Download or read book Learning in Repeated Auctions written by THOMAS NEDELEC; CLEMENT CALAUZENES; NOUREDDINE EL. and published by . This book was released on 2022 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Online auctions are one of the most fundamental facets of the modern economy and power an industry generating hundreds of billions of dollars a year in revenue. Online auction theory has historically focused on the question of designing the best way to sell a single item to potential buyers relying on some prior knowledge agents were assumed to have on each other. In new markets, such as online advertising, however, similar items are sold repeatedly, and agents are unaware of each other or might try to manipulate each other, making the assumption invalid. Statistical learning theory now provides tools to supplement those missing pieces of information given enough data, as agents can learn from their environment to improve their strategies. This book is a comprehensive introduction to the learning techniques in repeated auctions. It covers everything from the traditional economic study of optimal one-shot auctions, through learning optimal mechanisms from a dataset of bidders0́9 past values, to showing how strategic agents can actually manipulate repeated auctions to their own advantage. The authors explore the effects of different scenarios and assumptions throughout while remaining grounded in real-world applications. Many of the ideas and algorithms described are used every day to power the Internet economy. This book provides students, researchers and practitioners with a deep understanding of the theory of online auctions and gives practical examples of how to implement in modern-day internet systems.
Download or read book Learning in Repeated Auctions written by Thomas Nedelec and published by . This book was released on 2022-02-14 with total page 170 pages. Available in PDF, EPUB and Kindle. Book excerpt: Online auctions are one of the most fundamental facets of the modern economy and power an industry generating hundreds of billions of dollars a year in revenue. Online auction theory has historically focused on the question of designing the best way to sell a single item to potential buyers relying on some prior knowledge agents were assumed to have on each other. In new markets, such as online advertising, however, similar items are sold repeatedly, and agents are unaware of each other or might try to manipulate each other, making the assumption invalid. Statistical learning theory now provides tools to supplement those missing pieces of information given enough data, as agents can learn from their environment to improve their strategies. This book is a comprehensive introduction to the learning techniques in repeated auctions. It covers everything from the traditional economic study of optimal one-shot auctions, through learning optimal mechanisms from a dataset of bidders' past values, to showing how strategic agents can actually manipulate repeated auctions to their own advantage. The authors explore the effects of different scenarios and assumptions throughout while remaining grounded in real-world applications. Many of the ideas and algorithms described are used every day to power the Internet economy. This book provides students, researchers and practitioners with a deep understanding of the theory of online auctions and gives practical examples of how to implement in modern-day internet systems.
Download or read book Web and Internet Economics written by Tie-Yan Liu and published by Springer. This book was released on 2014-11-18 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book constitutes the thoroughly refereed conference proceedings of the 10th International Conference on Web and Internet Economics, WINE 2014, held in Beijing, China, in December 2014. The 32 regular and 13 short papers were carefully reviewed and selected from 107 submissions and cover results on incentives and computation in theoretical computer science, artificial intelligence, and microeconomics.
Download or read book Putting Auction Theory to Work written by Paul Milgrom and published by Cambridge University Press. This book was released on 2004-01-12 with total page 378 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a comprehensive introduction to modern auction theory and its important new applications. It is written by a leading economic theorist whose suggestions guided the creation of the new spectrum auction designs. Aimed at graduate students and professionals in economics, the book gives the most up-to-date treatments of both traditional theories of 'optimal auctions' and newer theories of multi-unit auctions and package auctions, and shows by example how these theories are used. The analysis explores the limitations of prominent older designs, such as the Vickrey auction design, and evaluates the practical responses to those limitations. It explores the tension between the traditional theory of auctions with a fixed set of bidders, in which the seller seeks to squeeze as much revenue as possible from the fixed set, and the theory of auctions with endogenous entry, in which bidder profits must be respected to encourage participation.
Download or read book Common Value Auctions and the Winner s Curse written by John H. Kagel and published by Princeton University Press. This book was released on 2009-04-11 with total page 424 pages. Available in PDF, EPUB and Kindle. Book excerpt: An invaluable account of how auctions work—and how to make them work Few forms of market exchange intrigue economists as do auctions, whose theoretical and practical implications are enormous. John Kagel and Dan Levin, complementing their own distinguished research with papers written with other specialists, provide a new focus on common value auctions and the "winner's curse." In such auctions the value of each item is about the same to all bidders, but different bidders have different information about the underlying value. Virtually all auctions have a common value element; among the burgeoning modern-day examples are those organized by Internet companies such as eBay. Winners end up cursing when they realize that they won because their estimates were overly optimistic, which led them to bid too much and lose money as a result. The authors first unveil a fresh survey of experimental data on the winner's curse. Melding theory with the econometric analysis of field data, they assess the design of government auctions, such as the spectrum rights (air wave) auctions that continue to be conducted around the world. The remaining chapters gauge the impact on sellers' revenue of the type of auction used and of inside information, show how bidders learn to avoid the winner's curse, and present comparisons of sophisticated bidders with college sophomores, the usual guinea pigs used in laboratory experiments. Appendixes refine theoretical arguments and, in some cases, present entirely new data. This book is an invaluable, impeccably up-to-date resource on how auctions work--and how to make them work.
Download or read book Auctions written by Paul Klemperer and published by Princeton University Press. This book was released on 2018-06-05 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt: Governments use them to sell everything from oilfields to pollution permits, and to privatize companies; consumers rely on them to buy baseball tickets and hotel rooms, and economic theorists employ them to explain booms and busts. Auctions make up many of the world's most important markets; and this book describes how auction theory has also become an invaluable tool for understanding economics. Auctions: Theory and Practice provides a non-technical introduction to auction theory, and emphasises its practical application. Although there are many extremely successful auction markets, there have also been some notable fiascos, and Klemperer provides many examples. He discusses the successes and failures of the one-hundred-billion dollar "third-generation" mobile-phone license auctions; he, jointly with Ken Binmore, designed the first of these. Klemperer also demonstrates the surprising power of auction theory to explain seemingly unconnected issues such as the intensity of different forms of industrial competition, the costs of litigation, and even stock trading 'frenzies' and financial crashes. Engagingly written, the book makes the subject exciting not only to economics students but to anyone interested in auctions and their role in economics.
Download or read book Machine Learning and Knowledge Discovery in Databases written by Frank Hutter and published by Springer Nature. This book was released on 2021-02-24 with total page 770 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 5-volume proceedings, LNAI 12457 until 12461 constitutes the refereed proceedings of the European Conference on Machine Learning and Knowledge Discovery in Databases, ECML PKDD 2020, which was held during September 14-18, 2020. The conference was planned to take place in Ghent, Belgium, but had to change to an online format due to the COVID-19 pandemic. The 232 full papers and 10 demo papers presented in this volume were carefully reviewed and selected for inclusion in the proceedings. The volumes are organized in topical sections as follows: Part I: Pattern Mining; clustering; privacy and fairness; (social) network analysis and computational social science; dimensionality reduction and autoencoders; domain adaptation; sketching, sampling, and binary projections; graphical models and causality; (spatio-) temporal data and recurrent neural networks; collaborative filtering and matrix completion. Part II: deep learning optimization and theory; active learning; adversarial learning; federated learning; Kernel methods and online learning; partial label learning; reinforcement learning; transfer and multi-task learning; Bayesian optimization and few-shot learning. Part III: Combinatorial optimization; large-scale optimization and differential privacy; boosting and ensemble methods; Bayesian methods; architecture of neural networks; graph neural networks; Gaussian processes; computer vision and image processing; natural language processing; bioinformatics. Part IV: applied data science: recommendation; applied data science: anomaly detection; applied data science: Web mining; applied data science: transportation; applied data science: activity recognition; applied data science: hardware and manufacturing; applied data science: spatiotemporal data. Part V: applied data science: social good; applied data science: healthcare; applied data science: e-commerce and finance; applied data science: computational social science; applied data science: sports; demo track.
Download or read book Individuele en Sociale Beslissingen Bij Onzekerheid written by Stefan Tobias Trautmann and published by Rozenberg Publishers. This book was released on 2008 with total page 199 pages. Available in PDF, EPUB and Kindle. Book excerpt: In most decisions we have to choose between options that involve some uncertainty about their outcomes and their effect on our well-being. Casual observation and carefully controlled studies suggest that, in making these decisions, we often deviate from the benchmark of expected income maximization. This should not come as a surprise. Our well-being is affected by many factors, and the outside observer does not know the importance of various dimensions of the outcome to the decision maker. Even if goals are well defined, it is far from obvious that we succeed in choosing what is best for us. The psychological literature has shown deviations from optimal behavior in simple decision tasks, and we may expect similar deviations to occur in more complex real life problems. In real life situations, however, experience and market interaction will help to restrain suboptimal behavior. This thesis examines deviations from expected income maximization in situations involving uncertainty. We focus on deviations generated by social factors.
Download or read book The Complex Networks of Economic Interactions written by Akira Namatame and published by Springer Science & Business Media. This book was released on 2006-03-09 with total page 345 pages. Available in PDF, EPUB and Kindle. Book excerpt: Understanding the mechanism of a socio-economic system requires more than an understanding of the individuals that comprise the system. It also requires understanding how individuals interact with each other, and how the agg- gated outcome can be more than the sum of individual behaviors. This book contains the papers fostering the formation of an active multi-disciplinary community on socio-economic systems with the exciting new ?elds of age- based modeling and econophysics. We especially intend to increase the awareness of researchers in many ?elds with sharing the common view many economic and social activities as collectives of a large-scale heterogeneous and interacting agents. Economists seek to understand not only how individuals behave but also how the interaction of many individuals leads to complex outcomes. Age- based modeling is a method for studying socio-economic systems exhibiting the following two properties: (1) the system is composed of interacting agents, and (2) the system exhibits emergent properties, that is, properties arising from the interactions of the agents that cannot be deduced simply by agg- gating the properties of the system’s components. When the interaction of the agents is contingent on past experience, and especially when the agents continually adapt to that experience, mathematical analysis is typically very limited in its ability to derive the outcome.
Download or read book Combinatorial Auctions written by Peter C. Cramton and published by MIT Press (MA). This book was released on 2006 with total page 678 pages. Available in PDF, EPUB and Kindle. Book excerpt: A synthesis of theoretical and practical research on combinatorial auctions from the perspectives of economics, operations research, and computer science.
Download or read book Innovative Technology at the Interface of Finance and Operations written by Volodymyr Babich and published by Springer Nature. This book was released on 2022-06-09 with total page 309 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the challenges and opportunities arising from an assortment of technologies as they relate to Operations Management and Finance. It contains primers on operations, finance, and their interface. Innovative technologies and new business models enabled by those technologies are changing the practice and the theory of Operations Management and Finance, as well as their interface. These technologies and business models include Big Data and Analytics, Artificial Intelligence, Machine Learning, Blockchain, IoT, 3D printing, sharing platforms, crowdfunding, and crowdsourcing. The book will be an attractive choice for PhD-level courses and for self-study.
Download or read book Game Theory Bargaining and Auction Strategies written by Gregor Berz and published by Springer. This book was released on 2016-04-30 with total page 193 pages. Available in PDF, EPUB and Kindle. Book excerpt: This text bridges the gulf between theoretical economic principles of negotiation and auction theory and their multifaceted applications in actual practice. It is intended to be a supplement to the already existing literature, as a comprehensive collection of reports detailing experiences and results of very different negotiations and auctions.
Download or read book Nonlinear Dynamics and Heterogeneous Interacting Agents written by Thomas Lux and published by Springer Science & Business Media. This book was released on 2006-06-06 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic application of nonlinear dynamics, microscopic agent-based modelling, and the use of artificial intelligence techniques as learning devices of boundedly rational actors are among the most exciting interdisciplinary ventures of economic theory over the past decade. This volume provides us with a most fascinating series of examples on "complexity in action" exemplifying the scope and explanatory power of these innovative approaches.
Download or read book Theory and Applications of Models of Computation written by Ding-Zhu Du and published by Springer Nature. This book was released on 2023-01-01 with total page 427 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book constitutes the refereed proceedings of the 17th Annual Conference on Theory and Applications of Models of Computation, TAMC 2022, held as a virtual event, in September 2022. The 33 full papers were carefully reviewed and selected from 75 submissions. The main themes of the selected papers are computability, complexity, algorithms, information theory and their extensions to machine learning theory, and foundations of artificial intelligence.
Download or read book Web and Internet Economics written by Tie-Yan Liu and published by Springer. This book was released on 2014-11-25 with total page 512 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book constitutes the thoroughly refereed conference proceedings of the 10th International Conference on Web and Internet Economics, WINE 2014, held in Beijing, China, in December 2014. The 32 regular and 13 short papers were carefully reviewed and selected from 107 submissions and cover results on incentives and computation in theoretical computer science, artificial intelligence, and microeconomics.
Download or read book Managing Complexity Insights Concepts Applications written by Dirk Helbing and published by Springer. This book was released on 2007-10-13 with total page 393 pages. Available in PDF, EPUB and Kindle. Book excerpt: The essays and lectures collected in this book center around knowledge transfer from the complex-system sciences to applications in business, industry and society, as viewed from a broad perspective. The contributions aim to raise awareness across the spectrum to meet the increasing need to integrate lessons from complexity research into everyday planning, decision making, logistics or optimization procedures and forecasting. The writing has been largely kept non-technical.
Download or read book Common Value Auctions and the Winner s Curse written by John H. Kagel and published by Princeton University Press. This book was released on 2021-04-13 with total page 419 pages. Available in PDF, EPUB and Kindle. Book excerpt: An invaluable account of how auctions work—and how to make them work Few forms of market exchange intrigue economists as do auctions, whose theoretical and practical implications are enormous. John Kagel and Dan Levin, complementing their own distinguished research with papers written with other specialists, provide a new focus on common value auctions and the "winner's curse." In such auctions the value of each item is about the same to all bidders, but different bidders have different information about the underlying value. Virtually all auctions have a common value element; among the burgeoning modern-day examples are those organized by Internet companies such as eBay. Winners end up cursing when they realize that they won because their estimates were overly optimistic, which led them to bid too much and lose money as a result. The authors first unveil a fresh survey of experimental data on the winner's curse. Melding theory with the econometric analysis of field data, they assess the design of government auctions, such as the spectrum rights (air wave) auctions that continue to be conducted around the world. The remaining chapters gauge the impact on sellers' revenue of the type of auction used and of inside information, show how bidders learn to avoid the winner's curse, and present comparisons of sophisticated bidders with college sophomores, the usual guinea pigs used in laboratory experiments. Appendixes refine theoretical arguments and, in some cases, present entirely new data. This book is an invaluable, impeccably up-to-date resource on how auctions work--and how to make them work.
