Bid distributions of competing agents in simple models of auctions

Details Bid distributions of competing agents in simple models of auctions Bid distributions of competing agents in simple models of auctions

2001-02-12

arxiv.org/abs/nlin/0102016v1

Nonlinear Sciences

Adaptation and Self-Organizing Systems

10 pages, 4 figures, submitted to publication

Scientific paper

10.1016/S0378-4371(01)00128-5

Models of auctions or tendering processes are introduced. In every round of bidding the players select their bid from a probability distribution and whenever a bid is unsuccessful, it is discarded and replaced. For simple models, the probability distributions evolve to a stationary power law with the exponent dependent only on the number of players. For most situations, the system converges towards a state where all players are identical. A number of variations of this model are introduced and the application of these models to the dynamics of market makers is discussed. The effect of price uncertainty on bid distributions is presented. An underlying market structure generates heterogenous agents which do not have power law bid distribution in general.

Affiliated with

Also associated with

No associations

Rating

Bid distributions of competing agents in simple models of auctions does not yet have a rating. At this time, there are no reviews or comments for this scientific paper.

If you have personal experience with Bid distributions of competing agents in simple models of auctions, we encourage you to share that experience with our LandOfFree.com community. Your opinion is very important and Bid distributions of competing agents in simple models of auctions will most certainly appreciate the feedback.

Rate now

Comments { 0 }

Profile ID: LFWR-SCP-O-444291