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A purely probabilistic candle auction

Cioni, Lorenzo (2010) A purely probabilistic candle auction. Technical Report del Dipartimento di Informatica . Università di Pisa, Pisa, IT.

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    <p>Candle auctions have been used in the past as a variant of the English auction with a random termination time associated either to the going out of a candle or to the falling of a needle inserted in a random position in a burning candle.<br />In this case such auctions are used by the auctioneer A for the allocation of a <strong>good</strong> to one of the n bidders b<sub>i</sub> of the set B.<br />Our basic motivation for the use of this type of auctions is the following.<br />We are planning to use such auctions for the allocation of a <strong>chore</strong> at one b<sub>i</sub> from the set B whose members have been selected by A using a set of private criteria that do not depend on the willingness to attend of the single bidders.<br />The to be selected bidder has to be chosen from the set B given that the available information about these bidders are imprecise or fuzzy. These features prevent the profitable and direct selection of a suitable bidder with the guarantee of choosing the best one.<br />For this reason we plan to adopt an auction mechanism where the bidders pay for not getting the chore but one of them has to get it though he also receives a compensation for being the <strong>wining bidder</strong>.<br />The compensation to the winning bidder derives him form the other bidders, the so called <strong>losing bidders</strong>, and is accumulated during the various steps or rounds on which the auction is based.</p><p />

    Item Type: Book
    Uncontrolled Keywords: Auctions, random termination
    Subjects: Area01 - Scienze matematiche e informatiche > INF/01 - Informatica
    Divisions: Dipartimenti (until 2012) > DIPARTIMENTO DI INFORMATICA
    Depositing User: dott.ssa Sandra Faita
    Date Deposited: 04 Dec 2014 09:31
    Last Modified: 04 Dec 2014 09:31
    URI: http://eprints.adm.unipi.it/id/eprint/2263

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