On the lowest unique bid auction with multiple bids
© 2015, Newswood Ltd. All rights reseved. This study focuses on the lowest unique sealed-bid auctions in which the winning bidder is the one who places the unique bid that has the lowest value where exactly m bids per bidder are allowed. The problem can be seen as injecting a minimum into a random s...
Saved in:
| Main Authors: | , |
|---|---|
| Format: | Journal |
| Published: |
2018
|
| Subjects: | |
| Online Access: | https://www.scopus.com/inward/record.uri?partnerID=HzOxMe3b&scp=84955591431&origin=inward http://cmuir.cmu.ac.th/jspui/handle/6653943832/54490 |
| Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
| Institution: | Chiang Mai University |
| Summary: | © 2015, Newswood Ltd. All rights reseved. This study focuses on the lowest unique sealed-bid auctions in which the winning bidder is the one who places the unique bid that has the lowest value where exactly m bids per bidder are allowed. The problem can be seen as injecting a minimum into a random subset of a larger subset. By assuming that bids are identical and independently placed according to a given probability distribution, we obtain various exact probabilities for the auctions, both as a bidder and an observer, for m = 1, 2. The results are obtained via the inclusion- exclusion principle. The computational results and algorithms to calculate the probabilities are also given. |
|---|