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Bidding process in online auctions and winning strategy:rate equation approach

I. Yang·B. Kahng
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Abstract

Online auctions have expanded rapidly over the last decade and have become a fascinating new type of business or commercial transaction in this digital era. Here we introduce a master equation for the bidding process that takes place in online auctions. We find that the number of distinct bidders who bid $k$ times, called the $k$-frequent bidder, up to the $t$-th bidding progresses as $n_k(t)\sim tk^{-2.4}$. The successfully transmitted bidding rate by the $k$-frequent bidder is obtained as $q_k(t) \sim k^{-1.4}$, independent of $t$ for large $t$. This theoretical prediction is in agreement with empirical data. These results imply that bidding at the last moment is a rational and effective strategy to win in an eBay auction.

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I. Yang, B. Kahng. 2005-11-08. Bidding process in online auctions and winning strategy:rate equation approach. https://doi.org/10.1103/physreve.73.067101

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