Topic
Bidding
About: Bidding is a research topic. Over the lifetime, 15371 publications have been published within this topic receiving 294233 citations. The topic is also known as: competitive bidding.
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TL;DR: Tycoon as discussed by the authors is a market based distributed resource allocation system based on proportional share, which allows users to differentiate the values of their jobs, its resource acquisition latency is limited only by communication delays, and it imposes no manual bidding overhead on users.
Abstract: Distributed clusters like the Grid and PlanetLab enable the same statistical multiplexing efficiency gains for computing as the Internet provides for networking. One major challenge is allocating resources in an economically efficient and low-latency way. A common solution is proportional share, where users each get resources in proportion to their pre-defined weight. However, this does not allow users to differentiate the value of their jobs. This leads to economic inefficiency. In contrast, systems that require reservations impose a high latency (typically minutes to hours) to acquire resources.
This paper describes Tycoon, a market based distributed resource allocation system based on proportional share. The key advantages of Tycoon are that it allows users to differentiate the values of their jobs, its resource acquisition latency is limited only by communication delays, and it imposes no manual bidding overhead on users. Experimental results using a prototype implementation of the design are included.
281 citations
Patent•
14 Jul 1999
TL;DR: In this article, a method for redeeming collectible points using on-line bidding for promotional items was proposed. But this method requires a minor's participation and is not suitable for minors.
Abstract: A method for redeeming collectible points using on-line bidding for promotional items. Promotional points are collected by consumer purchases of products associated with the points or other consumer behavior. Consumers accumulate the points and then redeem them by bidding on promotional items posted for fixed periods of time on an internet site. The method provides for fixed promotional inventory costs as well as the timely collection of consumer preference information. One embodiment of the invention also provides for parental approval of a minor's participation.
280 citations
TL;DR: In this article, the sensitivity of bidders demanding multiple units of a homogeneous commodity to the demand reduction incentives inherent in uniform price auctions was investigated, and the behavioral process underlying these differences along with dynamic Vickrey auctions designed to eliminate the inefficiencies resulting from demand reduction in the uniform price auction was explored.
Abstract: We experimentally investigate the sensitivity of bidders demanding multiple units of a homogeneous commodity to the demand reduction incentives inherent in uniform price auctions. There is substantial demand reduction in both sealed bid and ascending price clock auctions with feedback regarding rivals' drop-out prices. Although both auctions have the same normal form representation, bidding is much closer to equilibrium in the ascending price auctions. We explore the behavioral process underlying these differences along with dynamic Vickrey auctions designed to eliminate the inefficiencies resulting from demand reduction in the uniform price auctions.
278 citations
TL;DR: In this paper, the authors analyzed six spectrum auctions conducted by the Federal Communications Commission (FCC) from July 1994 to May 1996, which were simultaneous multipleround auctions in which collections of licenses were auctioned simultaneously.
Abstract: This paper analyzes six spectrum auctions conducted by the Federal Communications Commission (FCC) from July 1994 to May 1996. These auctions were simultaneous multipleround auctions in which collections of licenses were auctioned simultaneously. This auction form proved remarkably successful. Similar items sold for similar prices and bidders successfully formed efficient aggregations of licenses. Bidding behavior differed substantially in the auctions. The extent of bidder competition and price uncertainty played an important role in determining behavior. Bidding credits and installment payments also played a major role in several of the auctions.
275 citations
TL;DR: In this article, the authors studied the role of strategic herding in online peer-to-peer loan auctions on Prosper.com and found a positive association between herding behavior and its subsequent performance.
267 citations