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Bidding Strategies for Realistic Multi-Unit Sealed-Bid Auctions

Vetsikas, Ioannis A. and Jennings, Nicholas R. (2010) Bidding Strategies for Realistic Multi-Unit Sealed-Bid Auctions Journal of Autonomous Agents and Multi-Agent Systems, 21, (2), pp. 265-291.

Record type: Article

Abstract

When autonomous agents decide on their bidding strategies in real world auctions, they have a number of concerns that go beyond the models that are normally analyzed in traditional auction theory. Oftentimes, the agents have budget constraints and the auctions have a reserve price, both of which restrict the bids the agents can place. In addition, their attitude need not be risk-neutral and they may have uncertainty about the value of the goods they are buying. Some of these issues have been examined individually for single-unit sealed-bid auctions. However, in this paper, we extend this analysis to the multi-unit case, and also analyze the multi-unit sealed-bid auctions in which a combination of these issues are present, for unit-demand bidders. This analysis constitutes the main contribution of this paper. We then demonstrate the usefulness in practice of this analysis; we show in simulations that taking into account all these issues allows the bidders to maximize their utility. Furthermore, using this analysis allows a seller to improve her revenue, i.e. by selecting the optimal reserve price and auction format.

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Published date: February 2010
Organisations: Agents, Interactions & Complexity

Identifiers

Local EPrints ID: 267829
URI: http://eprints.soton.ac.uk/id/eprint/267829
PURE UUID: 02ac99e0-f0d3-4b52-8bb1-cb907fbc30ab

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Date deposited: 04 Sep 2009 08:35
Last modified: 18 Jul 2017 06:59

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Contributors

Author: Ioannis A. Vetsikas
Author: Nicholas R. Jennings

University divisions

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