Statistical properties of online auctions

Details Statistical properties of online auctions Statistical properties of online auctions

2006-08-24

arxiv.org/abs/physics/0608232v1

Physics

Physics and Society

9 pages, 4 figures, to be published in Int. J. Mod. Phys. C

Scientific paper

10.1142/S012918310600993X

We characterize the statistical properties of a large number of online auctions run on eBay. Both stationary and dynamic properties, like distributions of prices, number of bids etc., as well as relations between these quantities are studied. The analysis of the data reveals surprisingly simple distributions and relations, typically of power-law form. Based on these findings we introduce a simple method to identify suspicious auctions that could be influenced by a form of fraud known as shill bidding. Furthermore the influence of bidding strategies is discussed. The results indicate that the observed behavior is related to a mixture of agents using a variety of strategies.

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