Rationality, Irrationality and Escalating Behavior in Lowest Unique Bid Auctions 英文参考文献.docVIP

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Rationality, Irrationality and Escalating Behavior in Lowest Unique Bid Auctions 英文参考文献.doc

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Rationality, Irrationality and Escalating Behavior in Lowest Unique Bid Auctions 英文参考文献

Rationality,IrrationalityandEscalatingBehaviorin LowestUniqueBidAuctions FilippoRadicchi1,2,3,AndreaBaronchelli4,Lu?′sA.N.Amaral1,2,5* 1HowardHughesMedicalInstitute(HHMI),NorthwesternUniversity,Evanston,Illinois,UnitedStatesofAmerica,2DepartmentofChemicalandBiologicalEngineering, Northwestern University, Evanston, Illinois, United States of America, 3Departament d’Enginyeria Quimica, Universitat Rovira i Virgili, Tarragona, Catalunya, Spain, 4Departament de F?′sica i Enginyeria Nuclear, Universitat Polite`cnica de Catalunya, Campus Nord B4, Barcelona, Spain, 5Northwestern Institute on Complex Systems (NICO),NorthwesternUniversity,Evanston,Illinois,UnitedStatesofAmerica Abstract Information technology has revolutionized the traditional structure of markets. The removal of geographical and time constraintshasfosteredthegrowthofonlineauctionmarkets,whichnowincludemillionsofeconomicagentsworldwide andannualtransactionvolumesinthebillionsofdollars.Here,weanalyzebidhistoriesofalittlestudiedtypeofonline auctions–lowestuniquebidauctions.Similarlytowhathasbeenreportedforforaginganimalssearchingforscarcefood, we find that agents adopt Le′vy flight search strategies in their exploration of ‘‘bid space’’. The Le′vy regime, which is characterizedbyapower-lawdecayingprobabilitydistributionofsteplengths,holdsovernearlythreeordersofmagnitude. Wedevelopaquantitativemodelforlowestuniquebidonlineauctionsthatrevealsthatagentsusenearlyoptimalbidding strategies.However,agentsparticipatingintheseauctionsdonotoptimizetheirfinancialgain.Indeed,aslongasthereare manyauctionparticipants,arationalprofitoptimizingagentwouldchoosenottoparticipateintheseauctionmarkets. Citation:RadicchiF,BaronchelliA,AmaralLAN(2012)Rationality,IrrationalityandEscalatingBehaviorinLowestUniqueBidAuctions.PLoSONE7(1):e29910. doi:10.1371/journal.pone.0029910 Editor:EnricoScalas,Universita’delPiemonteOrientale,Italy ReceivedJune3,2011;AcceptedDecember7,2011;PublishedJanuary18,2012 Copyright: ? 2012 Radicchi et al. Th