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- Title
Approximately optimal bidding policies for repeated first-price auctions.
- Authors
Danak, Amir; Mannor, Shie
- Abstract
We suggest approximately optimal bidding strategies for games, where similar items are auctioned repeatedly. Considering players' bounded rationality in practice, the results can further motivate the application of market-based approaches in resource allocation problems. We specialize the bidding algorithm for first-price payment schemes, the building blocks of several simplified selling mechanisms, that are common in practice.
- Subjects
BIDDING strategies; AUCTIONS; REAL-time bidding (Internet advertising); RESOURCE allocation; ALGORITHMS
- Publication
Annals of Operations Research, 2012, Vol 196, Issue 1, p189
- ISSN
0254-5330
- Publication type
Article
- DOI
10.1007/s10479-012-1148-8