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In auction theory, particularly Bayesian-optimal mechanism design, a virtual valuation of an agent is a function that measures the surplus that can be extracted from that agent. A typical application is a seller who wants to sell an item to a potential buyer and wants to decide on the optimal price.
An online auction (also electronic auction, e-auction, virtual auction, or eAuction) is an auction held over the internet and accessed by internet connected devices. [ 1 ] [ 2 ] [ 3 ] Similar to in-person auctions, online auctions come in a variety of types , with different bidding and selling rules.
Hence, in theory, the seller can obtain a higher revenue in an auction. Example. [3] There are two buyers whose valuations are distributed uniformly in the range [$, $]. The BO auction is the Vickrey auction with reserve price $100 (= the inverse-virtual-valuation of 0). Its expected revenue is $133.
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.
Zynga slaps virtual goods auction site with lawsuit. Tami Baribeau. ... We found only a few auctions for YoVille coins, ranging from 500,000 to 5 million YoVille Coins. While there was a category ...
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Auction software is application software, that can either be deployed on a desktop, on a web server [1] [2] or as a smart contract [3] on a blockchain virtual machine. This software is used by auctioneers and participants of online auctions such as eBay. Smart contracts replace an auctioneer's server, if the auctioneer is not trusted. [4]
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