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- 850 creator alvaro-bolivar.
- 850 creator wenyan-hu.
- 850 type InProceedings.
- 850 label "Online Auctions Efficiency: A Survey of eBay Auctions".
- 850 sameAs 850.
- 850 abstract "Online auctions have become a pervasive transaction mechanism for e-commerce. As the largest online marketplace in the world, eBay is an attractive case study that enables the study of online auctions utilizing data involving real people and transactions. In this paper, we present a detailed investigation and analysis of multiple online auction properties including: consumer surplus, sniping, bidding strategy and their cross-relationships. Our goal is to evaluate the theoretical foundations of auctions and discover patterns and behaviors hidden due to the lack of real and extensive transaction data. Among our findings, we uncover an important correlation among sniping and high surplus ratios, which implies the uncertainty of true value in a competitive environment. The key issue is the wrong assumption that bidder valuations are independent from each other, which leads to inefficient auctions. In order to address the inefficiencies of current online formats we introduce a declining price auction model customized for online transactions. Conceptually, this model ought to deal with the complexities of competition in an online environment while maximizing social welfare.".
- 850 hasAuthorList authorList.
- 850 hasTopic World_Wide_Web.
- 850 isPartOf proceedings.
- 850 keyword "Auction Theory".
- 850 keyword "Auctions Efficiency".
- 850 keyword "Online Auctions".
- 850 title "Online Auctions Efficiency: A Survey of eBay Auctions".