Publikation: Robust Bidding in First-Price Auctions : How to Bid Without Knowing What Others Are Doing
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2024
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Kasberger, Bernhard
Schlag, Karl H.
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Management Science. Institute for Operations Research and the Management Sciences (INFORMS). 2024, 70(7), S. 4219-4235. ISSN 0025-1909. eISSN 1526-5501. Verfügbar unter: doi: 10.1287/mnsc.2023.4899
Zusammenfassung
We propose how to bid in first-price auctions when a bidder knows the own value but not how others will bid. To do this, we introduce a methodology to show how to make choices in strategic settings without assuming common knowledge or equilibrium behavior. Accordingly, we first eliminate environments that are believed not to occur and then find a robust rule that performs well in the remaining environments. We test our bids using data from laboratory experiments and the field and find that our bids outperform those made by real bidders.
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330 Wirtschaft
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Management Science and Operations Research, Strategy and Management
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KASBERGER, Bernhard, Karl H. SCHLAG, 2024. Robust Bidding in First-Price Auctions : How to Bid Without Knowing What Others Are Doing. In: Management Science. Institute for Operations Research and the Management Sciences (INFORMS). 2024, 70(7), S. 4219-4235. ISSN 0025-1909. eISSN 1526-5501. Verfügbar unter: doi: 10.1287/mnsc.2023.4899BibTex
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year={2024},
doi={10.1287/mnsc.2023.4899},
title={Robust Bidding in First-Price Auctions : How to Bid Without Knowing What Others Are Doing},
number={7},
volume={70},
issn={0025-1909},
journal={Management Science},
pages={4219--4235},
author={Kasberger, Bernhard and Schlag, Karl H.}
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<dcterms:abstract>We propose how to bid in first-price auctions when a bidder knows the own value but not how others will bid. To do this, we introduce a methodology to show how to make choices in strategic settings without assuming common knowledge or equilibrium behavior. Accordingly, we first eliminate environments that are believed not to occur and then find a robust rule that performs well in the remaining environments. We test our bids using data from laboratory experiments and the field and find that our bids outperform those made by real bidders.</dcterms:abstract>
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