Nibbling, Sniping, and the Role of Uncertainty in Second-Price, Hard-Close Internet Auctions

2011 ◽  
pp. 177-190
Author(s):  
Daniel Friesner ◽  
Carl S. Bozman ◽  
Matthew Q. McPherson
Keyword(s):  
Web Sites ◽  
Effective Means ◽  
Online Auction ◽  
Buyer Behavior ◽  
Internet Auctions ◽  
Bidding Strategies ◽  
Goods And Services ◽  
Reservation Prices ◽  
Auction Format

Internet auctions have gained widespread appeal as an efficient and effective means of buying and selling goods and services. This study examines buyer behavior on eBay, one of the most well-known Internet auction Web sites. eBay’s auction format is similar to that of a second-price, hard-close auction, which gives a rational participant an incentive to submit a bid that is equal to his or her maximum willingness to pay. But while traditional second-price, hard-close auctions assume that participants have reliable information about their own and other bidders’ reservation prices, eBay participants usually do not. This raises the possibility that eBay participants may adapt their bidding strategies and not actually bid their reservation prices because of increased uncertainty. In this article, we empirically examine the bidding patterns of online auction participants and compare our findings to the behavior of bidders in more conventional auction settings.

Nibbling, Sniping, and the Role of Uncertainty in Second-Price, Hard-Close Internet Auctions

2009 ◽  
pp. 1526-1539 ◽  
Author(s):  
Daniel Friesner ◽  
Carl S. Bozman ◽  
Matthew Q. McPherson
Keyword(s):  
Web Sites ◽  
Effective Means ◽  
Online Auction ◽  
Buyer Behavior ◽  
Internet Auctions ◽  
Bidding Strategies ◽  
Goods And Services ◽  
Reservation Prices ◽  
Auction Format

Internet auctions have gained widespread appeal as an efficient and effective means of buying and selling goods and services. This study examines buyer behavior on eBay, one of the most wellknown Internet auction Web sites. eBay’s auction format is similar to that of a second-price, hardclose auction, which gives a rational participant an incentive to submit a bid that is equal to his or her maximum willingness to pay. But while traditional second-price, hard-close auctions assume that participants have reliable information about their own and other bidders’ reservation prices, eBay participants usually do not. This raises the possibility that eBay participants may adapt their bidding strategies and not actually bid their reservation prices because of increased uncertainty. In this article, we empirically examine the bidding patterns of online auction participants and compare our findings to the behavior of bidders in more conventional auction settings.

Consumer-to-Consumer Internet Auction Models

2013 ◽  
pp. 181-194
Author(s):  
Timothy L. Y. Leung ◽  
William J. Knottenbelt
Keyword(s):  
Arrival Rate ◽  
Fixed Time ◽  
Online Auction ◽  
Internet Auction ◽  
Internet Auctions ◽  
Goods And Services ◽  
Auction Models ◽  
Private Values ◽  
Auction Mechanisms ◽  
Operational Behaviour

Internet auctions have become an increasingly common method for exchanging goods and services across the world both among consumers themselves, as well as between businesses and consumers. These Internet auction mechanisms have the scope of incorporating procedures of much greater complexity and variety, and they exhibit characteristics and properties that are quite distinct from conventional auctions. In this paper, the authors provide an experimental study of the performance characteristics and operational behaviour of a number of online auction models, including the fixed time forward auctions, the Vickrey auctions, and models with soft close variable auction times. These online auction models are studied through systematic simulation experiments, based on a series of operational assumptions, which characterize the arrival rate of bids, as well as the distribution from which the private values of buyers are sampled. Suggestions for efficient online auction design and procedures for improving auction performance are given, and the behaviour of the average auction income and average auction duration are quantified and compared.

Consumer-to-Consumer Internet Auction Models

2011 ◽  
Vol 1 (3) ◽  
pp. 17-28 ◽  
Author(s):  
Timothy L. Y. Leung ◽  
William J. Knottenbelt
Keyword(s):  
Arrival Rate ◽  
Fixed Time ◽  
Online Auction ◽  
Internet Auction ◽  
Internet Auctions ◽  
Goods And Services ◽  
Auction Models ◽  
Private Values ◽  
Auction Mechanisms ◽  
Operational Behaviour

Internet auctions have become an increasingly common method for exchanging goods and services across the world both among consumers themselves, as well as between businesses and consumers. These Internet auction mechanisms have the scope of incorporating procedures of much greater complexity and variety, and they exhibit characteristics and properties that are quite distinct from conventional auctions. In this paper, the authors provide an experimental study of the performance characteristics and operational behaviour of a number of online auction models, including the fixed time forward auctions, the Vickrey auctions, and models with soft close variable auction times. These online auction models are studied through systematic simulation experiments, based on a series of operational assumptions, which characterize the arrival rate of bids, as well as the distribution from which the private values of buyers are sampled. Suggestions for efficient online auction design and procedures for improving auction performance are given, and the behaviour of the average auction income and average auction duration are quantified and compared.

The role of standardization as a key Tool of Quality Economics in the development of integration of the Eurasian Economic Union

2019 ◽  
pp. 14-19
Author(s):  
V. V. Okrepilov ◽  
A. G. Gridasov
Keyword(s):  
Economic Integration ◽  
Legal Framework ◽  
Regulatory Framework ◽  
International Standards ◽  
Member States ◽  
Scientific Methods ◽  
Goods And Services ◽  
Eurasian Economic Union ◽  
Economic Union

The presented study examines the experience of forming a regulatory framework for the integration of the Eurasian Economic Union (EAEU) member states through the example of standardization as one of the key tools of quality economics.Aim. The study analyzes the major solutions of the EAEU authorities and member countries aimed at increasing the role of standardization in the economic integration of the Union over five years of its existence.Tasks. The authors identify efficient methods for developing standardization for the integration of the EAEU states as well as the most problematic aspects in this field that need to be taken into account in the qualitative strengthening of the Union’s economy.Methods. This study uses general scientific methods of cognition to examine the activities of the EAEU authorities and member states aimed at creating a system for the economic integration of the Union during a period of its transition from separate national markets towards a single (common) market.Results. Over five years of operation in the field of stadardization, the Eurasian Economic Union has created the necessary organizational and legal framework to ensure the successful development of integration processes. The national legislation on standardization has been modernized with allowance for the harmonization of these laws. In the next five-six years, the development of international standards for 40 technical regulations is expected to be completed, which would create a regulatory framework for unhindered interaction between all participants of the single (common) EAEU market. Conclusions. The analysis of activities in the field of standardization reveals a sufficiently thought-out and coordinated policy of the EAEU states in creating the necessary conditions for overcoming legal and administrative barriers in the movement of goods and services within the common economic space of the EAEU.

Economic modeling of touristic services demand in the regions

2019 ◽  
pp. 87-93
Author(s):  
Ivan Blahun ◽  
Halyna Leshchuk ◽  
Mariya Kyfor
Keyword(s):  
Systematic Approach ◽  
Income Elasticity ◽  
Probability Model ◽  
Economic Modeling ◽  
Tourism Demand ◽  
Goods And Services ◽  
Household Incomes ◽  
Tourism Services ◽  
Income Decile

Considering the important role of tourism in the socio-economic development of regions, the need for information and modeling of ways to increase demand for tourism services and tourism development is being updated. The article uses methods of analytical, logical, comparative analysis and systematic approach to study trends in demand for tourist services in Ukraine. Econometric modeling analyzes the demand for tourism services by the level of income and expenditures of the population in 2018. Trends in demand for tourism services in 2018 in terms of income and expenditure of the population with the use of the Tornquist econometric model have been analyzed. It is proposed to use the decile groups of the population for analyzing income and expenditure by the level of income, total income per capita, the level of household expenditure relative to income, the percentage of tourism expenditure by households, the expenditure on tourism and the elasticity of tourism demand. Average values of the population’s expenditures on tourism were established, which helped to determine the elasticity of effective demand for each decile group. The more than one unit of elasticity of effective tourism demand for each decile group indicated that tourism services for domestic households belong to the group of luxury goods and services. It should be noted that in the following decile income groups of households there is a decrease in elasticity. It means that when income tends to increase indefinitely, elasticity coefficients fall, and this indicates a stabilization of costs of this type. In this case, the percentage of households in each decile group that recorded the costs of organized tourism in their budgets and the value of the probability of household participation in this form of recreation was determined based on an estimated probability model. An analysis of the values of income elasticity indicators in each income decile group has shown that increasing household incomes contribute to increased demand for tourism services and an increase in the share of expenditures for these purposes in household budgets.

The State versus the People

2020 ◽  
Author(s):  
Matthew Rendle
Keyword(s):  
French Revolution ◽  
Effective Means ◽  
State Control ◽  
Scarce Resources ◽  
Soviet State ◽  
The People ◽  
Wide Range ◽  
Complex Picture ◽  
The Military

This book provides the first detailed account of the role of revolutionary justice in the early Soviet state. Law has often been dismissed by historians as either unimportant after the October Revolution amid the violence and chaos of civil war or even, in the absence of written codes and independent judges, little more than another means of violence. This is particularly true of the most revolutionary aspect of the new justice system, revolutionary tribunals—courts inspired by the French Revolution and established to target counter-revolutionary enemies. This book paints a more complex picture. The Bolsheviks invested a great deal of effort and scarce resources into building an extensive system of tribunals that spread across the country, including into the military and the transport network. At their peak, hundreds of tribunals heard hundreds of thousands of cases every year. Not all ended in harsh sentences: some were dismissed through lack of evidence; others given a wide range of sentences; others still suspended sentences; and instances of early release and amnesty were common. This book, therefore, argues that law played a distinct and multifaceted role for the Bolsheviks. Tribunals stood at the intersection between law and violence, offering various advantages to the Bolsheviks, not least strengthening state control, providing a more effective means of educating the population on counter-revolution, and enabling a more flexible approach to the state’s enemies. All of this adds to our understanding of the early Soviet state and, ultimately, of how the Bolsheviks held on to power.

scholarly journals Trends and Clinico-Epidemiological Features of Human Rabies Cases in Bangladesh, 2006–2018

2020 ◽  
Vol 41 (S1) ◽  
pp. s416-s416
Author(s):  
Sumon Ghosh ◽  
Md. Sohel Rana ◽  
Sukanta Chowdhury
Keyword(s):  
Effective Means ◽  
Scale Up ◽  
Traditional Healers ◽  
Human Rabies ◽  
Epidemiological Analysis ◽  
Increasing Trend ◽  
The Mean ◽  
Death Cases ◽  
Death Data

Background: Vaccinating dogs against rabies is an effective means of reducing human rabies. Methods: We analyzed 1,327 clinically diagnosed human rabies deaths and mass dog vaccination (MDV) data during 2006–2018 to quantify the impacts of MDV on human rabies incidence in Bangladesh and a subset of rabies death data (n = 422) for clinico-epidemiological analysis. Results: We found a positive and increasing trend of dog population vaccination (P = .01 and τ = 0.71) and a negative and declining trend (P < .001 and τ = −0.88) of human rabies cases (correlation coefficient, −0.82). Among 422 human rabies death cases, most victims (78%) sought treatment from traditional healers, and 12% received postexposure prophylaxis (PEP). The mean incubation period of rabies cases with exposure sites on the head and neck (35 days) was shorter than the upper limb (mean, 64 days; P = .02) and lower limb (mean, 89 days; P < .01). MDV is effective for reducing human rabies cases in Bangladesh. Conclusions: Creating awareness among the animal bite victims to stop relying on traditional healers rather seeking PEP, addressing the role of traditional healers through an awareness education program in respect to the treatment of dog bites, ensuring availability of PEP, and continuing to scale up MDV can help prevent human rabies deaths.Funding: NoneDisclosures: None

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