DOIONLINE

DOIONLINE NO - IJMAS-IRAJ-DOIONLINE-7460

Publish In
International Journal of Management and Applied Science (IJMAS)-IJMAS
Journal Home
Volume Issue
Issue
Volume-3,Issue-3   ( Mar, 2017 )
Paper Title
Reexamine First Price Sealed Bid Auctions with the One-Shot Decision Theory
Author Name
Chao Wang, Peijunguo
Affilition
Faculty of Business AdministrationYokohama National University
Pages
103-108
Abstract
In this paper, we examine first price sealed bid auctions with the one-shot decision theory. We set a fundamentally different hypothesis from the existing approaches for analyzing first price sealed bid auctions. We emphasize that for every bidder he/she faces a one-shot decision problem in which each bidder makes a decision based on some particular scenario. With the one-shot decision theory, we build the first price sealed bid auction models. The first price sealed bid auction has been proved to be reasonable from the expected utility theory. Our analytical results highlight that it is also reasonable from the one-shot decision theory. Keywords: First price sealed bid auctions One-shot decision theory Regret
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