Dynamic Auction Markets

该奖项用于对动态拍卖市场的研究。拍卖被用来买卖许多重要的商品和服务；这些市场环境包括电子市场、金融市场、公共采购和广泛的电子商务应用。参与这些市场的公司和客户通常会进行大量的购买和销售，这意味着动态行为是这些市场的一个重要特征。理解市场均衡内外的这些动态是一个重要而开放的挑战。PI首先寻求开发这些市场的新数学模型，然后将使用实际拍卖市场的数据来正式测试这些模型。人们希望，通过在理论和数据之间迭代，他将创造一种新的工具类别，这些工具经过充分测试，可以被其他有兴趣研究具有这些特征的市场的研究人员使用。实证分析包括来自两个不同市场的数据：通过eBay销售的相机的电子商务拍卖和英国的电力市场。该项目具有重要的更广泛的影响。这一结果将有助于竞争主管部门了解拍卖市场上买家和卖家面临的动态担忧。这里开发的方法也可能对分析非拍卖市场的动态行为有用。例如，第三个项目是关于公司在政策变化后如何调整自己的行为，其结果将对电力监管机构有价值，他们需要考虑美国公司将如何适应拟议的“智能电网”政策和技术。

This award funds research on dynamic auction markets. Auctions are used to buy and sell many important goods and services; these market environments include electricty markets, financial markets, public procurement, and a wide range of e-commerce applications. The firms and customers participating in these markets usually make many purchases and sales; this means that dynamic behavior is an important feature of these markets. Understanding these dynamics both in and out of market equilibrium is an important and open challenge.The PI seeks first to develop new mathematical models of these markets and will then use data from actual auction markets to formally test the models. The hope is that by iterating between theory and data he will create a new category of tools that are well-tested and can be employed by other researchers interested in studying markets with these features. The empirical analysis includes data from two different kinds of markets: ecommerce auctions for cameras sold through eBay and electricity markets in Great Britain.This project has important broader impacts. The results will be useful for competition authorities who seek to understand the dynamic concerns facing buyers and sellers in auction markets. The methods developed here may also be useful for analyzing dynamic behavior in non-auction markets. For example, the third project is about how firms adjust their behavior after a policy change, and the results will be valuable to electricity regulators who need to consider how US firms will adjust to proposed 'smart grid' policies and technologies.