Matteo Bordone Molini Francesco Lovera Eni Rrema

Computer Science and Simulation for Economics

Project work on

"An auction system with rivals."

 

The applet requires Java 1.4.1 or higher. It will not run on Windows 95 or Mac OS 8 or 9. Mac users must have OS X 10.2.6 or higher and use a browser that supports Java 1.4. (Safari works, IE does not. Mac OS X comes with Safari. Open Safari and set it as your default web browser under Safari/Preferences/General.) On other operating systems, you may obtain the latest Java plugin from Sun's Java site.


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view/download model file: an_auction_system_with_rivals.nlogo

WHAT IS IT?

This is an Agent Based Model inspired by www.bidrivals.com's online auction system.


HOW IT WORKS

Basically it replicates the environment of the real auctions considering three kind of acting agents.

1) Random Agents - which bid in a very random way
2) Observing Agents - they observe the mean price of previous auctions and then bid.
3) Bid Agent - Automatic agent which bid systematically once he entered in the auction.


HOW TO USE IT

Select the number of each breed and then run the auction by click on Go for one auction otherwise click on Go forever for repeated auctions.


THINGS TO NOTICE

The model can compute the mean price of repeated auctions. It also can show the initial endowment and the available time own by the winner.


THINGS TO TRY

The user can try many features of this model. Especially we have implemented the possibility to switch on/off each breed of agent and also the endowment. This makes possible to observe the influence that this has to the price of the auctioned good.


EXTENDING THE MODEL

Although this is already at a good point the model can be extended considerably. The volunteer user can find true probabilities by observing the real auction and implement them in order to obtain an efficient strategy.


PREVIOUS WORK

We have looked all around the net for similar models but we haven't find any. It is supposed to be an original work. All the credits goes to the authors and the helpfull Prof. Pietro Terna


AUTHORS

In alphabetic order.

Matteo Bordone Molini - graduated student at University of Turin
Francesco Lovera - graduated student at University of Turin
Eni Rrema - graduated student at University of Turin