NDLI: Simulating online Yankee auctions to optimize sellers revenue

Content Provider	IEEE Xplore Digital Library
Author	Bapna, R. Goes, P. Gupta, A.
Copyright Year	2001
Description	Author affiliation: MIS Area, Northeastern Univ., Boston, MA, USA (Bapna, R.; Goes, P.; Gupta, A.)
Abstract	The online Yankee auction sells multiple units of the same good to multiple buyers using an ascending and open auction mechanism. One of the important controllable factors of the Yankee auction is the minimum bid increment specified at the beginning of an auction. Bidders can bid only in the multiples of this bid increment even if they are willing to bid higher than the minimum required bid. This paper presents a simulation approach to optimize sellers' revenue, which is based on theoretical properties of Yankee auctions and utilizes data from real auctions to replicate a given auction. The simulation model can be configured to change the value of bid increment and explore whether a given auction used the optimal bid increment. Our analysis indicates that the auctioneers are, most of the time, far away from optimal choice of bid increment, resulting in substantial losses in a market with already tight margins.
Sponsorship	Univ. Hawaii College of Bus. Adm
File Size	149647
File Format	PDF
ISBN	0769509819
DOI	10.1109/HICSS.2001.927066
Language	English
Publisher	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Publisher Date	2001-01-06
Publisher Place	USA
Access Restriction	Subscribed
Rights Holder	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Subject Keyword	Internet Pricing Testing Aging Consumer electronics Driver circuits World Wide Web
Content Type	Text
Resource Type	Article

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