning", effect. Our results are robust to different econometric specifications. Taking into consideration the possible dynamic nature of price determination, we propose an interpretation of the empirical results that encompasses previous contributions.
1999 By

Possible explanations for the occurrence of auction fever are auction dynamics, a pseudo- or quasi-endowment effect, competitive arousal, and escalation of commitment. By auction dynamics we mean a multi-stage and multiple-bid process ...

Author: Stefan Seifert

Publisher: KIT Scientific Publishing

ISBN: 9783866440449

Category:

Page: 305

View: 173

DOWNLOAD & READ
2006 By Stefan Seifert

can see that the penalized smoothing splines can result in poor curve representations: in some auctions, ... In this section, we focus on the dynamics generated during an online auction and different ways for modeling them.

Author: Wolfgang Jank

Publisher: John Wiley & Sons

ISBN: 1118031865

Category: Mathematics

Page: 336

View: 433

DOWNLOAD & READ
Explore cutting-edge statistical methodologies for collecting, analyzing, and modeling online auction data Online auctions are an increasingly important marketplace, as the new mechanisms and formats underlying these auctions have enabled the capturing and recording of large amounts of bidding data that are used to make important business decisions. As a result, new statistical ideas and innovation are needed to understand bidders, sellers, and prices. Combining methodologies from the fields of statistics, data mining, information systems, and economics, Modeling Online Auctions introduces a new approach to identifying obstacles and asking new questions using online auction data. The authors draw upon their extensive experience to introduce the latest methods for extracting new knowledge from online auction data. Rather than approach the topic from the traditional game-theoretic perspective, the book treats the online auction mechanism as a data generator, outlining methods to collect, explore, model, and forecast data. Topics covered include: Data collection methods for online auctions and related issues that arise in drawing data samples from a Web site Models for bidder and bid arrivals, treating the different approaches for exploring bidder-seller networks Data exploration, such as integration of time series and cross-sectional information; curve clustering; semi-continuous data structures; and data hierarchies The use of functional regression as well as functional differential equation models, spatial models, and stochastic models for capturing relationships in auction data Specialized methods and models for forecasting auction prices and their applications in automated bidding decision rule systems Throughout the book, R and MATLAB software are used for illustrating the discussed techniques. In addition, a related Web site features many of the book's datasets and R and MATLAB code that allow readers to replicate the analyses and learn new methods to apply to their own research. Modeling Online Auctions is a valuable book for graduate-level courses on data mining and applied regression analysis. It is also a one-of-a-kind reference for researchers in the fields of statistics, information systems, business, and marketing who work with electronic data and are looking for new approaches for understanding online auctions and processes. Visit this book's companion website by clicking here
2010-12-01 By Wolfgang Jank