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Agent-based simulation model of online auctions in NetLogo
Last modified: 2010-09-03
Abstract
Abstract. The need to understand the behavior of bidders increases with the popularization of on-line auctions. Every bidder is seeking the way to buy items as cheap as possible, but then again all participants in the process should be satis?ed. But
there are bidders who participate in auctions and wait until the very last moment to submit their bids, not allowing others to react (properly) to their bids.
So sometimes one doesn’t get some items because somebody o?ered less than 0.5% more money for the same item. For that reason we decided to sim-ulate online auction(s) in order to see what would happen if, after the regular (English) auction was over, agents had an opportunity to o?er within an-other (sealed-bid) auction. This would ensure that seller agents receive more money, but it would also allow (early) bidders to react to "late submissions"
in order to buy items after all.
there are bidders who participate in auctions and wait until the very last moment to submit their bids, not allowing others to react (properly) to their bids.
So sometimes one doesn’t get some items because somebody o?ered less than 0.5% more money for the same item. For that reason we decided to sim-ulate online auction(s) in order to see what would happen if, after the regular (English) auction was over, agents had an opportunity to o?er within an-other (sealed-bid) auction. This would ensure that seller agents receive more money, but it would also allow (early) bidders to react to "late submissions"
in order to buy items after all.
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