Dynamic Decision Making in Sequential Business-to-Business Auctions: A Structural Econometric Approach

Published Online:https://doi.org/10.1287/mnsc.2018.3118

References

  • Adomavicius G, Gupta A, Zhdanov D (2009) Designing intelligent software agents for auctions with limited information feedback. Inform. Systems Res. 20(4):507–526.LinkGoogle Scholar
  • Aguirregabiria V, Mira P (2007) Sequential estimation of dynamic discrete games. Econometrica 75(1):1–53.CrossrefGoogle Scholar
  • Ashenfelter O, Graddy K (2003) Auctions and the price of art. J. Econom. Literature 41(3):763–787.CrossrefGoogle Scholar
  • Athey S, Haile P (2002) Identification of standard auction models. Econometrica 70(6):2107–2140.CrossrefGoogle Scholar
  • Athey S, Levin J, Seira E (2011) Comparing open and sealed bid auctions: Evidence from timber auctions. Quart. J. Econom. 126(1):207–257.CrossrefGoogle Scholar
  • Ausubel L, Cramton P, Pycia M, Rostek M, Weretka M (2014) Demand reduction and inefficiency in multi-unit auctions. Rev. Econom. Stud. 81(4):1366–1400.CrossrefGoogle Scholar
  • Backus M, Lewis G (2016) Dynamic demand estimation in auction markets. NBER Working Paper No. 22375, National Bureau of Economic Research, Cambridge, MA. CrossrefGoogle Scholar
  • Bajari P, Hortacsu A (2003) The winner’s curse, reserve prices, and endogenous entry: Empirical insights from eBay auctions. RAND J. Econom. 34(2):329–355.CrossrefGoogle Scholar
  • Bajari P, Benkard L, Levin J (2007) Estimating dynamic models of imperfect competition. Econometrica 75(5):1331–1370.CrossrefGoogle Scholar
  • Bapna R, Goes P, Gupta A, Karuga G (2008) Predicting bidders’ willingness to pay in online multi-unit ascending auctions: Analytical and empirical insights. INFORMS J. Comput. 20(3):345–355.LinkGoogle Scholar
  • Bichler M, Gupta A, Ketter W (2010) Designing smart markets. Inform. Systems Res. 21(4):688–699.LinkGoogle Scholar
  • Boutilier C, Goldszmidt M, Sabata B (1999) Sequential auctions for the allocation of resources with complementarities. Proc. 16th Internat. Joint Conf. Artificial Intelligence (IJCAI-99), Stockholm, 527–534.Google Scholar
  • Brendstrup B (2007) Non-parametric estimation of sequential English auctions. J. Econometrics 141(2):460–481.CrossrefGoogle Scholar
  • Caldentey R, Vulcano G (2007) Online auction and list price revenue management. Management Sci. 53(5):795–813.LinkGoogle Scholar
  • Chen X, Ghate A, Tripathi A (2011) Dynamic lot-sizing in sequential online retail auctions. Eur. J. Oper. Res. 215(1):257–267.CrossrefGoogle Scholar
  • Chintagunta P, Erdem T, Rossi P, Wedel M (2006) Structural modeling in marketing: Review and assessment. Marketing Sci. 25(6):604–616.LinkGoogle Scholar
  • Donald SG, Paarsch HJ (1996) Identification, estimation, and testing in parametric empirical models of auctions within the independent private values paradigm. Econometric Theory 12(3):517–567.CrossrefGoogle Scholar
  • Donald SG, Paarsch HJ, Robert J (2006) An empirical model of the multi-unit, sequential, clock auction. J. Appl. Econometrics 21(8):1221–1247.CrossrefGoogle Scholar
  • Doraszelski U, Escobar J (2010) A theory of regular Markov perfect equilibria in dynamic stochastic games: Genericity, stability, and purification. Theoret. Econom. 5(3):369–402.CrossrefGoogle Scholar
  • Dubé JP, Hitsch GJ, Chintagunta PK (2010) Tipping and concentration in markets with indirect network effects. Marketing Sci. 29(2):216–249.LinkGoogle Scholar
  • Ericson R, Pakes A (1995) Markov-perfect industry dynamics: A framework for empirical work. Rev. Econom. Stud. 62(1):53–82.CrossrefGoogle Scholar
  • Flambard V, Perrigne I (2006) Asymmetry in procurement auctions: Evidence from snow removal contracts. Econom. J. 116(514):1014–1036.Google Scholar
  • Goes P, Karuga G, Tripathi A (2010) Understanding willingness to pay formation of repeat bidders in online sequential auction. Inform. Systems Res. 21(4):907–924.LinkGoogle Scholar
  • Guerre E, Perrigne I, Vuong Q (2000) Optimal nonparametric estimation of first-price auctions. Econometrica 68(3):525–574.CrossrefGoogle Scholar
  • Harsanyi J (1973) Games with randomly disturbed payoffs: A new rationale for mixed-strategy equilibrium points. Internat. J. Game Theory 2(1):1–23.CrossrefGoogle Scholar
  • Hickman BR, Hubbard TP, Saglam Y (2012) Structural econometric methods in auctions: A guide to the literature. J. Econom. Methods 1(1):67–106.CrossrefGoogle Scholar
  • Huang Y, Singh P, Ghose A (2015) A structural model of employee behavioral dynamics in enterprise social media. Management Sci. 61(12):2825–2844.LinkGoogle Scholar
  • Jofre-Bonet M, Pesendorfer M (2003) Estimation of a dynamic auction game. Econometrica 71(5):1443–1489.CrossrefGoogle Scholar
  • Judd KL (1998) Numerical Methods in Economics (MIT Press, Cambridge, MA).Google Scholar
  • Kambil A, van Heck E (1998) Reengineering the Dutch flower auctions: A framework for analyzing exchange organizations. Inform. Systems Res. 9(1):1–19.LinkGoogle Scholar
  • Kambil A, van Heck E (2002) Making Markets: How Firms Can Design and Profit from Online Auctions and Exchanges (Harvard Business School Press, Boston).Google Scholar
  • Ketter W, Collins J, Gini M, Gupta A, Schrater P (2012) Real-time tactical and strategic sales management for intelligent agents guided by economic regimes. Inform. Systems Res. 23(4):1263–1283.LinkGoogle Scholar
  • Klemperer P (2002) What really matters in auction design. J. Econom. Perspect. 16(1):169–189.Google Scholar
  • Kullback S, Leibler RA (1951) On information and sufficiency. Ann. Math. Statist. 22(1):79–86.CrossrefGoogle Scholar
  • Lu Y, Gupta A, Ketter W, van Heck E (2016) Exploring bidder heterogeneity in multichannel sequential B2B auctions. MIS Quart. 40(3):645–662.CrossrefGoogle Scholar
  • Lucas RE Jr (1976) Econometric policy evaluation: A critique. Brunner K, Meltzer AH, eds. Carnegie-Rochester Conference Series on Public Policy, vol. 1 (North Holland, Amsterdam), 19–46.CrossrefGoogle Scholar
  • McAfee R, Vincent D (1993) The declining price anomaly. J. Econom. Theory 60(1):191–212.CrossrefGoogle Scholar
  • Milgrom P, Weber RJ (1982) A theory of auctions and competitive bidding. Econometrica 50(5):1089–1122.CrossrefGoogle Scholar
  • Muth JF (1961) Rational expectations and the theory of price movements. Econometrica 29(3):315–335.CrossrefGoogle Scholar
  • Paarsch HJ (1992) Deciding between the common and private value paradigms in empirical models of auctions. J. Econometrics 51(1/2):191–215.CrossrefGoogle Scholar
  • Paarsch HJ, Hong H, Haley R (2006) An Introduction to the Structural Econometrics of Auction Data (MIT Press, Cambridge, MA).Google Scholar
  • Pardoe D, Stone P, Saar-Tsechansky M, Keskin T, Tomak K (2010) Adaptive auction mechanism design and the incorporation of prior knowledge. INFORMS J. Comput. 22(3):353–370.LinkGoogle Scholar
  • Pinker E, Seidmann A, Vakrat Y (2010) Using bid data for the management of sequential, multi-unit, online auctions with uniformly distributed bidder valuations. Eur. J. Oper. Res. 202(2):574–583.CrossrefGoogle Scholar
  • Pratt JW, Gibbons JD (1981) Concepts of Nonparametric Theory (Springer-Verlag, New York).CrossrefGoogle Scholar
  • Rinne H (2008) The Weibull Distribution: A Handbook (Chapman and Hall/CRC, New York).CrossrefGoogle Scholar
  • Roth A, Ockenfels A (2002) Last minute bidding and the rules for ending second-price auctions: Evidence from eBay and Amazon auctions on the Internet. Amer. Econom. Rev. 92(4):1093–1103.CrossrefGoogle Scholar
  • Rothkopf MH, Harstad RM (1994) Modeling competitive bidding: A critical essay. Management Sci. 40(3):364–384.LinkGoogle Scholar
  • Rust J (1994) Structural estimation of Markov decision processes. Engle RF, McFadden DL, eds. Handbook of Econometrics, vol. 4 (Elsevier, Amsterdam), 3081–3143.Google Scholar
  • Shen Z, Su X (2007) Customer behavior modeling in revenue management and auctions: A review and new research opportunities. Production Oper. Management 16(6):713–728.CrossrefGoogle Scholar
  • Swinkels JM (2001) Efficiency of large private value auctions. Econometrica 69(1):37–68.CrossrefGoogle Scholar
  • Van den Berg GJ, Van Ours J, Pradhan M (2001) The declining price anomaly in Dutch Dutch rose auctions. Amer. Econom. Rev. 91(4):1055–1062.CrossrefGoogle Scholar
  • Vickrey W (1961) Counterspeculation, auctions and competitive sealed tenders. J. Finance 16(1):8–37.CrossrefGoogle Scholar
  • Wang S, Jank W, Shmueli G (2008) Explaining and forecasting online auction prices and their dynamics using functional data analysis. J. Bus. Econom. Statist. 26(2):144–160.CrossrefGoogle Scholar
  • Yao S, Mela CF (2008) Online auction demand. Marketing Sci. 27(5):861–885.LinkGoogle Scholar
  • Yao S, Mela CF (2011) A dynamic model of sponsored search advertising. Marketing Sci. 30(3):447–468.LinkGoogle Scholar
  • Zeithammer R (2006) Forward-looking bidding in online auctions. J. Marketing Res. 43(3):462–76.CrossrefGoogle Scholar
INFORMS site uses cookies to store information on your computer. Some are essential to make our site work; Others help us improve the user experience. By using this site, you consent to the placement of these cookies. Please read our Privacy Statement to learn more.