Title | Maximizing Bidder Surplus in Simultaneous Online Art Auctions via Dynamic Forecasting |
Publication Type | Journal Article |
Year of Publication | 2011 |
Authors | Dass, M., W. Jank, and G. Shmueli |
Journal | International Journal on Forecasting |
Volume | 27 |
Issue | 4 |
Pages | 1259-1270 |
Abstract | This paper presents a novel intelligent bidding system, called SOABER (Simultaneous Online Auction BiddER), which monitors simultaneous online auctions of high-value fine art items. It supports decision-making by maximizing bidders’ surpluses and their chances of winning an auction. One key element of the system is a dynamic forecasting model, which incorporates information about the speed of an auction’s price movement, as well as the level of competition both within and across auctions. Other elements include a wallet estimator, which gauges the bidders’ willingness to pay, and a bid strategizer, |
URL | http://www.sciencedirect.com/science/article/pii/S0169207011000264 |
DOI | 10.1016 |