Academic literature on the topic 'Art auction strategy'
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Journal articles on the topic "Art auction strategy":
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Drabik, Ewa. "A Few Notes On Art Auctions." Foundations of Management 15, no. 1 (January 1, 2023): 115–28. http://dx.doi.org/10.2478/fman-2023-0009.
Abstract:
Abstract The art market, following the example of financial markets, is divided into a primary market, where works are traded directly from artists, and a secondary market that is mainly the auction market. Coronavirus disease 2019 (COVID-19) and galloping inflation have influenced the creation of a bull market in artwork. The high incomes of some buyers and inflation have influenced the emergence of the so-called ‘glittery’ art market. Works by neglected artists have ‘very much taken on a life of their own’: fantasy art, works by young poster artists, casting ‘nightmares’ – have been selling well for more than a year. People terrified of inflation are putting their money ‘in works of art’. The auction market dominates the primary market because anonymity makes it easier to enter the art market. The gallery market does not guarantee this anonymity. Very often, the auction market for works of art is used for money laundering. The purpose of this paper is to show that auction mechanisms are a good tool for the efficient allocation of goods and money in an area of galloping inflation and most art auctions are asymmetry.
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Ghosh, Susobhan, Sujit Gujar, Praveen Paruchuri, Easwar Subramanian, and Sanjay Bhat. "Bidding in Smart Grid PDAs: Theory, Analysis and Strategy." Proceedings of the AAAI Conference on Artificial Intelligence 34, no. 02 (April 3, 2020): 1974–81. http://dx.doi.org/10.1609/aaai.v34i02.5568.
Abstract:
Periodic Double Auctions (PDAs) are commonly used in the real world for trading, e.g. in stock markets to determine stock opening prices, and energy markets to trade energy in order to balance net demand in smart grids, involving trillions of dollars in the process. A bidder, participating in such PDAs, has to plan for bids in the current auction as well as for the future auctions, which highlights the necessity of good bidding strategies. In this paper, we perform an equilibrium analysis of single unit single-shot double auctions with a certain clearing price and payment rule, which we refer to as ACPR, and find it intractable to analyze as number of participating agents increase. We further derive the best response for a bidder with complete information in a single-shot double auction with ACPR. Leveraging the theory developed for single-shot double auction and taking the PowerTAC wholesale market PDA as our testbed, we proceed by modeling the PDA of PowerTAC as an MDP. We propose a novel bidding strategy, namely MDPLCPBS. We empirically show that MDPLCPBS follows the equilibrium strategy for double auctions that we previously analyze. In addition, we benchmark our strategy against the baseline and the state-of-the-art bidding strategies for the PowerTAC wholesale market PDAs, and show that MDPLCPBS outperforms most of them consistently.
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Beggs, Alan, and Kathryn Graddy. "Anchoring Effects: Evidence from Art Auctions." American Economic Review 99, no. 3 (May 1, 2009): 1027–39. http://dx.doi.org/10.1257/aer.99.3.1027.
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This paper shows that the price of a painting sold at an art auction and the experts' pre-sale valuations are anchored on the price at which the painting previously sold at auction. We are able to separate anchoring from rational learning by using the identifying strategy that the unobservable component of quality for a particular painting remains constant between the last auction sale and the current auction sale. We interpret these results as anchoring on the part of the buyers, with the sellers and auctioneers either anticipating anchoring on the part of the buyers or exhibiting anchoring effects themselves. (JEL D44, Z11)
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D’Souza, Clare, and David Prentice. "Auctioneer strategy and pricing: evidence from an art auction." Marketing Intelligence & Planning 20, no. 7 (December 2002): 417–27. http://dx.doi.org/10.1108/02634500210450855.
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Molho, Jeremie. "Becoming Asia’s Art Market Hub: Comparing Singapore and Hong Kong." Arts 10, no. 2 (April 27, 2021): 28. http://dx.doi.org/10.3390/arts10020028.
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The recent emergence of new regions in the global art market has been structured by hub cities that concentrate key actors, such as global auction houses, influential art fairs, and galleries. Both Singapore and Hong Kong have developed explicit strategies aimed at positioning themselves as Asia’s art market hub. This followed the steep rise of the Chinese art market, but also the general perception of Asia as the world’s most dynamic art market. While Hong Kong’s emergence derives from its status as gateway to the Chinese market, and has been driven by key global players, such as the auction houses Christies’ and Sotheby’s, the Art Basel fair, and mega-galleries, Singapore’s strategy has been driven by the state. At the end of the 2000s, the city identified the art market as a new growth sector, and proactively invested, by creating a cluster concentrating international galleries and supporting art fairs, art weeks, and new world-class cultural institutions. Based on comparative fieldwork, and interviews with actors of the Singapore and Hong Kong art markets, this article shows that the two cities’ distinct strategies have generated contrasted models of “cultural hubs”, and that they play complementary roles in the structuration of the region’s art market.
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Garay, Urbi. "The Latin American art market: literature and perspectives." Academia Revista Latinoamericana de Administración 31, no. 1 (March 5, 2018): 239–76. http://dx.doi.org/10.1108/arla-04-2017-0117.
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Objective The purpose of this paper is to present the progress and trends of the literature on art as an investment and to outline potential research lines to be developed. Design/methodology/approach This work gathers, analyses and critically discusses the attributes of investments in art in general, and in Latin American art in particular. Findings Most studies report that art (art in general, and Latin American in particular) has offered relatively low but positive real returns, which have tended to be below those offered by stocks and similar to those realized by bonds. Art has a low correlation with other investments. Research limitations and implications The literature on the attributes of Latin American art as an investment is limited and new research would help to close the knowledge gap with respect to this segment of the art market as it continues to grow. Practical implications Similarly to the research carried out into other segments of the art market, studies on Latin American art suggest that the works of art are worth more, ceteris paribus: the more renowned the artist, the larger the work, whether they were executed in oil, and if they were auctioned at Sotheby’s or Christie’s. The paper also details a series of practical implications for those who participate in the art market. Originality/value To the best of the authors’ knowledge, this is the first exhaustive review of the literature on the attributes of Latin American art as an investment. The findings of this study are useful for academics, art collectors, auction houses, gallerists and others who take part in the arts market.
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Liang, Yajie, Kun Zhou, and Caicong Wu. "Dynamic Task Allocation Method for Heterogenous Multiagent System in Uncertain Scenarios of Agricultural Field Operation." Journal of Physics: Conference Series 2356, no. 1 (October 1, 2022): 012049. http://dx.doi.org/10.1088/1742-6596/2356/1/012049.
Abstract:
This study focuses on the problem of dynamic task allocation for a heterogeneous multiagent system (MAS) in uncertain scenarios and its application in agricultural field operation. Previous studies lacked robustness or efficiency for uncertain environments especially in agricultural field, such as agent removal, agent inclusion, changes of agent capabilities, and task changes. We present herein a novel concept of the potential field of capability influence (PFCI), and based on which, we can estimate potential overloaded tasks. This provides an opportunity to improve the allocation of the remaining tasks. Then, we propose a heuristic-based clustering auction (HBCA) method by introducing PFCI into the auction mechanism to achieve an effective and efficient task allocation. The whole method consists of the three following phases based on the auction mechanism: 1) auctioneer preprocessing phase that adopts a capability priority strategy to select the preferable agent; 2) bidder preprocessing phase that introduces the PFCI to obtain a list of clustered tasks heuristically; and 3) adaptive auction phase that applies the auction mechanism to achieve an appropriate match between agents and tasks. Numerical simulations with different uncertain field operation scenarios validate the effectiveness of the proposed method. The results show that the proposed HBCA can dramatically reduce the total assignment cost and outperform state-of-the-art methods, especially in the case of obvious variances in agent capabilities.
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Whitaker, Amy, and Roman Kräussl. "Fractional Equity, Blockchain, and the Future of Creative Work." Management Science 66, no. 10 (October 2020): 4594–611. http://dx.doi.org/10.1287/mnsc.2020.3633.
Abstract:
A core challenge in studying the real return on artist' work is the extreme difficulty accessing private records from when an artwork was first sold and thus relying on public auction data. In addition, artists do not typically receive proceeds after the initial sale. This paper, for the first time, uses archivally sourced primary market records to model returns on art and introduces a novel fractional equity structure for artists. We first model what would happen if the American artists Jasper Johns and Robert Rauschenberg had retained 10% equity in their work when it was first sold. Second, we model a portfolio return using data from the Betty Parsons Gallery and the Green Gallery. To add a portfolio analysis to the performance of “star” artists, we model the galleries as a fund invested in all of artworks sold, using auction sales as the realization event. We find that the individual Johns and Rauschenberg works would have vastly outperformed equities markets. The gallery portfolio still substantially outperforms the S&P, even including 20% transaction costs. Beyond the art market, our larger conceptual framework for retained fractional equity has broad implications for compensation of early-stage creative work in any field and for potential applications of blockchain technology. This paper was accepted by Karl Diether, finance.
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Wertz, Margaret Iacono. "Confronting the Past, Hanging Together: Charles Stewart Carstairs’s Campaign for Modern Art." Nineteenth Century Studies 33, no. 1 (December 1, 2021): 113–27. http://dx.doi.org/10.5325/ninecentstud.33.0113.
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Abstract Charles Stewart Carstairs (1865–1928) was a world-renowned art dealer and adviser to eminent collectors like Henry Clay Frick (1849–1919) and Andrew W. Mellon (1855–1937). As a principal member of M. Knoedler and Company—an art-dealing firm founded in about 1848 as the New York branch of the French Goupil and Company that remained active until its closure in 2011—and the director of its London headquarters for more than two decades, Carstairs was a key figure in the art market of the late nineteenth century and the early twentieth. Although his fundamental role in creating a market for Old Master paintings in the United States is now being acknowledged, his advocacy of modern and contemporary art and especially modern French painting remains largely unexplored. This article discusses his personal art collection and shows how the promotional methods he employed—including displaying Old Masters and modern and contemporary works together, a strategy being increasingly adopted by museums, galleries, and auction houses today—encouraged collector and public appreciation of modern painting.
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Minglu, Yang, Ahmad Albattat, and Azman Norhidayah. "Historical Factors Influencing Water Colour Painting Market Environment and Development in China Market Supervisor as a Moderator." International Journal of Professional Business Review 8, no. 8 (August 10, 2023): e02991. http://dx.doi.org/10.26668/businessreview/2023.v8i8.2991.
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Purpose: China has a long history of art, including watercolour painting, which has garnered international acclaim. China can gain recognition for its artistic accomplishments and contribute to the global art community by preserving and promoting the practise of watercolour painting both domestically and internationally. Theoretical framework: The tale of the development of Chinese watercolour painting is intricate and multidimensional, reflecting the impact of several historical events (Li, 2023; Yin,2022). These elements have all contributed to the creation of this stunning and lasting art form, from the rich philosophical and cultural traditions of China to the impact of aesthetic trends and technical advancements. Design/Methodology/Approach: A total of 495 respondents participated in the survey comprised of 110 watercolour artist collectors, 220 watercolour paintings and 165lectors and business intermediaries 165. This study was a cross-sectional study where the data collection period is from August to October 2021. Using Smart PLS, the collected data is analysed. Findings: The study revealed that watercolour painting is a popular art form among both artists and collectors. Watercolour paintings have been a popular art form for centuries, and this study confirms that their popularity remains strong among both artists and collectors. The delicate beauty of watercolours, with their translucent washes of colour and soft edges, is particularly appealing to those who appreciate the subtleties of art. Research, practical & social implications: This study found that watercolour paintings are highly valued by business intermediaries, who recognize their potential as investments. In fact, many galleries and auction houses specialize in selling watercolours, and the market for these works continues to grow. Originality/Value: It is important to note that not all watercolour paintings are created equal - some are more highly prized than others based on factors such as the artist's reputation, the quality of the materials used, and the subject matter depicted. Overall, this study underscores the enduring appeal of watercolour paintings and their continued relevance in today's art world.
Dissertations / Theses on the topic "Art auction strategy":
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Schild, Tamara. "Stratégies de création de valeur dans une maison de ventes aux enchères : ethnographie d'un département d'art africain et océanien." Electronic Thesis or Diss., Paris, EHESS, 2023. http://www.theses.fr/2023EHES0187.
Abstract:
Depuis le milieu des années 2000, les maisons de ventes aux enchères internationales Christie’s et Sotheby’s se sont attachées à la construction d’un marché haut de gamme pour l’art africain et l’art océanien. En quelques années, elles sont devenues les acteurs majeurs de ce marché, rythmant l’agenda commercial et introduisant de nouveaux standards, une augmentation des prix pour certaines œuvres et une nouvelle clientèle. Cette évolution a été favorisée par la libéralisation du marché des ventes aux enchères français au début du XXIe siècle, qui leur a permis de pénétrer cette place historique de ce domaine artistique, et grâce à l’importance grandissante de collectionneurs d’art moderne et contemporain dont elles ont tiré profit par des ventes croisées. Dans ce contexte, notre travail est consacré aux principales stratégies mises en œuvre par les collaborateurs d’une maison internationale pour augmenter la valeur économique et la désirabilité des œuvres d’art africaines et océaniennes dont ils font commerce et assurer la pérennité de cette catégorie de vente aux enchères. Notre recherche s’appuie principalement sur six mois d’observations participantes de leur activité au sein du département spécialisé, sur des entretiens d’experts, et sur l’analyse qualitative et quantitative de 180 catalogues de ventes. À travers l’analyse diachronique de l’évolution du département depuis sa création au milieu des années 1970, nous avons pu mettre en évidence le rôle de trois générations de spécialistes impliqués dans la commercialisation de ces arts aux enchères et éclairer ainsi le pouvoir de valorisation de ces intermédiaires de marché encore peu étudiés. Dans la seconde partie, en s’appuyant sur la méthode de l’étude de cas élargie et de l’analyse situationnelle développées par M. Gluckman et C. Mitchell, notre travail a permis de faire apparaître, d’un point de vue synchronique, les stratégies de ces acteurs dans les grandes étapes de la préparation d’une vente. À la lumière de ces résultats, la maison de ventes se révèle comme une sphère de valorisation structurée par différents vecteurs. Profondément marquée par son origine aristocratique qui amène hiérarchisation et exclusivité à la fois des personnes et des objets, elle est aussi animée par une logique de "gambling" qu’équilibre une forte rationalisation de la chaîne de valeur. Cette rationalisation rend d’autant plus nécessaire la mise en avant de l’émotion et le recours à un discours de passion propre au domaine de l’art pour préserver la possibilité d’enchantement du publicSince the mid-2000s, international auction houses Christie’s and Sotheby’s have focused on building a high-end market for African and Oceanic art at auction. In just a few years, they have become major players in this market. They introduced new standards for pricing, attracting a new clientele, and establishing a commercial agenda. This evolution was facilitated by the liberalization of the French auction market at the turn of the 21st century, which allowed them to enter this historic marketplace for African and Oceanic art. Additionally, the growing presence of modern art and contemporary art collectors in this niche market have provided cross-selling opportunities. In this context, this research investigates the main strategies implemented by the staff of an international auction house to increase the economic value and desirability of African and Oceanic artworks, and thus ensure the sustainability of this auction category. The study involved six months of participant observation of activities in the specialist department, expert interviews, and qualitative and quantitative analysis of 180 sales catalogs. Through a diachronic analysis of the department’s development since its inception in the mid-1970s, the study was able to highlight the role of three generations of specialists involved in the marketing of these arts at auction, and thus shed light on the valuation power of these little-studied intermediaries. In the second section, using the extended case study and the situational analysis methods developed by M. Gluckman and C. Mitchell, this work has revealed, from a synchronic point of view, the strategies of auction staff in the major stages of preparing an auction sale. In light of these results, the auction house emerges as a sphere of valuation structured by different vectors. The auction house is deeply marked by its aristocratic origins, which have brought ongoing hierarchy and exclusivity to both people and objects. It is also influenced by a "gambling logic" which remains controlled by a strong rationalization of the value chain. This rationalization seems to make it even more necessary to emphasize emotion and create a discourse of passion specific to the art world, in order to enchant the public
Seit Mitte der 2000er Jahre arbeiten die internationalen Auktionshäuser Christie’s und Sotheby’s am Aufbau eines High-End-Marktes für afrikanische und ozeanische Kunst. Innerhalb weniger Jahre sind sie zu den wichtigsten Akteuren in diesem Markt geworden. Sie haben neue Industriestandards, höhere Preise für bestimmte Werke und eine neue Kundschaft eingeführt. Diese Entwicklung wurde durch die Liberalisierung des französischen Auktionsmarktes zu Beginn des 21. Jahrhunderts begünstigt, wodurch sie diesen historischen Marktplatz erschließen konnten. Das Auftreten bedeutender Sammler moderner und zeitgenössischer Kunst in diesem Nischenmarkt hat Möglichkeiten für Querverkäufe geschaffen. Vor diesem Hintergrund untersucht die vorliegende Arbeit die wichtigsten Strategien, die von den Mitarbeitern eines internationalen Auktionshauses angewendet werden, um den ökonomischen Wert und die Begehrlichkeit der gehandelten Werke zu steigern und den Fortbestand dieser Auktionskategorie zu sichern. Die Forschung stützt sich auf eine sechsmonatige teilnehmende Beobachtung ihrer Tätigkeit, Experteninterviews sowie eine qualitative und quantitative Auswertung von 180 Auktionskatalogen. Durch eine diachrone Analyse der Entwicklung der Abteilung seit ihrer Gründung Mitte der 1970er Jahre wird die Rolle dreier Generationen von Spezialisten, die an der Vermarktung dieser Kunst beteiligt waren, hervorgehoben und so die Wertschöpfungsmacht dieses noch wenig erforschten Marktvermittlers beleuchtet. Im zweiten Teil der Arbeit werden anhand der von M. Gluckman und C. Mitchell entwickelten Methoden der erweiterten Fallstudie und der Situationsanalyse die Strategien dieser Akteure in den wichtigsten Phasen der Auktionsvorbereitung aus synchroner Sicht dargestellt. Im Lichte dieser Ergebnisse erweist sich das Auktionshaus als eine durch verschiedene Vektoren strukturierte Wertschöpfungssphäre. Zum einen ist das Auktionshaus von seinem aristokratischen Ursprung geprägt, der eine Hierarchisierung und Exklusivität sowohl der Personen als auch der Objekte mit sich bringt. Es wird aber auch von einer Logik des Gambling angetrieben, die durch eine starke Rationalisierung der Wertschöpfungskette abgesichert wird. Diese Rationalisierung macht es wiederum notwendig, auf einen Diskurs der Leidenschaft zurückzugreifen, der dem Kunstbereich eigen ist, um die Möglichkeit der Verzauberung des Publikums zu gewährleisten
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Gavlas, Ondřej. "Strategie na zlepšení procesů souvisejících s dražbami nemovitostí firmy RS Gavlas." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2007. http://www.nusl.cz/ntk/nusl-408041.
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This Master’s thesis deals about strategy for Improving Auction of Properties in RS Gavlas Company. The theoretical part is concerned with an auction theory and a contemporary legislation. The practical part examines Czech auction market, an auction process, customer relationship management implementation and legislative problems with the aim to find new possibilities of use for company RS Gavlas.
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Chiang, Chia-Wen, and 蔣佳雯. "Taiwan antiquities art auction market business strategy case study." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/81728578104578123173.
Abstract:
碩士國立臺灣科技大學
管理研究所
101
The Chinese economy grew rapidly. The Asian art auction market is very competitive and China's wealthy are rapidly increasing. Art auction market gradually on the rise again. Each occurrence of scarce antiquarian will attract Chinese wealthy to buy the antiquarian artware, also let Chinese art auction market are rapidly to rise abruptly. Instead of the Taiwanese art auction market is gradually shrinking. The art auction market development of Taiwan has been fast in recent years. Taiwan has a geographical, cultural and environmental advantages. In the future, Taiwan antiquities art auction market development is increasingly optimistic. Therefore, This study uses the SWOT analysis case of the auction company overview for, and use the survey results for validation. Finally, the use of Focus interview method. The exploration and study The case company future development feasibility of cross-industry alliance. Case study results show that companies can react to market changes and meet customer needs. Also, the attitude of service and efficiency have feel respected. Let customers participate in the auction will be impressed. However, Christie's in taxes, professional appraisal, auction management is better. But, Taiwan's case company with Beijing Poly in taxes, professional appraisal, auction management no difference. Display Taiwan is still in business management has certain advantages. Also, the case company future development of cross-industry alliance can make the gradual recovery of the auction market in Taiwan. The cross-industry alliance can bring economic development of different industries. Strengthen the competitiveness of Taiwan art auction market. The cross-industry alliance to become Taiwan Art Auction company a new direction in the future.
Books on the topic "Art auction strategy":
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Office, General Accounting. Operation Desert Storm: Improved Air Force procedures are needed for special project supply orders : report to Congressional requesters. Washington, D.C: U.S. General Accounting Office, 1992.
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Back, Kerry E. Information, Strategic Trading, and Liquidity. Oxford University Press, 2017. http://dx.doi.org/10.1093/acprof:oso/9780190241148.003.0024.
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The chapter describes some asymmetric information models of liquidity. In these models, trades move prices because of the possibility that the trades are based on information not known to the market. A strategic trader is one who takes into consideration that her trades move prices. The chapter describes the Glosten‐Milgrom model of the bidask spread, the Kyle model of market depth, the Glosten model of limit‐order markets, and models of auctions. Except for the auction models, prices are set in these models by uninformed market makers who face adverse selection from informed traders. In the auction models, prices are set by informed individuals bidding against one another. The winner’s curse, the revenue equivalence theorem, and related aspects of auctions are explained.
Book chapters on the topic "Art auction strategy":
1
Grimm, Curtis M., Hun Lee, and Ken G. Smith. "Winning The Peace: Taking “Co-optive” Actions in the Absence of Resource Advantage." In Strategy as Action, 180–201. Oxford University PressNew York, NY, 2005. http://dx.doi.org/10.1093/oso/9780195161441.003.0009.
Abstract:
Abstract Christie’s International and Sotheby’s Holdings have long dominated the art auction industry, evenly sharing 95 percent of the $4 billion per year global market in 2002. The two firms profited by charging sellers and buyers a fee for auctioning art and other exclusive items. They essentially had no competitors and were very similar in key resources and competitive strength. It was well known among industry observers that both firms cooperated, for example, scheduling alternating auctions so more buyers and sellers could attend and charging sellers and buyers the same fees. For over two centuries, Christie’s and Sotheby’s had competed and cooperated without much scrutiny. However, in 1997 the U.S. Justice Department began to investigate the two industry leaders on charges of price fixing. To illustrate, both firms on two occasions had implemented the same changes to the fee structure for sellers and buyers within two months of each other over the last few years. But even with this evidence, the investigation had not advanced very far until 2000, when Christie’s announced that it would begin to cooperate with the criminal antitrust investigation. Christie’s decision was motivated by U.S. antitrust law, which provided leniency to the first party from criminal prosecution who cooperated.
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Shubik, Martin, and Eric Smith. "Process, Strategy, and Behavior." In The Guidance of an Enterprise Economy. The MIT Press, 2016. http://dx.doi.org/10.7551/mitpress/9780262034630.003.0012.
Abstract:
The previous chapters have developed structure and provided proofs in principle as to how to build and analyse multistage models with simple assumptions about behavior. The hyper-astronomical explosion of special cases is to be welcomed as indicating that the initial timeless tight system, when converted to a loosely coupled process model, calls for both the specification of ad hoc questions and the supply of ad hoc model building of the detail needed to make it feasible to provide useful answers in any applications. We summarize the five dynamic models we analysed; but stress that in application there is no substitute for knowing both the relevant details and the behavioral considerations of the situation at hand. The dynamics of the steel industry requires details concerning both structure and behavior, as these are contrasted for example with selling high end art. In this chapter we examine the functioning of the double auction market and comment on trading mechanisms. Finally we discuss the relationship among solutions, structure and behaviour, closing with observations on dynamics and complexity and the false dichotomy between “Rational” or “Behavioral Agents”. For most individuals without deep psychological problems “context rationality” may provide a reasonable description.
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Mochon, A., and Y. Saez. "An Introduction of Evolutionary Computation in Auctions." In Handbook of Research on Nature-Inspired Computing for Economics and Management, 771–85. IGI Global, 2007. http://dx.doi.org/10.4018/978-1-59140-984-7.ch050.
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The increasing use of auctions as a selling mechanism has led to a growing interest in the subject. Thus both auction theory and experimental examinations of these theories are being developed. A recent method used for carrying out research on auctions has been the design of computational simulations. The aim of this chapter is to give a background about auction theory and to present how evolutionary computation techniques can be applied to auctions. Besides, a complete review to the related literature is also made. Finally, an explained example shows how a genetic algorithm can help automatically find bidders’ optimal strategies for a specific dynamic multi-unit auction—the Ausubel auction—with private values, drop-out information, and with several rationing rules implemented. The method provides the bidding strategy (defined as the action to be taken under different auction conditions) that maximizes the bidder’s payoff. The algorithm is tested under several experimental environments that differ in the elasticity of their demand curves, number of bidders, and quantity of lots auctioned. The results suggest that the approach leads to strategies that outperform sincere bidding when rationing is needed.
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Gumussoy, Cigdem Altin, and Fethi Calisir. "E-Auction." In Encyclopedia of Cyber Behavior, 503–13. IGI Global, 2012. http://dx.doi.org/10.4018/978-1-4666-0315-8.ch043.
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Customer behavior is a multi-stage decision process in an e-auction in which each step is critical to achieve success in e-auctions. The first step is the potential customer’s decision to adopt and use the e-auction system. It is important to understand the factors that affect the use of e-auction systems. Researchers have identified general reasons for the adoption of online auction such as a large variety of products, great price reductions, and without geographical limitations. The second step is the selection of the most appropriate bidding strategy. Bidders may have to embrace different bidding strategies during and at the end of the e-auction. In this chapter, bidding strategies applied to e-auctions are discussed. This chapter concludes with the possible future research areas related with customer behavior.
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Landis, Daji, and Nikolaj Schwartzbach. "Stackelberg Attacks on Auctions and Blockchain Transaction Fee Mechanisms." In Frontiers in Artificial Intelligence and Applications. IOS Press, 2023. http://dx.doi.org/10.3233/faia230501.
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We study a multi-unit single-demand auction in a setting where agents can arbitrarily commit to strategies that may depend on the commitments of other agents. Such commitments non-trivially change the equilibria of the auction by inducing a metagame, in which agents commit to strategies. We demonstrate a strategy an attacker may commit to that ensures they receive one such item for free, while forcing the remaining agents to enter a lottery for the remaining items. The attack is detrimental to the auctioneer, who loses most of their revenue. We show that the strategy works as long as the agents have valuations that are somewhat concentrated. The attack is robust to a large fraction of the agents being either oblivious to the attack or having exceptionally high valuations. The attacker may coerce these agents into cooperating by promising them a free item. We show that the conditions for the attack to work hold with high probability when (1) the auction is not too congested, and (2) the valuations are sampled i.i.d. from either a uniform distribution or a Pareto distribution. The attack works for first-price auctions, second-price auctions, and the transaction fee mechanism EIP-1559 used by Ethereum.
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Posada, Marta. "Emissions Permits Auctions." In Social Simulation, 180–91. IGI Global, 2008. http://dx.doi.org/10.4018/978-1-59904-522-1.ch014.
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In this chapter the authors demonstrate with three relevant issues that Agent Based Modeling (ABM) is very useful to design emissions permits auctions and to forecast emission permits prices. They argue that ABM offers a more efficient approach to auction design than the usual mechanistic models. The authors set up the essential components of any market institution far beyond supply and demand. They build an ABM for the emissions permits auction of the Environment Protection Agency (EPA), and demonstrate why the EPA failed. In the second experiment they show that in a competitive and efficient auction, the Continuous Double Auction, there is room for traders learning and strategic behavior, thus clearing the perfect market paradox. In the third experiment they build an ABM of the Spanish electricity market to get CO2 emissions prices forecasts that are more accurate than those obtained with econometric or mechanistic models.
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Galpin, Timothy. "Locate Targets That Fit Your M&A Strategy." In Winning at the Acquisition Game, 32–44. Oxford University Press, 2020. http://dx.doi.org/10.1093/oso/9780198858560.003.0003.
Abstract:
Deal sourcing involves creating leads and managing relationships to bring about a potential M&A transaction. A firm’s approach to deal sourcing depends partially on market conditions. As M&A waves gain strength there is often an abundance of capital pursuing too few deals. Conversely, in down M&A cycles deals are easier to source. In either circumstance, it is important that any prospective acquirer has a clear deal sourcing approach in order to maximize the chances of accomplishing their M&A strategy. This chapter covers three main categories of deal sourcing, the differences between financial and strategic buyers, and the M&A auction process, and differentiates between the strategic and organizational fit of M&A targets. Tools, templates, best practices, potential pitfalls, and a case example of how to go about deal sourcing are also addressed, along with the main participants, core activities, buyer’s and seller’s perspectives, and key cross-border considerations.
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Mikavica, Branka, and Aleksandra Kostic-Ljubisavljevic. "Auction-Based Pricing in Cloud Environment." In Encyclopedia of Organizational Knowledge, Administration, and Technology, 86–97. IGI Global, 2021. http://dx.doi.org/10.4018/978-1-7998-3473-1.ch008.
Abstract:
The rapid development of cloud computing requires improvement of pricing and allocation mechanisms of cloud resources. Dynamic pricing and allocation mechanisms are considered convenient, due to characteristics of cloud resources and the fact that demand for cloud resources is not uniform. The aims of such a mechanism are to optimize the utilization of cloud resources, to maximize cloud providers' revenues, and to minimize prices for cloud customers. Auction-based pricing and allocation mechanisms are often used since resources are allocated to the customers that value them the most, and prices are determined depending on the supply and demand conditions. Selection of an appropriate bidding strategy is a very important issue and requires the comprehensive approach. This chapter analyses the benefits of auction-based pricing and allocation mechanism in the cloud environment. In addition, the effects of different bidding strategies application are addressed.
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Karakaya, Fahri. "B2B eCommerce." In Service Science Research, Strategy and Innovation, 245–59. IGI Global, 2012. http://dx.doi.org/10.4018/978-1-4666-0077-5.ch015.
Abstract:
This chapter discusses the use of Internet by businesses in marketing products and services to other businesses. The chapter starts with the well-known technology adoption model and the relationship between technology adoption and firm profitability and then expands into how businesses market to other businesses using a variety of methods and examples. Most businesses targeting their products and services to other businesses or distributors have developed web sites where purchasers can obtain information and place online orders with little or no human involvement. In addition to company specific web sites, there are also web portals where business customers and sellers meet to buy and sell products using auctions and bids. The chapter then discusses how to increase online traffic using search engine optimization as well as identifying potential customers using electronic databases. The chapter ends with a discussion on the importance of relationship marketing for B2B businesses using Customer Relationship Management software or other means.
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Vragov, Roumen. "Sponsored Search as a Strategic E-Service." In Electronic Services, 1903–20. IGI Global, 2010. http://dx.doi.org/10.4018/978-1-61520-967-5.ch117.
Abstract:
In addition to helping consumers navigate the web search engines offer a new kind of e-service known as sponsored search. A search engine provides an auction interface to advertisers that allows them to be included in a list of sponsored links. Consumers then search the list to find the best deal. This paper uses a version of traditional consumer price search models from economic theory to evaluate the extent to which consumers and advertisers can rely on sponsored search as an effective strategic infomediary. The article also describes steps that the manager of the search engine can take to improve the sponsored search service. The findings are relevant to web advertising as well as to mobile advertising.
Conference papers on the topic "Art auction strategy":
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Chowdhury, Moinul Morshed Porag, Christopher Kiekintveld, Son Tran, and William Yeoh. "Bidding in Periodic Double Auctions Using Heuristics and Dynamic Monte Carlo Tree Search." In Twenty-Seventh International Joint Conference on Artificial Intelligence {IJCAI-18}. California: International Joint Conferences on Artificial Intelligence Organization, 2018. http://dx.doi.org/10.24963/ijcai.2018/23.
Abstract:
In a Periodic Double Auction (PDA), there are multiple discrete trading periods for a single type of good. PDAs are commonly used in real-world energy markets to trade energy in specific time slots to balance demand on the power grid. Strategically, bidding in a PDA is complicated because the bidder must predict and plan for future auctions that may influence the bidding strategy for the current auction. We present a general bidding strategy for PDAs based on forecasting clearing prices and using Monte Carlo Tree Search (MCTS) to plan a bidding strategy across multiple time periods. In addition, we present a fast heuristic strategy that can be used either as a standalone method or as an initial set of bids to seed the MCTS policy. We evaluate our bidding strategies using a PDA simulator based on the wholesale market implemented in the Power Trading Agent Competition (PowerTAC) competition. We demonstrate that our strategies outperform state-of-the-art bidding strategies designed for that competition.
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Li, Bin, Dong Hao, and Dengji Zhao. "Incentive-Compatible Diffusion Auctions." In Twenty-Ninth International Joint Conference on Artificial Intelligence and Seventeenth Pacific Rim International Conference on Artificial Intelligence {IJCAI-PRICAI-20}. California: International Joint Conferences on Artificial Intelligence Organization, 2020. http://dx.doi.org/10.24963/ijcai.2020/33.
Abstract:
Diffusion auction is a new model in auction design. It can incentivize the buyers who have already joined in the auction to further diffuse the sale information to others via social relations, whereby both the seller's revenue and the social welfare can be improved. Diffusion auctions are essentially non-typical multidimensional mechanism design problems and agents' social relations are complicatedly involved with their bids. In such auctions, incentive-compatibility (IC) means it is best for every agent to honestly report her valuation and fully diffuse the sale information to all her neighbors. Existing work identified some specific mechanisms for diffusion auctions, while a general theory characterizing all incentive-compatible diffusion auctions is still missing. In this work, we identify a sufficient and necessary condition for all dominant-strategy incentive-compatible (DSIC) diffusion auctions. We formulate the monotonic allocation policies in such multidimensional problems and show that any monotonic allocation policy can be implemented in a DSIC diffusion auction mechanism. Moreover, given any monotonic allocation policy, we obtain the optimal payment policy to maximize the seller's revenue.
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Maubert, Bastien, Munyque Mittelmann, Aniello Murano, and Laurent Perrussel. "Strategic Reasoning in Automated Mechanism Design." In 18th International Conference on Principles of Knowledge Representation and Reasoning {KR-2021}. California: International Joint Conferences on Artificial Intelligence Organization, 2021. http://dx.doi.org/10.24963/kr.2021/46.
Abstract:
Mechanism Design aims at defining mechanisms that satisfy a predefined set of properties, and Auction Mechanisms are of foremost importance. Core properties of mechanisms, such as strategy-proofness or budget-balance, involve: (i) complex strategic concepts such as Nash equilibria, (ii) quantitative aspects such as utilities, and often (iii) imperfect information,with agents’ private valuations. We demonstrate that Strategy Logic provides a formal framework fit to model mechanisms, express such properties, and verify them. To do so, we consider a quantitative and epistemic variant of Strategy Logic. We first show how to express the implementation of social choice functions. Second, we show how fundamental mechanism properties can be expressed as logical formulas,and thus evaluated by model checking. Finally, we prove that model checking for this particular variant of Strategy Logic can be done in polynomial space.
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Dziubiński, Marcin, and Krzysztof Jahn. "Discrete Two Player All-Pay Auction with Complete Information." In Thirty-Second International Joint Conference on Artificial Intelligence {IJCAI-23}. California: International Joint Conferences on Artificial Intelligence Organization, 2023. http://dx.doi.org/10.24963/ijcai.2023/296.
Abstract:
We study discrete two player all-pay auction with complete information. We provide full characterization of mixed strategy Nash equilibria and show that they constitute a subset of Nash equilibria of discrete General Lotto game. We show that equilibria are not unique in general but they are interchangeable and sets of equilibrium strategies are convex. We also show that equilibrium payoffs are unique, unless valuation of at least one of the players is an even integer number. If equilibrium payoffs are not unique, continuum of equilibrium payoffs are possible.
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Birmpas, Georgios, Andrea Celli, Riccardo Colini-Baldeschi, and Stefano Leonardi. "Fair Equilibria in Sponsored Search Auctions: The Advertisers’ Perspective." In Thirty-First International Joint Conference on Artificial Intelligence {IJCAI-22}. California: International Joint Conferences on Artificial Intelligence Organization, 2022. http://dx.doi.org/10.24963/ijcai.2022/14.
Abstract:
In this work we introduce a new class of mechanisms composed of a traditional Generalized Second Price (GSP) auction, and a fair division scheme in order to achieve some desired level of fairness between groups of Bayesian strategic advertisers. We propose two mechanisms, beta-Fair GSP and GSP-EFX, that compose GSP with, respectively, an envy-free up to one item, and an envy-free up to any item fair division scheme. The payments of GSP are adjusted in order to compensate advertisers that suffer a loss of efficiency due the fair division stage. We investigate the strategic learning implications of the deployment of sponsored search auction mechanisms that obey to such fairness criteria. We prove that, for both mechanisms, if bidders play so as to minimize their external regret they are guaranteed to reach an equilibrium with good social welfare. We also prove that the mechanisms are budget balanced, so that the payments charged by the traditional GSP mechanism are a good proxy of the total compensation offered to the advertisers. Finally, we evaluate the quality of the allocations through experiments on real-world data.
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Chen, Jing, Bo Li, Yingkai Li, and Pinyan Lu. "Bayesian Auctions with Efficient Queries (Extended Abstract)." In Thirty-First International Joint Conference on Artificial Intelligence {IJCAI-22}. California: International Joint Conferences on Artificial Intelligence Organization, 2022. http://dx.doi.org/10.24963/ijcai.2022/795.
Abstract:
Designing dominant-strategy incentive compatible (DSIC) mechanisms for a seller to generate (approximately) optimal revenue by selling items to players is a fundamental problem in Bayesian mechanism design. However, most existing studies assume that the seller knows the entire distribution from which the players’ values are drawn. Unfortunately, this assumption may not hold in reality: for example, when the distributions have exponentially large supports or do not have succinct representations. In this work we consider, for the first time, the query complexityof Bayesian mechanisms. The seller only has limited oracle accesses to the players’ distributions, via quantile queriesand value queries. For single-item auctions, we design mechanisms with logarithmicnumber of value or quantile queries which achieve almost optimal revenue. We then prove logarithmic lower-bounds, i.e., logarithmic number of queries are necessary for any constant approximation DSIC mechanisms, even when randomized and adaptive queries are allowed. Thus our mechanisms are almost optimal regarding query complexity. Our lower-bounds can be extended to multi-item auctions with monotone subadditive valuations, and we complement this part with constant approximation mechanisms for unit-demand or additive valuation functions. Our results are robust even if the answers to the queries contain noises.
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Liu, Xiaodong, and Weiran Shen. "Auto-bidding with Budget and ROI Constrained Buyers." In Thirty-Second International Joint Conference on Artificial Intelligence {IJCAI-23}. California: International Joint Conferences on Artificial Intelligence Organization, 2023. http://dx.doi.org/10.24963/ijcai.2023/314.
Abstract:
In online advertising markets, an increasing number of advertisers are adopting auto-bidders to buy advertising slots. This tool simplifies the process of optimizing bids based on various financial constraints. In our study, we focus on second-price auctions where bidders have both private budget and private ROI (return on investment) constraints. We formulate the auto-bidding system design problem as a mathematical program and analyze the auto-bidders' bidding strategy under such constraints. We demonstrate that our design ensures truthfulness, i.e., among all pure and mixed strategies, always reporting the truthful budget and ROI is an optimal strategy for the bidders. Although the program is non-convex, we provide a fast algorithm to compute the optimal bidding strategy for the bidders based on our analysis. We also study the welfare and provide a lower bound for the PoA (price of anarchy). Moreover, we prove that if all bidders utilize our auto-bidding system, a Bayesian Nash equilibrium exists. We provide a sufficient condition under which the iterated best response process converges to such an equilibrium. Finally, we conduct extensive experiments to empirically evaluate the effectiveness of our design.
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Qiu, Dawei, Jianhong Wang, Junkai Wang, and Goran Strbac. "Multi-Agent Reinforcement Learning for Automated Peer-to-Peer Energy Trading in Double-Side Auction Market." In Thirtieth International Joint Conference on Artificial Intelligence {IJCAI-21}. California: International Joint Conferences on Artificial Intelligence Organization, 2021. http://dx.doi.org/10.24963/ijcai.2021/401.
Abstract:
With increasing prosumers employed with distributed energy resources (DER), advanced energy management has become increasingly important. To this end, integrating demand-side DER into electricity market is a trend for future smart grids. The double-side auction (DA) market is viewed as a promising peer-to-peer (P2P) energy trading mechanism that enables interactions among prosumers in a distributed manner. To achieve the maximum profit in a dynamic electricity market, prosumers act as price makers to simultaneously optimize their operations and trading strategies. However, the traditional DA market is difficult to be explicitly modelled due to its complex clearing algorithm and the stochastic bidding behaviors of the participants. For this reason, in this paper we model this task as a multi-agent reinforcement learning (MARL) problem and propose an algorithm called DA-MADDPG that is modified based on MADDPG by abstracting the other agents’ observations and actions through the DA market public information for each agent’s critic. The experiments show that 1) prosumers obtain more economic benefits in P2P energy trading w.r.t. the conventional electricity market independently trading with the utility company; and 2) DA-MADDPG performs better than the traditional Zero Intelligence (ZI) strategy and the other MARL algorithms, e.g., IQL, IDDPG, IPPO and MADDPG.
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Silva, Victor, Ana Moliterno, Carlos Henrique Araujo, Francis Pimentel, Jose Ronaldo Melo, Claudio Falcao, and Thiago Pessoa. "Buzios Drainage Strategy: A Combination Of Reservoir Characterization, Risks Mitigation And Unique Contract Features." In Offshore Technology Conference. OTC, 2021. http://dx.doi.org/10.4043/31170-ms.
Abstract:
Abstract Petrobras acquired the right to produce 3.058 billion boe under the Transfer of Rights (ToR) in Buzios field, which still has a recoverable surplus, recently auctioned by the Brazilian Petroleum Regulatory Agency. Properly planning the production development of a supergiant field and under two tax regimes, requires a large multidisciplinary effort of data acquisition, characterization and modelling. Located in the Santos Basin Pre-Salt Pole, the Buzios field is a deep-water supergiant that has a large thickness of carbonate reservoirs, with significant areal and vertical variation. The presence of faults, fractures, karsts and other diagenetic processes adds complexity to the field, which motivated the development and implantation of industry innovations to enable its development. The presence of high levels of CO2 and H2S in the reservoir fluid, the risk of inorganic scaling and asphaltene deposition and risks of early fluid channeling and low sweep efficiency due to the aforementioned geological complexities are challenges that need to be addressed. One of these challenges is to ensure a better seismic data for the reservoir characterization. The 3D seismic data from a streamer acquisition did not have sufficient quality for this. The geological complexity of the field, the great reservoir depth and mainly the very irregular topography of the overlying evaporitic sequence indicated the need for rich azimuth seismic data. This led to the world's largest ultra-deep water seismic survey using Ocean Bottom Nodes (OBN) technology. This paper will address the static and dynamic data acquisition from the wells and the Early Productions Systems (EPS), as well as the challenges that arose and were faced by Petrobras through technology and innovation, and the complexity of the reservoir dynamic modelling. Furthermore, the OBN seismic acquisition in Buzios will be discussed in more detail, as well as the frontier that this acquisition opens to the development of the field.
Reports on the topic "Art auction strategy":
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M'Causland Sánchez, María Cecilia, Catalina Flórez Salazar, José Luis Benavides, and María Eugenia Roca. Public Procurement in Latin America and the Caribbean and IDB-financed project: a Normative and Comparative Study. Inter-American Development Bank, December 2016. http://dx.doi.org/10.18235/0010665.
Abstract:
In recent years, Latin American and Caribbean (LAC) countries have madeimportant advances in the modernization of their public procurement systems. The Inter-American Development Bank (IDB), with the aim of maintaining and deepening its commitment to LAC countries under its development effectiveness framework, has been adapting the approach to procurement in projects to ensure that internationally accepted standards and good market practices are followed, while assisting countries efficiently and effectively in a changing environment. This study presents a comparative analysis of the normative public procurement frameworks of 12 LAC countries with respect to IDB procurement policies. The main goal of the study is to identify the main differences and opportunities that have been analyzed the most in IDB¿s procurement policies to support the strategy of alignment to the demands of the countries in the abovementioned development effectiveness framework. The study identified the need to describe explicitly the guiding principles of public procurement in the IDB¿s Procurement Policy, as well as broaden the concept of value for money; include new methods of procurement, such as competitive dialogue and negotiation; make the evaluation criteria for works and goods in complex projects more flexible; incorporate the use of technology for certain contracting methods, such as framework agreements and reverse auctions; and streamline the use of national public procurement systems.