Method and system for selecting an optimal auction format
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United States of America Patent
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-
Dec 1, 2009
Grant Date -
Jan 23, 2003
app pub date -
Jul 10, 2001
filing date -
Jul 10, 2001
priority date (Note) -
Expired
status (Latency Note)
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Abstract
An automated estimation and optimization solution for selecting the best auction format by determining the latent elements of the auction environment taking into account the strategic and information conditions with minimal assumptions on the distributions of unobserved random elements. Structural analysis of bid data from prior auctions is used to identify and estimate the distributions of bidders' private signals conditional on observable bidder characteristics. The estimated signal distributions, identified by the structural analysis, are used to evaluate alternative auction formats and to select the best format from among a given set of candidates. The present invention provides decision support tools to select an auction format based on structural econometric analysis of available data on the market environment. A decision-maker may estimate the unobservable private signals of the bidders and to determine the best auction format the decision maker can employ to sell a given set of items.
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