A measure of the variability of revenue in auctions: A look at the revenue equivalence theorem

One not-so-intuitive result in auction theory is the revenue equivalence theorem, which states that as long as an auction complies with some conditions, it will on average generate the same revenue to an auctioneer as the revenue generated by any other auction that complies with them. Surprisingly, the conditions are not defined on the payment rules to the bidders but on the fact that the bidders do not bid below a reserve value—set by the auctioneer—the winner is the one with the highest bidding and there is a common equilibrium bidding function used by all bidders. In this paper, we verify such result using extensive simulation of a broad range of auctions and focus on the variability or fluctuations of the results around the average. Such fluctuations are observed and measured in two dimensions for each type of auction: as the number of auctions grows and as the number of bidders increases.

Download Full-text

Basic Bidding Formats: Characteristics and Differences

Review of Economics ◽

10.1515/roe-2021-0014 ◽

2021 ◽

Vol 72 (3) ◽

pp. 183-197

Author(s):

Fritz Helmedag

Keyword(s):

Probability Theory ◽

Equivalence Theorem ◽

Auction Theory ◽

Reserve Price ◽

Decision Situation ◽

Revenue Equivalence ◽

Operating Modes ◽

Course Of Action ◽

Allocation Methods

Abstract In standard auction theory, the ‘revenue equivalence theorem’ asserts that the outcomes of the elementary allocation methods coincide. However, bidding processes differ fundamentally with regard to the decision situation of the participants: Is it at all imperative to take into consideration the number of competitors (‘stochastic’ strategy) or not (‘deterministic’ course of action)? Furthermore, established auction theory neglects the operating modes of procurement alternatives under uncertainty. Apart from the lacking knowledge how many rivals have to be beaten, tenderers regularly are ignorant of the buyer’s reserve price. Then it is even more tentative to calculate an offer based on probability theory. Consequently, the suppliers’ propensity to collude increases.

Download Full-text

Sequential First-Price Auction with Randomly Arriving Buyers

Journal of Systems Science and Information ◽

10.21078/jssi-2018-029-06 ◽

2018 ◽

Vol 6 (1) ◽

pp. 29-34

Author(s):

Shulin Liu ◽

Xiaohu Han

Keyword(s):

Dynamic Model ◽

Equivalence Theorem ◽

Bidding Strategy ◽

Revenue Equivalence ◽

Dynamic Markets ◽

Differentiated Goods ◽

Price Auction ◽

Second Price Auction ◽

Equilibrium Bidding ◽

Model Setting

AbstractIn this paper we reanalyze Said’s (2011) work by retaining all his assumptions except that we use the first-price auction to sell differentiated goods to buyers in dynamic markets instead of the second-price auction. We conclude that except for the expression of the equilibrium bidding strategy, all the results for the first-price auction are exactly the same as the corresponding ones for the second-price auction established by Said (2011). This implies that the well-known “revenue equivalence theorem” holds true for Said’s (2011) dynamic model setting.

Download Full-text

Assessing a Linear Nanosystem's Limiting Reliability from its Components

Journal of Applied Probability ◽

10.1017/s0021900200004757 ◽

2008 ◽

Vol 45 (03) ◽

pp. 879-887 ◽

Cited By ~ 2

Author(s):

Nader Ebrahimi

Keyword(s):

Present State ◽

Size Range ◽

Two Dimensions ◽

The Other ◽

One Dimension ◽

Present Moment ◽

One Dimensional ◽

The One ◽

Fixed Moment ◽

Nanosized Systems

Nanosystems are devices that are in the size range of a billionth of a meter (1 x 10-9) and therefore are built necessarily from individual atoms. The one-dimensional nanosystems or linear nanosystems cover all the nanosized systems which possess one dimension that exceeds the other two dimensions, i.e. extension over one dimension is predominant over the other two dimensions. Here only two of the dimensions have to be on the nanoscale (less than 100 nanometers). In this paper we consider the structural relationship between a linear nanosystem and its atoms acting as components of the nanosystem. Using such information, we then assess the nanosystem's limiting reliability which is, of course, probabilistic in nature. We consider the linear nanosystem at a fixed moment of time, say the present moment, and we assume that the present state of the linear nanosystem depends only on the present states of its atoms.

Download Full-text

Psychological autonomy and hierarchical relatedness as organizers of developmental pathways

Philosophical Transactions of the Royal Society B Biological Sciences ◽

10.1098/rstb.2015.0070 ◽

2016 ◽

Vol 371 (1686) ◽

pp. 20150070 ◽

Cited By ~ 16

Author(s):

Heidi Keller

Keyword(s):

Two Dimensions ◽

Global Perspective ◽

Developmental Pathways ◽

Cultural Constructs ◽

Human Needs ◽

Subsistence Farmer ◽

The Hierarchical Structure ◽

Psychological Autonomy ◽

The One ◽

Definition Of

The definition of self and others can be regarded as embodying the two dimensions of autonomy and relatedness. Autonomy and relatedness are two basic human needs and cultural constructs at the same time. This implies that they may be differently defined yet remain equally important. The respective understanding of autonomy and relatedness is socialized during the everyday experiences of daily life routines from birth on. In this paper, two developmental pathways are portrayed that emphasize different conceptions of autonomy and relatedness that are adaptive in two different environmental contexts with very different affordances and constraints. Western middle-class children are socialized towards psychological autonomy, i.e. the primacy of own intentions, wishes, individual preferences and emotions affording a definition of relatedness as psychological negotiable construct. Non-Western subsistence farmer children are socialized towards hierarchical relatedness, i.e. positioning oneself into the hierarchical structure of a communal system affording a definition of autonomy as action oriented, based on responsibility and obligations. Infancy can be regarded as a cultural lens through which to study the different socialization agendas. Parenting strategies that aim at supporting these different socialization goals in German and Euro-American parents on the one hand and Nso farmers from North Western Cameroon on the other hand are described. It is concluded that different pathways need to be considered in order to understand human psychology from a global perspective.

Download Full-text

The Role of Crisis Prevention from the Perspective of the Biggest Polish Companies and Public Relations Agencies on the Basis of Expert Research

Marketing of Scientific and Research Organizations ◽

10.2478/minib-2019-0015 ◽

2019 ◽

Vol 31 (1) ◽

pp. 109-130

Author(s):

Dariusz Tworzydło ◽

Przemysław Szuba

Keyword(s):

Public Relations ◽

Two Dimensions ◽

Prevention Measures ◽

Point Model ◽

Communication Management ◽

Crisis Prevention ◽

Current Trends ◽

Business Survey ◽

The One

Summary The article constitutes a presentation of the results of research devoted to the current trends in crisis PR. The authors of the work made an attempt to diagnose crisis prevention in a cross-section of two dimensions. On the one hand the perspective of business (survey of companies) was presented and on the other hand experts’ opinions (survey of the leaders of public relations agencies) were shown. As a result of analyses a point model of an immune system, which takes into consideration the key instruments of crisis methodology (developed procedures in form of communication management book, dedicated anti-crisis structures in an organization, crisis team with a fixed membership and a system of communication trainings) was designed. Diagnosis of prevention measures of the leaders of Polish business — based on the years 2007–2017 showed major deficiencies in the degree of companies’ preparation for the risk of crisis.

Download Full-text

Internet Memes, Memory, and Orders of Repackaging

The Philosophy of Humor Yearbook ◽

10.1515/phhumyb-2021-006 ◽

2021 ◽

Vol 2 (1) ◽

pp. 111-136

Author(s):

Julija Korostenskiene

Keyword(s):

Human Memory ◽

Two Dimensions ◽

The Other ◽

Methodological Framework ◽

Internal Dimension ◽

External Dimension ◽

The One ◽

Taxonomic Relations

Abstract The present study explores the construction of humor in internet memes along two dimensions. The external dimension is concerned with humor in internet memes as opposed to verbal humor on the one hand and as opposed to humor in comics and caricatures on the other. The perceptive differences, stemming from the workings of the human memory, and the medium are posited as the two main differentiating factors. On the internal dimension, we explore manifestations of humor in light of the communicative situation and taxonomic relations at both the intermedial and intramedial levels of internet memes, taking as an example a family of You Wouldn’t Get It image macros. Our analysis employs elements of intertextuality theory and the notion of orders of indexicality. The study aims to contribute to the growing theoretical and methodological framework for multifactorial analyses of internet memes.

Download Full-text

Preliminary Investigation of Mesh Stability for Linear Systems

10.1115/imece1999-0047 ◽

1999 ◽

Author(s):

Pete Seiler ◽

Aniruddha Pant ◽

J. K. Hedrick

Keyword(s):

Linear Systems ◽

Mimo Systems ◽

Preliminary Investigation ◽

Two Dimensions ◽

String Stability ◽

Significant Research ◽

Simple Class ◽

The Subject ◽

A Chain ◽

The One

Abstract Damping of disturbances as they propagate through a chain of interconnected systems, termed string stability, has been the subject of significant research. In this paper, we investigate mesh stability, which is the two-dimensional extension of string stability. We review the key results used for string stability analysis and then generalize the conditions for MIMO systems. These results are then applied to a simple class of linear systems which form a mesh in two-dimensions. It is shown (as in the one-dimensional case) that communicating the velocity and acceleration of the lead vehicle to all subsystems is sufficient for mesh stability. This result is then verified by simulation.

Download Full-text

Organizational Cynicism and Its Impact on Organizational Pride in Industrial Organizations

International Journal of Environmental Research and Public Health ◽

10.3390/ijerph16071203 ◽

2019 ◽

Vol 16 (7) ◽

pp. 1203

Author(s):

Omar Durrah ◽

Monica Chaudhary ◽

Moaz Gharib

Keyword(s):

Structural Equation ◽

Negative Impact ◽

Sampling Technique ◽

Two Dimensions ◽

Equation Modeling ◽

Industrial Organizations ◽

Organizational Cynicism ◽

Study Results ◽

Study Population ◽

The One

Organizational cynicism has been a topic of discussion and debate among employees and top management. The purpose of this study is to find out the relationship between organizational cynicism and organizational pride. Precisely, the objectives are to identify and measure organizational cynicism among employees in industrial organizations; to determine and measure the degree of organizational pride among employees in industrial organizations and to study the effect of organizational cynicism on the organizational pride of employees in industrial organizations. In this empirical research, the study population was employees of industrial organizations of Oman. Using a purposive sampling technique, nine industrial organizations from Oman were picked. With the help of structured questionnaire, data from 350 respondents was obtained. Structural equation modeling was used through Amos version 25.0 for data analysis. The results reveal that the two dimensions of organizational cynicism (affective cynicism and behavioral cynicism) have a significant and negative impact on emotional pride, while cognitive cynicism does not significantly effect emotional pride. The study results indicate that the one dimension of organizational cynicism (affective cynicism) has a significant impact on attitudinal pride, while the rest of the other dimensions (cognitive cynicism, behavioral cynicism) do not have a significant effect on attitudinal pride. The limitations and implications of the research are also discussed.

Download Full-text

Power Transitions, Global Justice, and the Virtues of Pluralism

Ethics & International Affairs ◽

10.1017/s0892679413000087 ◽

2013 ◽

Vol 27 (2) ◽

pp. 189-205 ◽

Cited By ~ 7

Author(s):

Andrew Hurrell

Keyword(s):

Global Justice ◽

Two Dimensions ◽

Contemporary History ◽

Major Power ◽

Power Politics ◽

Interstate Relations ◽

Total War ◽

The Great Depression ◽

The One ◽

Striking Success

Broad comparisons of international relations across time—of the prospects for peace and of the possibilities for a new ethics for a connected world—typically focus on two dimensions: economic globalization and integration on the one hand, and the character of major interstate relations on the other. One of the most striking features of the pre-1914 world was precisely the coincidence of intensified globalization with a dramatic deterioration in major power relations, the downfall of concert-style approaches to international order, and the descent into total war and ideological confrontation—what T. S. Eliot termed “the panorama of futility and anarchy which is contemporary history.” Today's optimists stress the degree to which globalization appears much more firmly institutionalized than it was a hundred years ago, the rather striking success of global economic governance in responding to the financial crisis of 2007–2008 (compared to, say, the Great Depression), and the longer-term trend within international society to move away from major-power war. Pessimists are less sure. They worry that we have had to re-learn just how unstable global capitalism can be, both in terms of the wrenching societal changes produced by economic success and of the political strains produced by slowdown and recession. And they point to the abiding or resurgent power of nationalism in all of the core countries in the system, the return of balance-of-power thinking (above all in Asia), and the renewed salience of major power politics.

Download Full-text