Abstract

We consider online auctions from the point of view of a single bidder who has an average budget constraint. By modeling the rest of the bidders through a probability distribution (often referred to as the mean-field approximation), we develop a simple bidding strategy which can be implemented without any statistical knowledge of bids, valuations, and query arrival processes. The key idea is to use stochastic approximation techniques to automatically track long-term averages.

Original languageEnglish (US)
Pages (from-to)38-41
Number of pages4
JournalPerformance Evaluation Review
Volume41
Issue number4
DOIs
StatePublished - Mar 2014

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Keywords

  • Budget constraints
  • Online auctions
  • Stochastic approximation

ASJC Scopus subject areas

  • Software
  • Hardware and Architecture
  • Computer Networks and Communications

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