| OPTIMAL STARTING PRICE FOR EBAY-LIKE ONLINE AUCTIONS |
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| 作者姓名： | Hai YU Shouyang WANG Chuangyin DANG |
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| 作者单位： | [1]Institute of Systems Science, Academy of Mathematics and Systems Science, Chinese Academy of Sciences, Beijing 100080, China [2]Graduate School of the Chinese Academy of Sciences, Beijing 100049, China [3]Institute of Systems Science, Academy of Mathematics and Systems Science, Chinese Academy of Sciences,Beijing 100080, China [4]Department of Manufacturing Engineering and Engineering Management, City University of Hong Kong, HongKong, China |
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| 基金项目： | Supported by the National Natural Science Foundation of China and the Strategic Researcn Grant of City University of Hong Kong （Grant No. 7001719）. |
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| 摘 要： | Reserve 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 Mlowable 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.
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| 关 键 词： | 在线拍卖 电子商务 保留价格 投注赔率 随机登录 |
| 收稿时间： | 2005-10-27 |
| 修稿时间： | 2005-10-272005-11-30 |
Optimal Starting Price for Ebay-Like Online Auctions |
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| Hai YU Shouyang WANG Chuangyin DANG.OPTIMAL STARTING PRICE FOR EBAY-LIKE ONLINE AUCTIONS[J].Journal of Systems Science and Complexity,2006,19(1):9-21. |
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| Authors: | Hai Yu Shouyang Wang Chuangyin Dang |
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| Institution: | (1) Institute of Systems Science, Academy of Mathematics and Systems Science, Chinese Academy of Sciences, Beijing, 100080, China;(2) Graduate School of the Chinese Academy of Sciences, Beijing, 100049, China;(3) Department of Manufacturing Engineering and Engineering Management, City University of Hong Kong, Hong Kong, China |
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| Abstract: | Reserve 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. |
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| Keywords: | Online auctions reserve price starting price stochastic entry |
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