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COS 444 Internet Auctions: Theory and Practice

COS 444 Internet Auctions: Theory and Practice. Spring 2008 Ken Steiglitz ken@cs.princeton.edu. Field experiments: Testing theory. LR 99: tests FP-Dutch and SP-English revenue equivalence online (pre-eBay)

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COS 444 Internet Auctions: Theory and Practice

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  1. COS 444 Internet Auctions:Theory and Practice Spring 2008 Ken Steiglitz ken@cs.princeton.edu

  2. Field experiments: Testing theory • LR 99: tests FP-Dutch and SP-English revenue equivalence online (pre-eBay) • LR 00: tests effects of reserves in FP online (pre-eBay) • Katkar-LR 00: tests public vs. secret reserve on eBay

  3. Field results • LR 99: Revenue: English ~ SP, Dutch > FP • LR 00: open reserve in FP auctions reduces no. of bidders, reduces prob{sell} , increases revenue conditional on selling… total revenue? • Katkar-LR 00: open reserve increases prob{sell} and revenue---relative to secret reserve (eBay)

  4. Theory • Order statistics pdf of k-th highest cdf of k-th highest • Application to revenue calculation

  5. eBay’s algorithm • What is eBay's complete algorithm? • Raising your own (high) bid below secret reserve • Raising your own (high) bid when you're less than a bidding increment above the second price • Etc.

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