Auction

An Auction is a multi-agent game that involves purchase bids (by auction buyers) and a valuable resource (by auction sellers).

• Context:
  • It can range from being an Ascending Price Auction to being a Descending Price Auction.
  • It can range from being an Open-Bid Auction to being a Sealed-Bid Auction.
  • It can range from being an First-Price Auction to being a Second-Price Auction.
  • It can be created by an Auctioning Task.
  • It can be managed by an Auctioneer.
  • …
• Example(s):
  • an Online Ad Impression Auction.
  • an Online Cab Request Auction.
  • an Online Marketplace Sale? (e.g. Amazon Marketplace).
  • …
• Counter-Example(s):
  • a Private Economic Transaction.
  • a Political Election.
• See: Trade, Economic Resource, Economic Theory, Private Value, Common Value, Market Making.

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References

2014

• (Wikipedia, 2014) ⇒ http://en.wikipedia.org/wiki/Auction Retrieved:2014-4-19.
  • An auction is a process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the highest bidder. In economic theory, an auction may refer to any mechanism or set of trading rules for exchange.

2009

• (Krishna, 2009) ⇒ Vijay Krishna. (2009). “Auction Theory, 2nd edition." Academic Press. ISBN:0123745071

2002

• (Krishna, 2002) ⇒ Vijay Krishna. (2002). “Auction Theory." Academic Press. ISBN:012426297X

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