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How to Buy, Sell, and Profit on eBay is a book by Adam Ginsberg about how to start a business selling things on the online marketplace and auction website eBay. [1]
Auction sniping (also called bid sniping) is the practice, in a timed online auction, of placing a bid likely to exceed the current highest bid (which may be hidden) as late as possible—usually seconds before the end of the auction—giving other bidders no time to outbid the sniper.
The (sequential) auction algorithms for the shortest path problem have been the subject of experiments which have been reported in technical papers. [7] Experiments clearly show that the auction algorithm is inferior to the state-of-the-art shortest-path algorithms for finding the optimal solution of single-origin to all-destinations problems.
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The trick is in step 3. The agent is paid the total value of the other agents; hence, together with its own value, the total welfare of the agent is exactly equal to the total welfare of society. Hence, the incentives of the agent are aligned with those of the society and the agent is incentivized to be truthful in order to help the mechanism ...
Basically, these methods use an item profile (i.e., a set of discrete attributes and features) characterizing the item within the system. To abstract the features of the items in the system, an item presentation algorithm is applied. A widely used algorithm is the tf–idf representation (also called vector space representation). [57]