Game theoretical analysis of buy-it-now price auctions
文献类型：期刊论文
| 作者 | Yu, Hai; Dang, Chuangyin; Wang, Shou-Yang |
| 刊名 | INTERNATIONAL JOURNAL OF INFORMATION TECHNOLOGY & DECISION MAKING
 |
| 出版日期 | 2006-09-01 |
| 卷号 | 5期号:3页码:557-581 |
| 关键词 | game theory buy-it-now price auction temporary permanent Stackelberg game |
| ISSN号 | 0219-6220 |
| 英文摘要 | We study two kinds of buy-it-now options, temporary and permanent, under a theoretical model of Stackelberg game. In this two-stage game, the bidders, as the followers, use a two-threshold strategy to determine whether to bid or directly buy the item at the posted price, given an auction configuration featured by the seller in the first stage and other common knowledge. Under the uniform distribution assumption for the bidders' valuation, we derive the optimal necessary conditions of the starting price and the buy-it-now price for maximizing the seller's expected revenue. Then, we use two numerical experiments to find some interesting insights, which include that under identical bidders' participation costs, the temporary buy-it-now option can acquire a higher expected revenue for the seller than the permanent option, and a buy-it-now price auction always nontrivially dominates a regular auction in terms of the achieved expected revenue, no matter whether the seller or the bidders are risk-averse. |
| WOS研究方向 | Computer Science ; Operations Research & Management Science |
| 语种 | 英语 |
| WOS记录号 | WOS:000241441600012 |
| 出版者 | WORLD SCIENTIFIC PUBL CO PTE LTD |
| 源URL | [http://ir.amss.ac.cn/handle/2S8OKBNM/3596]  |
| 专题 | 中国科学院数学与系统科学研究院 |
| 通讯作者 | Dang, Chuangyin |
| 作者单位 | 1.City Univ Hong Kong, Dept Mfg Engn & Engn Management, Hong Kong, Hong Kong, Peoples R China 2.Univ Tsukuba, Grad Sch Syst & Informat Engn, Tsukuba, Ibaraki 3058573, Japan 3.Chinese Acad Sci, Inst Syst Sci, Acad Math & Syst Sci, Beijing 100080, Peoples R China 4.Chinese Acad Sci, Grad Sch, Beijing 100049, Peoples R China |
| 推荐引用方式 GB/T 7714 | Yu, Hai,Dang, Chuangyin,Wang, Shou-Yang. Game theoretical analysis of buy-it-now price auctions[J]. INTERNATIONAL JOURNAL OF INFORMATION TECHNOLOGY & DECISION MAKING,2006,5(3):557-581. |
| APA | Yu, Hai,Dang, Chuangyin,&Wang, Shou-Yang.(2006).Game theoretical analysis of buy-it-now price auctions.INTERNATIONAL JOURNAL OF INFORMATION TECHNOLOGY & DECISION MAKING,5(3),557-581. |
| MLA | Yu, Hai,et al."Game theoretical analysis of buy-it-now price auctions".INTERNATIONAL JOURNAL OF INFORMATION TECHNOLOGY & DECISION MAKING 5.3(2006):557-581. |
入库方式： OAI收割
来源：数学与系统科学研究院
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