2100365
Simulating online Yankee auctions to optimize sellers revenue
The online Yankee auction sells multiple units of the same good to multiple buyers using an ascending and open auction mechanism. One of the important controllable factors of the Yankee auction is the minimum bid increment specified at the beginning of an auction. Bidders can bid only in the multiples of this bid increment even if they are willing to bid higher than the minimum required bid. This paper presents a simulation approach to optimize sellers' revenue, which is based on theoretical properties of Yankee auctions and utilizes data from real auctions to replicate a given auction. The simulation model can be configured to change the value of bid increment and explore whether a given auction used the optimal bid increment. Our analysis indicates that the auctioneers are, most of the time, far away from optimal choice of bid increment, resulting in substantial losses in a market with already tight margins.
30721210
Economic analysis of consumer purchase intentions in electronic and traditional retail channels: competitive and strategic implications
We develop a multiattribute economic model to analyze consumer behavior for traditional and electronic channels based on consumers' risk profiles and risk-neutral or risk-averse. We then conduct comparative analyses of consumer purchase decisions to derive strategies for different channels. We study the attitudinal and economic factors that lead to specific purchase decisions under different combinations of price, delivery time, and product customization. We develop theoretical propositions concerning consumer channel switching behavior, incentives to consumers, and pricing strategies for different channels. We also use simulations to gain insights for cases where analytical model becomes intractable.
57631
Insights and analyses of online auctions
7914809
Predicting Bidders' Willingness to Pay in Online Multiunit Ascending Auctions: Analytical and Empirical Insights
We develop a real-time estimation approach to predict bidders' maximum willingness to pay in a multiunit ascending uniform-price and discriminatory-price (Yankee) online auction. Our two-stage approach begins with a bidder classification step, which is followed by an analytical prediction model. The classification model identifies bidders as either adopting a myopic best-response (MBR) bidding strategy or a non-MBR strategy. We then use a generalized bid-inversion function to estimate the willingness to pay for MBR bidders. We empirically validate our two-stage approach using data from two popular online auction sites. Our joint classification-and-prediction approach outperforms two other naive prediction strategies that draw random valuations between a bidder's current bid and the known market upper bound. Our prediction results indicate that, on average, our estimates are within 2% of bidders' revealed willingness to pay for Yankee and uniform-price multiunit auctions. We discuss how our results can facilitate mechanism-design changes such as dynamic-bid increments and dynamic buy-it-now prices.
17233820
IT-enabled transparent electronic markets: the case of the air travel industry
The electronic market hypothesis predicts that by reducing coordination costs, information technology (IT) will shift industrial organization from hierarchical to market-based forms of economic activity. While academic researchers and practitioners have witnessed these shifts with the advent of the Internet, there is little understanding about the process and the underlying forces that drive them. In this paper, we provide an in-depth analysis of the air travel industry, which has recently experienced significant IT-driven transformations. We conclude that, together with IT, pro-competitive laws and the information-intensive nature of air travel products have triggered competition for consumers with transparent market mechanisms, which is leading to the emergence of more transparent electronic markets in the air travel industry.
166893960
Priority pricing of integrated services networks
5590959
CAD for polyp detection: an invaluable tool to meet the increasing need for colon-cancer screening
Abstract Colorectal cancer is the third most common cancer in both men and women and it was estimated that in 2003 nearly 150,000 cases would be diagnosed and 57,000 people would die. Screening has been accepted as a means for early detection of the disease, yet only a portion of the eligible population undergoes colorectal cancer screening, partially due to comfort issues of undergoing a full colonoscopic examination. Virtual colonoscopy (VC) has been demonstrated to be an effective means of performing screening and given the number of people who are candidate for screening better tools, such as Computer Aided Detection (CAD), are required to fulfill this increasing need. The developed CAD system, presented in this paper, has focused on the detection of polyps of sizes up to and including 20 mm. The results have demonstrated that: the developed algorithm generalizes, the sensitivity and specificity for middle- to large-sized polyps is on the average 95% while the overall sensitivity is roughly 88% and the false positive has remained at a manageable 4 per volume.
11252982
Segmentation of range images as the search for geometric parametric models
Segmentation of range images has long been considered in computer vision as an important but extremely difficult problem. In this paper we present a new paradigm for the segmentation of range images into piecewise continuous surfaces. Data aggregation is performed via model recovery in terms of variable-order bi-variate polynomials using iterative regression. Model recovery is initiated independently in regularly placed seed regions in the image. All the recovered models are potential candidates for the final description of the data. Selection of the models is defined as a quadratic Boolean problem, and the solution is sought by the WTA (winner-takes-all) technique, which turns out to be a good compromise between the speed of computation and the accuracy of the solution. The overall efficiency of the method is achieved by combining model recovery and model selection in an iterative way. Partial recovery of the models is followed by the selection (optimization) procedure and only the “best” models are allowed to develop further.The major novelty of the approach lies in an effective combination of simple component algorithms, which stands in contrast to methods which attempt to solve the problem in a single processing step using sophisticated means. We present the results on several real range images.
6504247
Hardware Diagnosis as Program Debugging
Horn clauses provide a useful framework for writing executable structural representations for digital circuits. This paper discusses how these representations can be used to diagnose faulty circuits using algorithmic program debugging techniques developed by Shapiro. The sound theoretical basis of these techniques is one of the major advantages of this approach. This framework also provides a new perspective on some of the hardware diagnosis techniques suggested in the literature.
195894838
Dynamic Access Control Framework Based On Events.
626014
The use of hybrid models to recover cardiac wall motion in tagged MR images
We present a new algorithm for the automatic recovery of tag grid-line intersections in Tagged MR images of the left ventricle of the heart. Our method uses an active spring mesh to capture local properties of the motion and a global motion model to capture the global coherence of the motion. We recover the global component of the motion using robust estimation. Different motion models have been developed for short and long axis views of the heart. The algorithm has been tested on healthy and pathological data.