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Solution to Exchanges 8.2 Puzzle: A Dutch Dutch Auction Clock Auction ASSAF ROMM The Hebrew University of Jerusalem This is a solution to the editor s puzzle from issue 8.2 of SIGecom Exchanges. The puzzle is about nding a Bayesian equilibrium for a Dutch auction which can end according to a stochastic price schedule. The full puzzle [Conitzer 2009] can be found online at: http://www.sigecom.org/exchanges/volume 8/2/puzzle.pdf. Categories and Subject Descriptors: K.4.4 [Computers and Society]: Electronic Commerce General Terms: Economics Additional Key Words and Phrases: Dutch Auction, Stochastic Reserve Price The puzzle asks us to nd a Bayesian equilibrium for a Dutch auction with N bidders, where bidders values are symmetrically and independently distributed on the interval [0, 1].1 Denote by F (x) the cumulative distribution function according to which values are drawn, with f being the corresponding probability density function. The twist is that the object considered for sale is the Dutch auction clock itself, and it might break during the auction process. Let W (p) describe the breaking probability function, i.e. the probability that the auction clock breaks after it reaches price p. If the clock breaks before the auction ends, its value drops to 0
ACM SIGecom Exchanges – Association for Computing Machinery
Published: Mar 1, 2011
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