NDLI: A study on internet auctions using agent based modeling approach

Content Provider	IEEE Xplore Digital Library
Author	Akkaya, Y. Badur, B. Darcan, O.N.
Copyright Year	2009
Description	Author affiliation: Bogazici University, Management Information Systems Dept, Istanbul, Turkey (Akkaya, Y.; Badur, B.; Darcan, O.N.)
Abstract	With widespread use of the internet, Internet auctions (e-auctions) become more popular in order to trade increasing number of goods as Internet provides both almost perfect market information and an infrastructure for executing auctions at lower administrative costs. The ascending-bid, second-price auction is the most widely used e-auction format. The aim of this study is to present a dynamic model of an e-auction so as to investigate how the welfare of buyers is affected by different ascending-bid types. This problem has been studied theoretically in economics in various static auction mechanisms where perfect rationality of participants is assumed. To overcome the limitations of this approach, the new agent based modeling methodology in which researchers use simulations to investigate the behavior and interactions of autonomous, heterogeneous, bounded rational adaptive population of agents in the social and economical environments, has been emerged. In this paper we adapt the bottom-up agent based modeling methodology to investigate the behavior of participants in electronic markets. On the other hand, since observing the biding strategies of individuals is almost impossible in laboratory or field experiments, we developed a simulation model to understand the welfare effects of different bidding strategies. To some extend sensitivity of the auction outcome on auction rules and market design parameters are also investigated. In our experiments the strategies where the agents update their bid increments in proportion to the differences between their reservation price and current bid are found to be the winning strategies where the duration of the auction is shorter. As the duration of the auction increases all the strategies converged to the same average payoffs.
Starting Page	1772
Ending Page	1778
File Size	185602
Page Count	7
File Format	PDF
ISBN	9781890843205
DOI	10.1109/PICMET.2009.5261945
Language	English
Publisher	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Publisher Date	2009-08-02
Publisher Place	USA
Access Restriction	Subscribed
Subject Keyword	Internet Laboratories Humans Environmental economics Microeconomics Cost accounting Management information systems Consumer electronics History Procurement
Content Type	Text
Resource Type	Article

Sl.	Authority	Responsibilities	Communication Details
1	Ministry of Education (GoI), Department of Higher Education	Sanctioning Authority	https://www.education.gov.in/ict-initiatives
2	Indian Institute of Technology Kharagpur	Host Institute of the Project: The host institute of the project is responsible for providing infrastructure support and hosting the project	https://www.iitkgp.ac.in
3	National Digital Library of India Office, Indian Institute of Technology Kharagpur	The administrative and infrastructural headquarters of the project	Dr. B. Sutradhar bsutra@ndl.gov.in
4	Project PI / Joint PI	Principal Investigator and Joint Principal Investigators of the project	Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon
5	Website/Portal (Helpdesk)	Queries regarding NDLI and its services	support@ndl.gov.in
6	Contents and Copyright Issues	Queries related to content curation and copyright issues	content@ndl.gov.in
7	National Digital Library of India Club (NDLI Club)	Queries related to NDLI Club formation, support, user awareness program, seminar/symposium, collaboration, social media, promotion, and outreach	clubsupport@ndl.gov.in
8	Digital Preservation Centre (DPC)	Assistance with digitizing and archiving copyright-free printed books	dpc@ndl.gov.in
9	IDR Setup or Support	Queries related to establishment and support of Institutional Digital Repository (IDR) and IDR workshops	idr@ndl.gov.in

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