MAXIMAL PAYOFF STRATEGY FOR VICKERY AUCTION USING GAME THEORY AND COMPUTER ALGEBRA SYSTEMS




Abstract:
The theory of auction was first formalized by William Vickery. His classical contribution was one of the standards in the Game theory and it is contained in standard textbooks. This is an auction in which the highest bidder wins but pays only the second-highest bid. This variation over the normal bidding procedure is supposed to encourage bidders to bid the largest amount they are willing to pay. Maximal payoff strategy for Vickery auction can be programed using game theory and computer algebra systems, as it is presented in this paper

CITATION:

IEEE format

M. Lutovac, A. Lutovac, “Maximal Payoff Strategy for Vickery Auction using Game Theory and Computer Algebra Systems,” in Sinteza 2014 - Impact of the Internet on Business Activities in Serbia and Worldwide, Belgrade, Singidunum University, Serbia, 2014, pp. 66-70. doi: 10.15308/sinteza-2014-66-70 

APA format

Lutovac, M., Lutovac, A. (2014). Maximal Payoff Strategy for Vickery Auction using Game Theory and Computer Algebra Systems. Paper presented at Sinteza 2014 - Impact of the Internet on Business Activities in Serbia and Worldwide. doi:10.15308/sinteza-2014-66-70

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