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EFFECTS OF A RATIONING RULE ON THE AUSUBEL AUCTION: A GENETIC ALGORITHM IMPLEMENTATION

Yago Saez, David Quintana, Pedro Isasi, Asuncion Mochon
2007 Computational intelligence  
To this end a specific dynamic multiunit auction has been selected: the Ausubel auction, with private values, dropout information, and with several rationing rules implemented.  ...  The aim of this article is to develop a genetic algorithm to find automatically a bidder optimal strategy while the other players are always bidding sincerely.  ...  These results reveal that the implementation of GAs and the selection of a rationing rule can be a key point in the final outcome of an Ausubel auction, both in allocations and payments.  ... 
doi:10.1111/j.1467-8640.2007.00299.x fatcat:yotuay5xy5d7df7mujs4drworq

The Clock Proxy Auction for Allocating Radio Spectrum Licenses

A. Mochon, Y. Saez, J. L. Gómez-Barroso, P. Isasi
2010 Computational Economics  
We assumed bidders with bounded rationality making their bidding decisions based on a system of recommendation that learns from the environment.  ...  The combinatorial clock-proxy auction is analyzed as a selling mechanism of a portion of the "digital dividend" in an European country.  ...  To deal with this problem, we assume bidders with bounded rationality making their bidding decisions based on a genetic algorithm system.  ... 
doi:10.1007/s10614-010-9245-8 fatcat:qbfmpdssbfbc5fjrbizys53z6q

What Format for Multi-Unit Multiple-Bid Auctions?

Atakelty Hailu, Sophie Thoyer
2010 Computational Economics  
A. Hailu (B) 123 190 A. Hailu, S. Thoyer patterns depend on the interplay between heterogeneity in the bidder population and the degree of rationing in the auction.  ...  The main advantage of such auctions is to avoid the lumpy bid problem which arises when bidders can only compete on the basis of one bid.  ...  In the third section, we develop an agent-based model (ABM) of boundedly rational bidders revising their bid choices using a genetic learning algorithm.  ... 
doi:10.1007/s10614-010-9199-x fatcat:aeikd6o3ijav7pvk6kibei5zba

Auctions, Bidding and Exchange Design [chapter]

Jayant Kalagnanam, David C. Parkes
2004 International Series in Operations Research and Management Science  
or the effect of its own actions on the future state of the market.  ...  Essentially, one can view an ascending-price auction as a method to implement a primal-dual algorithm for a resource allocation problem.  ...  One preliminary approach proposed for this problem is to allow genetic programming to evolve the rules of a parameterized family of mechanisms [PMPS02, Cli01] . description Define a mechanism description  ... 
doi:10.1007/978-1-4020-7953-5_5 fatcat:g55sdree2zgpdd7j6ifjkfqz3q

Exploring pricing rules in combinatorial sealed-bid auctions

A. Mochon, Y. Saez, J.L. Gomez-Barroso, P. Isasi
2012 Journal of Economic Behavior and Organization  
To test these pricing rules, a simulator of the auction model has been developed.  ...  This paper analyzes the implications of selecting a particular pricing mechanism on the final result in a combinatorial sealed-bid auction.  ...  Acknowledgements The authors want to thank the editor and referees for their helpful comments. This article has been financed by the  ... 
doi:10.1016/j.jebo.2012.02.018 fatcat:qbtveekqtrfljlvj4tspe75a6y

APPLIED COMPUTATIONAL INTELLIGENCE FOR FINANCE AND ECONOMICS

Pedro Isasi, David Quintana, Yago Saez, Asuncion Mochon
2007 Computational intelligence  
Finally, a review of the research works selected for this special issue is given.  ...  The objective is to offer an appropriate context and a starting point for those who are new to computational intelligence in finance and economics and to give an overview of the most recent works.  ...  ACKNOWLEDGMENTS We would like to thank all the evaluation committee staff for their help in the reviewing process, and the Spanish-funded research MCyT project OPLINK, reference TIN2005-08818-C04-02, for  ... 
doi:10.1111/j.1467-8640.2007.00297.x fatcat:5y7fq55wi5dgbblkvpgfibs66e

The Wireless Craze, The Unlimited Bandwidth Myth, The Spectrum Auction Faux Pas, and the Punchline to Ronald Coase's "Big Joke": An Essay on Airwave Allocation Policy

Thomas W. Hazlett
2001 Social Science Research Network  
algorithm can match or outperform a distributed algorithm based on the same information is obvious.  ...  One option for the centralized algorithm is to simulate the distributed algorithm . . . ." Jackson, supra note 507, at 6. 521 "'It's a pretty busy band,' said one FCC official.  ...  The approach builds on existing rules and standards, but it effectively frees bandwidth for uses valued by consumers.  ... 
doi:10.2139/ssrn.286932 fatcat:xvz25bjv5nh4ho3wfqtqrloe3y

Analysis of Ausubel Auctions by Means of Evolutionary Computation

A. Mochon, D. Quintana, Y. Saez, P. Isasi
2005 IEEE Congress on Evolutionary Computation  
The aim of this paper is to develop a genetic algorithm to find bidders' optimal strategies for a specific dynamic multi-unit auction, The algorithm provides the bidding strategy (defined as the action  ...  The increasing use of auctions has led to a growing interest in the subject. A recent method used for carrying out examinations on auctions has been the design of computational simulations.  ...  These results reveal that the implementation of GAs and the selection of a rationing rule can be a key point in the final outcome of an Ausubel auction, both in allocations and payments.  ... 
doi:10.1109/cec.2005.1555026 dblp:conf/cec/MochonQSV05 fatcat:mq5l5qwsxbfjtglechy47bh45u

Chapter 28 Automated Markets and Trading Agents [chapter]

Jeffrey K. MacKie-Mason, Michael P. Wellman
2006 Handbook of Computational Economics  
One of the most intriguing opportunities is provided by markets implementing computationally sophisticated negotiation mechanisms, for example combinatorial auctions.  ...  A review of the literature suggests that much of our existing knowledge comes from computational simulations, including controlled studies of abstract market designs (e.g., simultaneous ascending auctions  ...  this volume and additional participants at a book workshop in May 2004 at which we presented a first draft.  ... 
doi:10.1016/s1574-0021(05)02028-9 fatcat:prgjx6soqve27owqupvwva3mam

Evolutionary-stable strategies with increasing and decreasing marginal utilities in the Ausubel auction

A. Mochon, D. Quintana, Y. Saez, P. Isasi
2006 IEEE International Conference on Evolutionary Computation  
A genetic algorithm has been developed to solve bidding strategies in a dynamic multi-unit auction: the Ausubel auction, with independent private values and without dropout information.  ...  The bidding strategies are analyzed, along with their effects on revenue and efficiency.  ...  In these circumstances a rationing rule is applied. In this paper the proportional rationing rule has been considered.  ... 
doi:10.1109/cec.2006.1688630 dblp:conf/cec/MochonQSI06 fatcat:mg4w3lpdwnfadpjycheezvtrj4

Economic Experiments and Environmental Policy: A Review

Charles N. Noussair, Daan van Soest
2014 Social Science Research Network  
We concentrate on experiments with one and two-sided markets, and applications in the domain of water allocation, food safety, and tradable permit systems.  ...  We summarize and review the literature on two types of economic experiments. First we discuss the use of experimental laboratories to testbed market solutions to issues in environmental policy.  ...  The laboratory experiment was determined to be effective and led to a field test and implementation of the discriminative auction in the state of Georgia.  ... 
doi:10.2139/ssrn.2375586 fatcat:wrpn2efohjg5zpzcy2e4ubtjki

Distributed and Optimal Resource Allocation for Power Beacon-Assisted Wireless-Powered Communications

Yuanye Ma, He Chen, Zihuai Lin, Yonghui Li, Branka Vucetic
2015 IEEE Transactions on Communications  
We then formulate an auction game and propose an auction based distributed algorithm by considering the PB as the auctioneer and the APs as the bidders.  ...  Finally, numerical results are performed to validate the convergence of both the proposed algorithms and demonstrate the impacts of various system parameters.  ...  ACKNOWLEDGMENT The authors would like to thank the editor and anonymous reviewers for their constructive comments and suggestions, which help us improve the quality of the paper.  ... 
doi:10.1109/tcomm.2015.2468215 fatcat:5zezqrjeebavtclzeyx6keuety

Adaptive Traders and the Design of Financial Markets

SEBASTIEN POUGET
2007 Journal of Finance  
When traders learn via a belief-based model, equilibrium is discovered in both types of markets.  ...  In contrast, when traders learn via a reinforcement-based model, convergence to equilibrium is achieved in the Walrasian tatonnement but not in the call market.  ...  Andreoni and Miller (1995) simulate the behavior of genetic algorithms in various auction institutions, and Arifovic and Ledyard (2003) simulate adaptive learning in various private-value call markets  ... 
doi:10.1111/j.1540-6261.2007.01294.x fatcat:pflxjtfjdvexxnbjt5b4qlj25e

Comparison and empirical validation of optimizing and agent-based models of the Italian electricity market

Eric Guerci, Sandro Sapio
2011 2011 8th International Conference on the European Energy Market (EEM)  
This paper compares the explanatory performances of an agent-based model with a supply function equilibrium model on the same dataset, as a first step within a research programme aimed at designing reliable  ...  The models are validated on a unique plant-level dataset on the Italian power exchange.  ...  Acknowledgments The authors thank REF (Ricerche e consulenze per l'Economia e la Finanza) for sharing their competencies with them and for the courtesy to let them use the dataset of the Italian electricity  ... 
doi:10.1109/eem.2011.5953128 fatcat:3nw3ybjswrg7jnlgcyg3dnnxm4

A Service-Oriented Grid Environment with On-demand QoS Support

Gerhard Engelbrecht, Siegfried Benkner
2009 2009 Congress on Services - I  
Although the design of the QoS support is generic, the implementation emphasizes the specific requirements of compute-intensive and time-critical parallel applications, which necessitate on-demand QoS  ...  An experimental evaluation demonstrates the capabilities and rational behavior of the QoS infrastructure.  ...  The main point of criticism in the context of this auction design as described by [Ausubel , 2003] is the strategic behavior of the bidders utilizing the knowledge about the number of auction participants  ... 
doi:10.1109/services-i.2009.84 dblp:conf/services/EngelbrechtB09 fatcat:2cnv5tsjsnax5nngtkyexziike
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