Online Auction Markets
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Central to the explosive growth of the Internet has been the desire
of dispersed buyers and sellers to interact readily and in a manner
hitherto impossible. Underpinning these interactions, auction
pricing mechanisms have enabled Internet transactions in novel ways.
Despite this massive growth and new medium, empirical work in
marketing and economics on auction use in Internet contexts remains
relatively nascent. Accordingly, this dissertation investigates the
role of online auctions; it is composed of three essays.
The first essay, ``Online Auction Demand,'' investigates seller and
buyer interactions via online auction websites, such as eBay. Such
auction sites are among the earliest prominent transaction sites on
the Internet (eBay started in 1995, the same year Internet Explorer
was released) and helped pave the way for e-commerce. Hence, online
auction demand is the first topic considered in my dissertation. The
second essay, ``A Dynamic Model of Sponsored Search Advertising,''
investigates sponsored search advertising auctions, a novel approach
that allocates premium advertising space to advertisers at popular
websites, such as search engines. Because sponsored search
advertising targets buyers in active purchase states, such
advertising venues have grown very rapidly in recent years and have
become a highly topical research domain. These two essays form the
foundation of the empirical research in this dissertation. The third
essay, ``Sponsored Search Auctions: Research Opportunities in
Marketing,'' outlines areas of future inquiry that I intend to
pursue in my research.
Of note, the problems underpinning the two empirical essays exhibits
a common form, that of a two-sided network wherein two parties
interact on a common platform (Rochet and Tirole, 2006). Although
theoretical research on two-sided markets is abundant, this
dissertation focuses on their use in e-commerce and adopts an
empirical orientation. I assume an empirical orientation because I
seek to guide firm behavior with concrete policy recommendations and
offer new insights into the actual behavior of the agents who
interact in these contexts. Although the two empirical essays share
this common feature, they also exhibit notable differences,
including the nature of the auction mechanism itself, the
interactions between the agents, and the dynamic frame of the
problem, thus making the problems distinct. The following abstracts
for these two essays as well as the chapter that describes my future
research serve to summarize these contributions, commonalities and
differences.
Online Auction Demand
With $40B in annual gross merchandise volume, electronic auctions
comprise a substantial and growing sector of the retail economy. For
example, eBay alone generated a gross merchandise volume of $14.4B
during the fourth quarter of 2006. Concurrent with this growth has
been an attendant increase in empirical research on Internet
auctions. However, this literature focuses primarily on the bidder;
I extend this research to consider both seller and bidder behavior
in an integrated system within a two-sided network of the two
parties. This extension of the existing literature enables an
exploration of the implications of the auction house's marketing on
its revenues as well as the nature of bidder and seller interactions
on this platform. In the first essay, I use a unique data set of
Celtic coins online auctions. These data were obtained from an
anonymous firm and include complete bidding and listing histories.
In contrast, most existing research relies only on the observed
website bids. The complete bidding and listing histories provided by
the data afford additional information that illuminates the insights
into bidder and seller behavior such as bidder valuations and seller
Using these data from the ancient coins category, I estimate a
structural model that integrates both bidder and seller behavior.
Bidders choose coins and sellers list them to maximize their
respective profits. I then develop a Markov Chain Monte Carlo (MCMC)
estimation approach that enables me, via data augmentation, to infer
unobserved bidder and seller characteristics and to account for
heterogeneity in these characteristics. My findings indicate that:
i) bidder valuations are affected by item characteristics (e.g., the
attributes of the coin), seller (e.g. reputation), and auction
characteristics (e.g., the characteristics of the listing); ii)
bidder costs are affected by bidding behavior, such as the recency
of the last purchase and the number of concurrent auctions; and iii)
seller costs are affected by item characteristics and the number of
concurrent listings from the seller (because acquisition costs
evidence increasing marginal values).
Of special interest, the model enables me to compute fee
elasticities, even though no variation in historical fees exists in
these data. I compute fee elasticities by inferring the role of
seller costs in their historical listing decision and then imputing
how an increase in these costs (which arises from more fees) would
affect the seller's subsequent listing behavior. I find that these
implied commission elasticities exceed per-item fee elasticities
because commissions target high value sellers, and hence, commission
reductions enhance their listing likelihood. By targeting commission
reductions to high value sellers, auction house revenues can be
increased by 3.9%. Computing customer value, I find that attrition
of the largest seller would decrease fees paid to the auction house
by $97. Given that the seller paid $127 in fees, competition
offsets only 24% of the fees paid by the seller. In contrast,
competition largely in the form of other bidders offsets 81% of the
$26 loss from buyer attrition. In both events, the auction house
would overvalue its customers by neglecting the effects of
competition.
A Dynamic Model of Sponsored Search Advertising
Sponsored search advertising is ascendant. Jupiter Research reports
that expenditures rose 28% in 2007 to $8.9B and will continue to
rise at a 26% Compound Annual Growth Rate (CAGR), approaching half
the level of television advertising and making sponsored search
advertising one of the major advertising trends affecting the
marketing landscape. Although empirical studies of sponsored search
advertising are ascending, little research exists that explores how
the interactions of various agents (searchers,
advertisers, and the search engine) in keyword
markets affect searcher and advertiser behavior, welfare and search
engine profits. As in the first essay, sponsored search constitutes
a two-sided network. In this case, bidders (advertisers) and
searchers interact on a common platform, the search engine. The
bidder seeks to maximize profits, and the searcher seeks to maximize
The structural model I propose serves as a foundation to explore
these outcomes and, to my knowledge, is the first structural model
for keyword search. Not only does the model integrate the behavior
of advertisers and searchers, it also accounts for advertisers
competition in a dynamic setting. Prior theoretical research has
assumed a static orientation to the problem whereas prior empirical
research, although dynamic, has focused solely on estimating the
dynamic sales response to a single firm's keyword advertising
expenditures.
To estimate the proposed model, I have developed a two-step Bayesian
estimator for dynamic games. This approach does not rely on
asymptotics and also facilitates a more flexible model
specification.
I fit this model to a proprietary data set provided by an anonymous
search engine. These data include a complete history of consumer
search behavior from the site's web log files and a complete history
of advertiser bidding behavior across all advertisers. In addition,
the data include search engine information, such as keyword pricing
and website design.
With respect to advertisers, I find evidence of dynamic
bidding behavior. Advertiser valuation for clicks on their sponsored
links averages about $0.27. Given the typical $22 retail price of
the software products advertised on the considered search engine,
this figure implies a conversion rate (sales per click) of about
1.2%, well within common estimates of 1-2% (gamedaily.com). With
respect to consumers, I find that frequent clickers place a
greater emphasis on the position of the sponsored advertising link.
I further find that 10% of consumers perform 90% of the clicks.
I then conduct several policy simulations to illustrate the effects
of change in search engine policy. First, I find that the
search engine obtains revenue gains of nearly 1.4% by sharing
individual level information with advertisers and enabling them to
vary their bids by consumer segment. This strategy also improves
advertiser profits by 11% and consumer welfare by 2.9%. Second, I
find that a switch from a first to second price auction results in
truth telling (advertiser bids rise to advertiser valuations), which
is consistent with economic theory. However, the second price
auction has little impact on search engine profits. Third, consumer
search tools lead to a platform revenue increase of 3.7% and an
increase of consumer welfare of 5.6%. However, these tools, by
reducing advertising exposure, lower advertiser profits by 4.1%.
Sponsored Search Auctions: Research Opportunities in Marketing
In the final chapter, I systematically review the literature on
keyword search and propose several promising research directions.
The chapter is organized according to each agent in the search
process, i.e., searchers, advertisers and the search engine, and
reviews the key research issues for each. For each group, I outline
the decision process involved in keyword search. For searchers, this
process involves what to search, where to search, which results to
click, and when to exit the search. For advertisers, this process
involves where to bid, which word or words to bid on, how much to
bid, and how searchers and auction mechanisms moderate these
behaviors. The search engine faces choices on mechanism design,
website design, and how much information to share with its
advertisers and searchers. These choices have implications for
customer lifetime value and the nature of competition among
advertisers. Overall, I provide a number of potential areas of
future research that arise from the decision processes of these
various agents.
Foremost among these potential areas of future research are i) the
role of alternative consumer search strategies for information
acquisition and clicking behavior, ii) the effect of advertiser
placement alternatives on long-term profits, and iii) the measure of
customer lifetime value for search engines. Regarding the first
area, a consumer's search strategy (i.e., sequential search and
non-sequential search) affects which sponsored links are more likely
to be clicked. The search pattern of a consumer is likely to be
affected by the nature of the product (experience product vs. search
product), the design of the website, the dynamic orientation of the
consumer (e.g., myopic or forward-looking), and so on. This search
pattern will, in turn, affect advertisers payments, online traffic,
sales, as well as the search engine's revenue. With respect to the
second area, advertisers must ascertain the economic value of
advertising, conditioned on the slot in which it appears, before
making decisions such as which keywords to bid on and how much to
bid. This area of possible research suggests opportunities to
examine how advertising click-through and the number of impressions
differentially affect the value of appearing in a particular
sponsored slot on a webpage, and how this value is moderated by an
appearance in a non-sponsored slot (i.e., a slot in the organic
search results section). With respect to the third area of future
research, customer value is central to the profitability and
long-term growth of a search engine and affects how the firm should
allocate resources for customer acquisition and retention.
Organization
This dissertation is organized as follows. After this brief
introduction, the essay, ``Online Auction Demand,'' serves as a
basis that introduces some concepts of auctions as two-sided
markets. Next, the second essay, ``A Dynamic Model of Sponsored
Search Advertising,'' extends the first essay by considering a
richer context of bidder competition and consumer choice behavior.
Finally, the concluding chapter, which outlines my future research
interests, considers potential extensions that pertain especially to
sponsored search advertising.
Description
Yao, Song (2009). Online Auction Markets . Dissertation, Duke University. Retrieved from https://hdl.handle.net/10161/1073 .
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Dukes student scholarship is made available to the public using a Creative Commons Attribution / Non-commercial / No derivative (CC-BY-NC-ND) license .
Analysis, Design and Implementation of a Web- Based Online Auction System
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Automated Inference of Shilling Behavior in Online Auction Systems
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Online Auction System
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Ayla Cordell | Graduate School of Arts and Sciences
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Watch CBS News
Gold pocket watch found on body of Titanic's richest passenger sells for record $1.46 million
By Aliza Chasan
Edited By Stephen Smith
Updated on: April 29, 2024 / 7:00 AM EDT / CBS News
A pocket watch that belonged to the wealthiest passenger aboard the Titanic was auctioned in England Saturday for $1.46 million (£1.17 million), breaking the record for an object linked to the 1912 disaster, an auction house said this weekend. An American buyer won the bidding war for John Jacob Astor IV's 14-carat gold Waltham pocket watch, shattering the auctioneer's pre-sale estimate of £150,000, according to Henry Aldridge & Son .
The watch, engraved with the initials JJA, was found along with Astor's body when his remains were recovered several days after the Titanic sank. He was also found with a diamond ring, gold and diamond cufflinks, 225 pounds in English notes, and $2,440.
"Astor is well known as the richest passenger aboard the R.M.S. Titanic and was thought to be among the richest people in the world at that time, with a net worth of roughly $87 million (equivalent to several billion dollars today,)" the auction house wrote.
Astor was on the Titanic with wife, Madeleine. The business tycoon, who was in his 40s, had married the 18-year-old on Sept. 11, 1911, according to the auction house. The newlyweds took an extended honeymoon in Europe and Egypt while they waited for gossip about their marriage to die down. They were headed back to the U.S. when the Titanic hit an iceberg on April 14, 1912.
According to the auction house, Astor asked if he could join his wife on a lifeboat, mentioning her "delicate condition." After being told he needed to wait until all the women and children were away, Astor reportedly lit a cigarette and tossed his gloves to his wife. He went off to smoke with author Jacques Futrelle, who also died when the Titanic sank. They were among the more than 1,500 who perished.
Astor's body — and his watch — were recovered by the steamer CS McKay-Bennett on April 22. His wife survived.
"The watch itself was completely restored after being returned to Colonel Astor's family and worn by his son making it a unique part of the Titanic story and one of the most important pieces of horological history relating to the most famous ship in the world," the auction house said.
The sale of the pocket watch comes as other items from the infamous shipwreck have also hit the auction block, most recently a photo taken on April 16, 1912, that apparently shows the iceberg that doomed the ship.
In November, a rare menu from the Titanic 's first-class restaurant sold at auction along with a pocket watch from another man who died in the 1912 disaster. The menu sold for about about $101,600. The pocket watch , recovered from Russian immigrant Sinai Kantor, sold for about $118,700.
Before his death, Astor was a business magnate, real estate developer, investor, writer, and a lieutenant colonel in the Spanish–American War, according to the auction house. He founded the St. Regis hotel in New York City, which still stands today. Astor is also credited with inventing an early form of air conditioning by blowing cold air over the hotel's wall vents
He was the great grandson of John Jacob Astor , a fur trader who died in 1848 as one of the wealthiest men in the U.S., according to the Library of Congress. In their 2023 book " Astor: The Rise and Fall of an American Fortune, " Anderson Cooper and co-author historian Katherine Howe described how the family made its fortune.
Aliza Chasan is a digital producer at 60 Minutes and CBSNews.com. She has previously written for outlets including PIX11 News, The New York Daily News, Inside Edition and DNAinfo. Aliza covers trending news, often focusing on crime and politics.
IMAGES
VIDEO
COMMENTS
This thesis explores both online auction systems and the structure of social media platforms, the potential benefits of data-sharing between the two and the obstacles to doing so. Section I goes into detail about what an online auction system is and the different types that exist.
THE ONLINE AUCTION MARKETPLACE A Thesis Presented to the Graduate School of Clemson University In Partial Fulfillment of the Requirements for the Degree Master of Arts Economics by Calvin Salter December 2014 Accepted by: Robert D. Tollison, Committee Chair Scott L. Baier Raymond D. Sauer
v ABSTRACT OF THE THESIS Online Autioning System by Shanthi Potla Master of Science in Computer Science San Diego State University, 2011 The online auctioning system is a flexible solution for supporting lot- based online auctions. The thesis explains the construction of an auction website.
Accordingly, this dissertation investigates the role of online auctions; it is composed of three essays. The first essay, ``Online Auction Demand,'' investigates seller and buyer interactions via online auction websites, such as eBay. Such auction sites are among the earliest prominent transaction sites on the Internet (eBay started in 1995 ...
Online auctions are one of the most successful forms of electronic commerce. In 2002, more than 632 million items were listed for sale on the web behemoth eBay alone, a 51 percent increase over the previous year. This generated gross merchandise sales of more than $15 billion.
common auctions forms described above, there are some new formats online auctions that deserve in-depth investigation. In The large amount of real-time or historical data available to researchers also makes empirical auction studies possible. My dissertation studies online auctions both theoretically and empirically.
Design And Implementation of online Auction System. May 2022. NTU Journal of Pure Sciences 1 (2):29-38. DOI: 10.56286/ntujps.v1i2.206. Authors: Raghda T. Elias. Auday H. AL-Wattar. To read the ...
Online auctions are now an immensely popular component of the electronic marketplace.Online Auction management system is a web based application which will help users to buy or sell item.This ...
cooperation the thesis evaluates different types of auctions in order to provide a reference mode for understanding online auctions. Section two of the thesis is an analysis of the motivations driving the use of Internet auctions in procurement. This section surveys the perceived costs and benefits from auction technology.
This paper presents a study on the security challenges faced by online auction systems and proposes strategies to address them. The research methodology involved a literature review of existing studies. The main findings of the study suggest that the most common security threats faced by online auction systems include hacking, phishing, and fraud, which can have serious consequences for both ...
Many of the techniques discussed in this thesis can be readily applied to commercial online auctions. Buying and selling online is inherently insecure. Misuse of an individual's personal information is now the leading concern among those who engage in e-commerce. This thesis examines privacy and security issues in online auctions. Various auction fraud issues are investigated, and several ...
A practical case study will be introduced in this work to highlight the best practices for analysing and designing an online web-based auction system. The proposed Online Web-Based Auction System (OAS) was designed and implemented using the UML (in order to illustrate the architectural model), Microsoft Access 2010 and ASP.NET programming language.
This paper presents their experiences with designing and implementing their own online auction system which they call uAuction, and presents an analysis and design of the auction system by employing Unified Modeling Language (UML) to show the architectural model, subsystems, use cases, activity workflows, class diagram, user interfaces, and system sequence diagrams. Online auctions are now an ...
Online share trading is a popular ofishoot of more conventional online auctions. An individual can submit a buy or sell order to a broker, who then enters it into the share market. The privacy and security issues in online auctions are also manifest in online share trading. Although tightly regulated, there is even less security than online ...
In this part, the researcher will describe some of the existing online auction systems that are used now and the moti-vation for designing and implementing Al-Somhan online auction. Existing Online Auction System. eBay is one of the first websites that appeared in preparing auctions on its pages (McCarthy, 2018) . It started in 1995
Auction frauds develop in online auctions as online auction platforms expand in use. Shill bidding is one of the most prevalent forms of auction frauds that violate the integrity of online auctions. A shill is a person who pretends to be a legitimate buyer and feigns enthusiasm for an auctioned item by bidding up the auction price. Although the punishment for auction fraud could be severe (e.g ...
2.4.1 Ebay Auction System Online auctions, in particular, exemplify a huge growth rate that was made possible by Internet technology. EBay, the premier online auction retailer with over 80% of the online auction market, boasts that, on any given day, there are more than 12 million items listed on eBay across over 18,000 categories.
The objective of this thesis was to develop the Online Auction System in Iraq. The main reason behind implementing this project was the people needed a system where they can make the auctioning through the internet easily and reliably. The system was implemented to replace the tradition auctions by online auction, due to the fact that in the ...
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The annual Master's Thesis Exhibition showcases the completed work of graduate students who have expanded their technical abilities and understanding of their disciplines at KCAD. The exhibition provides a unique insight into the process, methodology, and passion behind their final thesis projects.
The auction will end, and winners will be announced on May 16, 2024 at 12:00. Items will be available for viewing in-person at the U.S. Embassy in Yaoundé by appointment only. Bid price does NOT include taxes, fees, or customs duty. ALL sales are final, and items are sold AS-IS, without refund or warranty by the US government.
Apply online. Apply now. Phone. +7 (952) 422-94-90. Our Email. [email protected]. About Us. Platov South Russian state polytechnic university (NPI) was established on October 18, 1907 with the greatest approval of Nicholas II as Don Polytechnic Institute. DPI was the first higher educational institution in the south of Russia.
of man-made landscapes of the lower Don. Ph.D. Thesis, Rostov-on-Don, 193 p. Ilyin V.B., Syso A.I. (2012). Heavy metals and non-metals in the system soil - plant. Novosibirsk, Publishing House of the Siberian Branch of the Russian Academy of Sciences, 220 p.
Tampereen ammattikorkeakoulu Tampere University of Applied Sciences Master degree in Information Technology Begard Aljaf: Online Auction System Master's thesis 47 pages, appendices 7 pages December 2016 The objective of this thesis was to develop the Online Auction System in Iraq.
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The 2024 Three Minute Thesis Competition (3MT) at Brandeis Graduate School of Arts & Sciences was not Will Dahl's first rodeo. "It took me two tries," the Molecular and Cell Biology PhD student said. "On my first attempt last year, I missed a line and stood silent for what felt like ages. To be honest, I was terrified!"
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Newly uncovered photo of Titanic iceberg up for auction 00:42. A pocket watch that belonged to the wealthiest passenger aboard the Titanic was auctioned in England Saturday for $1.46 million (£1. ...
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A gold watch worn by John Jacob Astor IV, a member of the wealthy Astor family and the richest man aboard the Titanic, sold for a record-breaking £1.175 million ($1.485 million) at auction on ...