A new strategy for bidding in the network-wide progressive second price auction for bandwidth

Authors:
Marina Bitsaki;George D. Stamoulis;Costas Courcoubetis
Affiliations:
University of Crete, Crete, Greece;Athens University of Economics and Business, Greece;Athens University of Economics and Business, Greece
Venue:
CoNEXT '05 Proceedings of the 2005 ACM conference on Emerging network experiment and technology
Year:
2005

Citing 1
Cited 4

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Abstract

We revisit the network-wide Progressive Second Price auction (PSP) proposed by Lazar and Semret in cite2. In this mechanism, each bidder submits the same bid in each link of the path he is interested in, taking into account the overall competition in the path. We propose a new strategy in which each bidder apportions his total bid-price in the various links, while taking into account the competition in each link separately. We have carried out a wide variety of experiments and compare our strategy with the original one with respect to efficiency and bidders' net benefit. We show that our strategy yields an outcome closer to the optimal social welfare as well as higher expected net benefit for bidders in most of the cases.