We experimentally study the effects of allotment—the division of an item into homogeneous units—in independent private value auctions. We compare a bundling first-price auction with two equivalent treatments where allotment is implemented: a two-unit discriminatory auction and two simultaneous single-unit first-price auctions. We find that allotment in the form of a discriminatory auction generates a loss of efficiency with respect to bundling. In the allotment treatments, we observe large and persistent bid spread, and the discriminatory auction is less efficient than simultaneous auctions. We provide a unified interpretation of our results that is based on both a non-equilibrium response to the coordination problem characterizing the simultaneous auction format and a general class of behavioral preferences that includes risk aversion, joy of winning and loser’s regret as specific cases. © 2016 Economic Science Association
The papers in these Proceedings were presented at the 20th ACM Conference on Economics and Computation (EC'19), held between June 24 and 28, 2019, as part of the 2019 ACM Federated Computing Research Conference in Phoenix, Arizona, USA. Since 1999 the ACM Special Interest Group on Electronic Commerce (SIGecom) has sponsored EC, the leading scientific conference on advances in theory, artificial intelligence, empirics and applied modeling at the interface of economics and computation.
The program committee selected 106 papers from among 382 submissions that were received by February 14, 2019 (an overall acceptance rate of 27.7%). Each paper was reviewed by at least two program committee members and one senior program committee member on the basis of significance, scientific novelty, technical quality, readability, and relevance to the conference. The authors were asked to align their submission with one of four tracks: Applied Modeling, Artificial Intelligence, Empirics, and Theory. The next table summarizes the number of submissions and the number of accepted papers for each track.
Of the 16 accepted papers, 40 are published in these Proceedings. The remaining 66, at the authors' request, are included as abstracts with pointers to full working papers that the authors guarantee to be reliable for at least two years. This option accommodates the practices of fields outside of computer science in which conference publishing can preclude journal publishing. We expect that many of the papers in these Proceedings will appear at a later date in more complete form in scientific journals.
Papers were presented in up to three parallel sessions. To emphasize commonalities among the problems studied at EC, and to encourage discussion at the conference, sessions were organized by topic rather than by track, and no indication of a paper's track was given at the conference or appears in these proceedings.
We propose a novel machine-learning-based approach to detect bid leakage in first-price sealed-bid auctions. We extract and analyze the data on more than 1.4 million Russian procurement auctions between 2014 and 2018. As bid leakage in each particular auction is tacit, the direct classification is impossible. Instead, we reduce the problem of bid leakage detection to Positive-Unlabeled Classification. The key idea is to regard the losing participants as fair and the winners as possibly corrupted. This allows us to estimate the prior probability of bid leakage in the sample, as well as the posterior probability of bid leakage for each specific auction. We find that at least 16% of auctions are exposed to bid leakage. Bid leakage is more likely in auctions with a higher reserve price, lower number of bidders and lower price fall, and where the winning bid is received in the last hour before the deadline.
Current research analyzes the status of fixed assets in the Russian Federation, coming to the conclusion of the critical situation of this aspect of economic development, studies economic - mathematical models of investment management aimed at expanding and changing the production, proposes ways of assessing the sustainability of the results. Analytical and concept-theoretical blocks of the article are supplemented by the practical example of the power tools manufacturer and by the development of practical recommendations for business owners who are facing the problem of production expanding.