Journal
PHYSICA A-STATISTICAL MECHANICS AND ITS APPLICATIONS
Volume 479, Issue -, Pages 108-117Publisher
ELSEVIER SCIENCE BV
DOI: 10.1016/j.Physa.2017.02.031
Keywords
Information sharing; Social learning; Belief-decision model; Name-your-own-price
Categories
Funding
- National Natural Science Foundation of China [71432002, 71172172, 71272058]
Ask authors/readers for more resources
During a name-your-own-price (NYOP) auction, buyers can learn a lot of knowledge from their socially connected peers. Such social learning process makes them become more active to attend the auction and also helps them make decisions on what price to submit. Combining an information diffusion model and a belief decision model, we explore three effects of bidders' information sharing on the buyers' behaviors and the seller profit. The results indicate that information sharing significantly increases the NYOP popularity and the seller profit. When enlarging the quality or quantity of information sharing, or increasing the spreading efficiency of the network topology, the number of attenders and the seller profit are increased significantly. However, the spread of information may make bidders be more likely to bid higher and consequently lose surplus. In addition, the different but interdependent influence of the successful information and failure information are discussed in this work. (C) 2017 Elsevier B.V. All rights reserved.
Authors
I am an author on this paper
Click your name to claim this paper and add it to your profile.
Reviews
Recommended
No Data Available