A Transaction Utility Approach for Bidding in Second-Price Auctions
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DOI: 10.1016/j.intmar.2019.06.001
Abstract: Abstract In both the Vickrey and eBay auctions, bidding the reservation price is the optimal strategy within the conventional utility framework. However, in practice, buyers tend to bid less than their reservation prices, and bid… read more here.
Keywords: utility; price; transaction utility; reference price ... See more keywords