IDEAS home Printed from https://ideas.repec.org/a/sbe/breart/v14y1994i1a2976.html
   My bibliography  Save this article

Strategic Behavior in Ascending-Price Multiple-Object Auctions

Author

Listed:
  • Menezes, Flávio Marques

Abstract

In this paper we examine an ascending-price multiple-object auction that has been used in the brazilian privatization process. We assume that artificially intelligent agents replace bidders in the game. We incorporate the existence of small players who cannot play strategically. Our results suggest that strategic bidders learn how to play in few rounds. We also conclude that as the number of players behaving sttategically decreases the solution approaches the competitive one. Thus, any predictions related to the results of the auctions must be conditional on the market structure.

Suggested Citation

  • Menezes, Flávio Marques, 1994. "Strategic Behavior in Ascending-Price Multiple-Object Auctions," Brazilian Review of Econometrics, Sociedade Brasileira de Econometria - SBE, vol. 14(1), April.
    • Handle: RePEc:sbe:breart:v:14:y:1994:i:1:a:2976
    as

    Download full text from publisher

    File URL: https://periodicos.fgv.br/bre/article/view/2976
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Robert G. Hansen, 1988. "Auctions with Endogenous Quantity," RAND Journal of Economics, The RAND Corporation, vol. 19(1), pages 44-58, Spring.
    2. Menezes, F.M., 1993. "Ascending-Price Multiple-Object Auctions," Papers 254, Australian National University - Department of Economics.
    3. Robert B. Wilson, 1987. "On Equilibria of Bid-Ask Markets," Palgrave Macmillan Books, in: George R. Feiwel (ed.), Arrow and the Ascent of Modern Economic Theory, chapter 11, pages 375-414, Palgrave Macmillan.
    4. Holland, John H & Miller, John H, 1991. "Artificial Adaptive Agents in Economic Theory," American Economic Review, American Economic Association, vol. 81(2), pages 365-371, May.
    5. Menezes, Flavio Marques, 1993. "Leilões de privatização: uma análise de equilíbrio," Revista Brasileira de Economia - RBE, EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil), vol. 47(3), July.
    6. Marimon, Ramon & McGrattan, Ellen & Sargent, Thomas J., 1990. "Money as a medium of exchange in an economy with artificially intelligent agents," Journal of Economic Dynamics and Control, Elsevier, vol. 14(2), pages 329-373, May.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Kollman, Ken & Miller, John H. & Page, Scott E., 1997. "Landscape formation in a spatial voting model," Economics Letters, Elsevier, vol. 55(1), pages 121-130, August.
    2. Ho, Teck-Hua, 1996. "Finite automata play repeated prisoner's dilemma with information processing costs," Journal of Economic Dynamics and Control, Elsevier, vol. 20(1-3), pages 173-207.
    3. Marco Casari, 2002. "Can genetic algorithms explain experimental anomalies? An application to common property resources," UFAE and IAE Working Papers 542.02, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
    4. Beltrametti, Luca & Fiorentini, Riccardo & Marengo, Luigi & Tamborini, Roberto, 1997. "A learning-to-forecast experiment on the foreign exchange market with a classifier system," Journal of Economic Dynamics and Control, Elsevier, vol. 21(8-9), pages 1543-1575, June.
    5. Tesfatsion, Leigh, 1998. "Teaching Agent-Based Computational Economics to Graduate Students," ISU General Staff Papers 199807010700001043, Iowa State University, Department of Economics.
    6. Tesfatsion, Leigh, 1995. "How Economists Can Get Alife," Economic Reports 18196, Iowa State University, Department of Economics.
    7. Hélène Tordjman, 1997. "Spéculation, hétérogénéité des agents et apprentissage : un modèle de "marché des changes artificiel"," Revue Économique, Programme National Persée, vol. 48(4), pages 869-897.
    8. Tony Curson Price, 1997. "Using co-evolutionary programming to simulate strategic behaviour in markets," Levine's Working Paper Archive 588, David K. Levine.
    9. Scott E. Page, 1992. "Political Parties and Electoral Landscapes," Discussion Papers 997, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    10. Scott E. Page, 1991. "Simulations and Spatial Voting Methods," Discussion Papers 952, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    11. D. J. Wu, 2000. "Agent‐based stochastic production lines design," Intelligent Systems in Accounting, Finance and Management, John Wiley & Sons, Ltd., vol. 9(4), pages 257-270, December.
    12. Bullard, James & Duffy, John, 1998. "A model of learning and emulation with artificial adaptive agents," Journal of Economic Dynamics and Control, Elsevier, vol. 22(2), pages 179-207, February.
    13. Clemens, Christiane & Riechmann, Thomas, 1996. "Evolutionäre Optimierungsverfahren und ihr Einsatz in der ökonomischen Forschung," Hannover Economic Papers (HEP) dp-195, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
    14. Santiago J. Gangotena, 2017. "Dynamic coordinating non-equilibrium," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 30(1), pages 51-82, March.
    15. Cattaneo, Andrea & Robinson, Sherman, 2000. "Empirical models, rules, and optimization," TMD discussion papers 53, International Food Policy Research Institute (IFPRI).
    16. Karolina Safarzyńska & Jeroen Bergh, 2010. "Evolutionary models in economics: a survey of methods and building blocks," Journal of Evolutionary Economics, Springer, vol. 20(3), pages 329-373, June.
    17. Jasmina Arifovic & James B. Bullard & John Duffy, 1995. "Learning in a model of economic growth and development," Working Papers 1995-017, Federal Reserve Bank of St. Louis.
    18. Stepan Cabelka & Jacek Cukrowski, 2001. "R&D in Duopoly with Spillovers: Evolution and Aspiration Learning," Industrial Organization 0012005, University Library of Munich, Germany.
    19. Artem Kuriksha, 2021. "An Economy of Neural Networks: Learning from Heterogeneous Experiences," Papers 2110.11582, arXiv.org.
    20. Paul De Grauwe, 2012. "Lectures on Behavioral Macroeconomics," Economics Books, Princeton University Press, edition 1, volume 1, number 9891.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:sbe:breart:v:14:y:1994:i:1:a:2976. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Núcleo de Computação da FGV EPGE (email available below). General contact details of provider: https://edirc.repec.org/data/sbeeeea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.