A learning approach to auctions

Article Abstract:

The adoption of a belief-based learning scheme in repeated first-price auctions has been proven to induce equilibrium among the bids of players. By assuming that players are chosen prior the initial bidding, it was shown that learning schemes based on bounded recalls and generalized fictitious play tend to create a common knowledge among players after a considerable length of time. However, such results are not likely to be generated from auctions with two-person setups.

Economics, Research and Development in the Social Sciences and Humanities, Models, Economic aspects, Learning, Auctions, Teaching models

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Revenue equivalence in asymmetric auctions

Article Abstract:

The Revenue Equivalence Theorem is generalized to the case of asymmetric auctions in which each player's valuation is drawn independently from a common support. The seller's revenue in asymmetric auctions is studied and the effect of weak asymmetry on the seller's expected revenue by using perturbation analysis is analyzed.

United States, Analysis, Equilibrium (Economics), Revenue

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Contest architecture

Article Abstract:

Empirical model of optimal architecture of an elimination tournament, to enable equitable distribution of prizes and participation incentives to participants, is presented.

Israel, Strategy & planning, Germany, Methods, Planning, Usage, Probabilities, Probability theory, Company business planning, Achievement motivation, Tournaments, Sports tournaments

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