Opening book details…
Can I read Robust Bidding in First-Price Auctions: How to Bid Without Knowing What Others Are Doing on EtoBox?
Robust Bidding in First-Price Auctions: How to Bid Without Knowing What Others Are Doing by Bernhard Kasberger; Karl H. Schlag is a Business, Management and Accounting article available to read on EtoBox.
What is Robust Bidding in First-Price Auctions: How to Bid Without Knowing What Others Are Doing about?
We propose how to bid in first-price auctions when a bidder knows the own value but not how others will bid. To do this, we introduce a methodology to show how to make choices in strategic settings without assuming common knowledge or equilibrium behavior. Accordingly, we first eliminate environments that are believed not to occur and then find a robust rule that performs well in the remaining environments. We test our bids using data from laboratory experiments and the field and find that our bids outperform those made by real bidders. This paper was accepted by Omar Besbes, revenue management and market analytics. Supplemental Material: The online appendix and data are available at https://doi.org/10.1287/mnsc.2023.4899 .
Who reads Robust Bidding in First-Price Auctions: How to Bid Without Knowing What Others Are Doing?
It is typically read by researchers, students, and practitioners in Business, Management and Accounting.
- Author
- Bernhard Kasberger; Karl H. Schlag
- Publisher
- Institute for Operations Research and the Management Sciences (INFORMS)
- Published
- 2023
- Field
- Business, Management and Accounting (Social Sciences)