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Market-based control: a paradigm for distributed resource allocation
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Bidding clubs: institutionalized collusion in auctions
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Bidding algorithms for simultaneous auctions
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Decision procedures for multiple auctions
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EC '06 Proceedings of the 7th ACM conference on Electronic commerce
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ACM Transactions on the Web (TWEB)
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Bidding optimally in concurrent second-price auctions of perfectly substitutable goods
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Decision Analysis: The Right Tool for Auctions
Decision Analysis
Heuristic Bidding Strategies for Multiple Heterogeneous Auctions
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Decision-theoretic bidding based on learned density models in simultaneous, interacting auctions
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Price prediction in a trading agent competition
Journal of Artificial Intelligence Research
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IEEE Transactions on Systems, Man, and Cybernetics, Part A: Systems and Humans
Setting discrete bid levels adaptively in repeated auctions
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Computing pure Bayesian-Nash equilibria in games with finite actions and continuous types
Artificial Intelligence
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We derive optimal strategies for a bidding agent that participates in multiple, simultaneous second-price auctions with perfect substitutes. We prove that, if everyone else bids locally in a single auction, the global bidder should always place non-zero bids in all available auctions, provided there are no budget constraints. With a budget, however, the optimal strategy is to bid locally if this budget is equal or less than the valuation. Furthermore, for a wide range of valuation distributions, we prove that the problem of finding the optimal bids reduces to two dimensions if all auctions are identical. Finally, we address markets with both sequential and simultaneous auctions, non-identical auctions, and the allocative efficiency of the market.