Journal of the Korean Operations Research and Management Science Society (한국경영과학회지)
- Volume 11 Issue 2
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- Pages.27-36
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- 1986
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- 1225-1119(pISSN)
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- 2733-4759(eISSN)
Equilibrium Bidding Strategy and Expected Profit in the Multiple Unit Simultaneous Auctions
다품목단일입찰 동시경매의 평형입찰전략과 기대이익
Abstract
This paper deals with four types of multiple unit simultaneous auctions such as the discriminating. uniform-price, lowest accepted-price, and progressive auctions. These auctions have been studied by Vickrey, Ortega-Reichert, Herris and Raviv and so forth. In this paper, their studies are extended to the case with a reserve price and an entry fee, and then the equilibrium bidding strategy are presented. Further, those are analyzed with respect to the change of a reserve price, an entry fee, and the number of bidders and objects.
Keywords