tag:blogger.com,1999:blog-1752771132348583018.post525055845957419467..comments2024-03-28T14:24:17.738-05:00Comments on Managerial Econ: The winner's curse in Yahoo display auctionsLuke Froebhttp://www.blogger.com/profile/06832270922187297624noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-1752771132348583018.post-60742133795514810172018-07-02T08:33:56.333-05:002018-07-02T08:33:56.333-05:00thanks for sharing best topics, keep such update a...thanks for sharing best topics, keep such update and share best ideas over to all and me so i very happy with this.WhatsApp status is an awesome method to convey what needs be.<br /><a href="https://status2020.com" rel="nofollow">Whatsapp Quotes</a>Ruchi Varmahttps://www.blogger.com/profile/08323425154142309754noreply@blogger.comtag:blogger.com,1999:blog-1752771132348583018.post-24523756998350315842015-12-14T06:12:14.534-06:002015-12-14T06:12:14.534-06:00In his blog “The winners curse in Yahoo display au...In his blog “The winners curse in Yahoo display auctions,” Froeb explains how Yahoo runs billions of automated auctions online daily to sell customers, impressions, clicks and sales. Yahoo uses predictive analysis to estimate the highest value bid, but consistently over-predicted the clicks or sales. Froeb calls this the winner’s curse. In his text Managerial Economics, Froeb explains it this way: “Imagine that you are bidding on a suitcase of cash. You are more likely to win the auction if you overestimate the amount of money in the suitcase than if you underestimate it. You are also more likely to lose money.” (2016, pg. 237) So the winner in this kind of auction is actually the loser in some ways, because they overestimated the value above all other bidders. This stands to reason, then, that all the other bidders bid far enough below the highest bid that the mass of bidding is inconsistent with the highest bid. This explains Yahoo’s dilemma. They thought the mass of bidders would be more in line with the high bid and were confused when that wasn’t the case. Froeb says “to avoid the winners curse, you bid as if everyone else thinks the value is less than your estimate.” You also, “bid less aggressively as the number of bidders increases.” (pg. 237) Yahoo’s predictions would be more on target if they took this into consideration. <br />References:<br />Froeb, L., & McCann, B. (2016). Managerial economics: A problem solving approach (4th ed.). Mason, OH: South-Western Cengage Learning. <br />Pamela Witternoreply@blogger.comtag:blogger.com,1999:blog-1752771132348583018.post-56518319993437593662015-04-29T22:45:09.498-05:002015-04-29T22:45:09.498-05:00According to NYC Department of Consumer Affairs, t...According to NYC Department of Consumer Affairs, the city’s administrative code requires that auctioneers must have a license to operate an auction house within the New York City Counties. All auctions must publish auctions in their licensed name “in one or more newspapers” http://www.nyc.gov/html/dca/html/licenses/036-071.shtml prior to conducting the auction. Jewelry auctions such as “diamonds, precious stones or other jewelry must include a signed document containing a description of the article sold and the representation made in regard thereto at the time of sale” http://www.nyc.gov/html/dca/html/licenses/036-071.shtml. <br />Auction regulations and license requirements differs state to state as well as within localities. For example, New York State does not require a license but localities such as NYC within the state do. States like Nevada may require licenses at the state level instead of localities such as Las Vegas. The United States Uniform Commercial Code is the basis for Auction regulations used by state and local localities and transactions are considered a bidding contract between buyers and sellers when consummated. Some auctions houses such as Heritage Auctions and eBay have policies designed around buyer’s remorse. In the case of Heritage Auctions, buyers may have 3 business days upon receipt to return a won item but this policy includes fees up to 20% of the auction value. In the comparison to eBay, eBay guarantees at least a 14 day return policy between buyers and sellers without penalty based on performance metrics but requires the buyer to pay return shipping costs which may/can include restocking fees depending on information provided by the seller. eBay uses metrics to determine the level of performance by both buyers and sellers to determine the level of protected returns and loss responsibilities. <br />http://www.nyc.gov/html/dca/html/licenses/036-071.shtml<br />TheFlipSideDownhttps://www.blogger.com/profile/06734712372638231695noreply@blogger.comtag:blogger.com,1999:blog-1752771132348583018.post-44615538998203583742012-09-27T07:12:27.009-05:002012-09-27T07:12:27.009-05:00This is one of the good articles you can find in t...This is one of the good articles you can find in the net explaining everything in detail regarding the topic. I thank you for taking your time sharing your thoughts and ideas to a lot of readers out there.Mcx Tipshttp://www.capitalheight.com/noreply@blogger.comtag:blogger.com,1999:blog-1752771132348583018.post-75830670439652402642011-04-27T06:16:29.243-05:002011-04-27T06:16:29.243-05:00It was a awe-inspiring post and it has a signific...It was a awe-inspiring post and it has a significant meaning and thanks for sharing the information.Would love to read your next post too......<br />Thanks<br />Regards<br /><a href="http://www.optiontips.in" title="Share tips" rel="nofollow"><b>Share Tips</b></a>share tipshttp://www.optiontips.in/noreply@blogger.comtag:blogger.com,1999:blog-1752771132348583018.post-85576610387483305682011-04-18T17:24:21.059-05:002011-04-18T17:24:21.059-05:00Many hundreds of Internet auctions you can find at...Many hundreds of Internet auctions you can find at http://1-auctions.com/, with rating of the best the best auctions by thousands of visitors.Anonymousnoreply@blogger.com