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| Content Provider | IEEE Xplore Digital Library |
|---|---|
| Author | Wang Ping-ping Sun Shao-rong |
| Copyright Year | 2006 |
| Description | Author affiliation: Coll. of Manage., Shanghai Univ. of Sci. & Technol. (Wang Ping-ping; Sun Shao-rong) |
| Abstract | Bidders' asymmetries are widespread in auction markets. In such cases the mathematical model is given by a system of coupled nonlinear ordinary differential equations that cannot be solved explicitly for the equilibrium strategies, except for very simple models. As a result, analysis of asymmetric auctions is considerably more complex than for symmetric ones, and relatively little is known at present on asymmetric auctions. In situations like this, where it is difficult or even impossible to obtain exact solutions, much insight can be gained by employing perturbation analysis, whereby one calculates an explicit approximation to the solution. In this paper we adopt this approach and use perturbation analysis to calculate the equilibrium bid strategies in first price auctions. As we see, these explicit approximations are quite insightful, making the sacrifice of "exactness" worthwhile |
| Sponsorship | Nat. Natural Sci. Found. of China Harbin Inst. of Technol. P.R. China |
| Starting Page | 443 |
| Ending Page | 448 |
| File Size | 4999097 |
| Page Count | 6 |
| File Format | |
| ISBN | 7560323553 |
| DOI | 10.1109/ICMSE.2006.313889 |
| Language | English |
| Publisher | Institute of Electrical and Electronics Engineers, Inc. (IEEE) |
| Publisher Date | 2006-10-05 |
| Publisher Place | France |
| Access Restriction | Subscribed |
| Rights Holder | HARBIN INSTITUTE OF TECHNOLOGY |
| Subject Keyword | Procurement Perturbation analysis Financial management Educational institutions Information management Cost accounting First price auction Information analysis Couplings Technology management Asymmetric auctions Mathematical model Distribution functions |
| Content Type | Text |
| Resource Type | Article |
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