Using Bid Data for the Management of Sequential, Multi-Unit, Online Auctions With Uniformly Distributed Bidders Valuations

Edieal J. Pinker, A. Seidmann, Yaniv Vakrat
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引用次数: 21

Abstract

Internet auctions for consumers' goods are an increasingly popular selling venue. Many sellers, instead of offering their entire inventory in a single auction, split it into sequential auctions of smaller lots, thereby reducing the negative market impact of large lots. Information technology also makes it possible to collect and analyze detailed bid data from online auctions. In this paper, we develop and test a new model of sequential online auctions to explore the potential benefits of using real bid data from earlier auctions to improve the management of future auctions. Assuming a truth-revealing auction model, we quantify the effect of the lot size on the closing price. We then develop a model for allocating inventory across multiple auctions that dynamically incorporates the results of previous auctions as feedback into the management of subsequent auctions, updating the lot size and number of auctions. We demonstrate that information signals from previous auctions can be used to update the auctioneer's beliefs about the customers' valuation distribution, and then to significantly increase the seller's profit potential. We use several examples to show how the benefits of using detailed transaction data for the management of sequential, multi-unit, online auctions are influenced by the inventory holding costs, the number of bidders, and the dispersion of consumers' valuations.
使用投标数据管理顺序,多单位,在线拍卖与均匀分布的投标人估值
网上拍卖是一种越来越受欢迎的销售方式。许多卖家不是在一次拍卖中提供全部库存,而是将其分成小批量的连续拍卖,从而减少大批量的市场负面影响。信息技术也使得从网上拍卖中收集和分析详细的出价数据成为可能。在本文中,我们开发并测试了一个新的连续在线拍卖模型,以探索使用早期拍卖的真实出价数据来改进未来拍卖管理的潜在好处。假设一个揭示真相的拍卖模型,我们量化了手的大小对收盘价的影响。然后,我们开发了一个跨多个拍卖分配库存的模型,该模型动态地将先前拍卖的结果作为反馈纳入后续拍卖的管理,更新批次大小和拍卖数量。我们证明了以往拍卖的信息信号可以用来更新拍卖商对客户估价分布的信念,从而显著增加卖方的利润潜力。我们用几个例子来说明使用详细的交易数据来管理连续的、多单元的在线拍卖的好处是如何受到库存持有成本、竞标者数量和消费者估值分散的影响的。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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