Paper Title :Reexamine First Price Sealed Bid Auctions with the One-Shot Decision Theory

Author :Chao Wang, Peijunguo

Article Citation :Chao Wang ,Peijunguo , (2017 ) " Reexamine First Price Sealed Bid Auctions with the One-Shot Decision Theory " , International Journal of Management and Applied Science (IJMAS) , pp. 103-108, Volume-3,Issue-3

Abstract : In this paper, we examine first price sealed bid auctions with the one-shot decision theory. We set a fundamentally different hypothesis from the existing approaches for analyzing first price sealed bid auctions. We emphasize that for every bidder he/she faces a one-shot decision problem in which each bidder makes a decision based on some particular scenario. With the one-shot decision theory, we build the first price sealed bid auction models. The first price sealed bid auction has been proved to be reasonable from the expected utility theory. Our analytical results highlight that it is also reasonable from the one-shot decision theory. Keywords: First price sealed bid auctions One-shot decision theory Regret

Type : Research paper

Published : Volume-3,Issue-3

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