Efficiency Guarantees in Auctions with Budgets

In settings where players have a limited access to liquidity, represented in the form of budget constraints, efficiency maximization has proven to be a challenging goal. In particular, the social welfare cannot be approximated by a better factor then the number of players. Therefore, the literature has mainly resorted to Pareto-efficiency as a way to achieve efficiency in such settings. While successful in some important scenarios, in many settings it is known that either exactly one incentive-compatible auction that always outputs a Pareto-efficient solution, or that no truthful mechanism can always guarantee a Pareto-efficient outcome. Traditionally, impossibility results can be avoided by considering approximations. However, Pareto-efficiency is a binary property (is either satisfied or not), which does not allow for approximations. In this paper we propose a new notion of efficiency, called \emph{liquid welfare}. This is the maximum amount of revenue an omniscient seller would be able to extract from a certain instance. We explain the intuition behind this objective function and show that it can be 2-approximated by two different auctions. Moreover, we show that no truthful algorithm can guarantee an approximation factor better than 4/3 with respect to the liquid welfare, and provide a truthful auction that attains this bound in a special case. Importantly, the liquid welfare benchmark also overcomes impossibilities for some settings. While it is impossible to design Pareto-efficient auctions for multi-unit auctions where players have decreasing marginal values, we give a deterministic $O(\log n)$-approximation for the liquid welfare in this setting

Signal-Jamming in a Sequential Auction

In a recurring auction early bids may reveal bidders’ types, which in turn affects bidding in later auctions. Bidders take this into account and may bid in a way that conceals their private information until the last auction is played. The present paper analyzes the equilibrium of a sequence of ?rst-price auctions assuming bidders have stable private values. We show that signal-jamming occurs and explore the dynamics of equilibrium prices

Statistical Arbitrage Mining for Display Advertising

We study and formulate arbitrage in display advertising. Real-Time Bidding (RTB) mimics stock spot exchanges and utilises computers to algorithmically buy display ads per impression via a real-time auction. Despite the new automation, the ad markets are still informationally inefficient due to the heavily fragmented marketplaces. Two display impressions with similar or identical effectiveness (e.g., measured by conversion or click-through rates for a targeted audience) may sell for quite different prices at different market segments or pricing schemes. In this paper, we propose a novel data mining paradigm called Statistical Arbitrage Mining (SAM) focusing on mining and exploiting price discrepancies between two pricing schemes. In essence, our SAMer is a meta-bidder that hedges advertisers' risk between CPA (cost per action)-based campaigns and CPM (cost per mille impressions)-based ad inventories; it statistically assesses the potential profit and cost for an incoming CPM bid request against a portfolio of CPA campaigns based on the estimated conversion rate, bid landscape and other statistics learned from historical data. In SAM, (i) functional optimisation is utilised to seek for optimal bidding to maximise the expected arbitrage net profit, and (ii) a portfolio-based risk management solution is leveraged to reallocate bid volume and budget across the set of campaigns to make a risk and return trade-off. We propose to jointly optimise both components in an EM fashion with high efficiency to help the meta-bidder successfully catch the transient statistical arbitrage opportunities in RTB. Both the offline experiments on a real-world large-scale dataset and online A/B tests on a commercial platform demonstrate the effectiveness of our proposed solution in exploiting arbitrage in various model settings and market environments.Comment: In the proceedings of the 21st ACM SIGKDD international conference on Knowledge discovery and data mining (KDD 2015

Applying direct heteroarylation synthesis to evaluate organic dyes as the core component in PDI-based molecular materials for fullerene-free organic solar cells

Direct heteroarylation has emerged as a versatile and powerful tool to access π-conjugated materials through atom-economical Pd-catalyzed carbon–carbon bond forming reactions. Employing this synthetic protocol has enabled the facile evaluation of a series of organic dyes in a PDI-dye-PDI framework. Material properties are largely dictated by the PDI components, but the incorporation of either thienoisoindigo, diketopyrrolopyrrole or isoindigo has been shown to influence the ionization potential and absorption profiles of the final materials. Solution-processable organic solar cell devices were fabricated to investigate the influence of the different dye cores on photovoltaic performance when paired with the donor polymer PTB7-Th. It was found that the diketopyrrolopyrrole-based material out-performed the other organic dyes, demonstrating energy losses of less than 0.6 eV, promising efficiencies when cast from non-halogenated solvents and the ability to dictate self-assembly induced by small volume fractions of the high-boiling solvent additive 1,8-diiodooctane to reach best device efficiencies of 4.1%

A Model of Vertical Oligopolistic Competition

This paper develops a model of successive oligopolies with endogenous market entry, allowing for varying degrees of product differentiation and entry costs in both markets. Our analysis shows that the downstream conditions dominate the overall profitability of the two-tier structure while the upstream conditions mainly affect the distribution of profits. We compare the welfare effects of upstream versus downstream deregulation policies and show that the impact of deregulation may be overvalued when ignoring feedback effects from the other market. Furthermore, we analyze how different forms of vertical restraints influence the endogenous market structure and show when they are welfare enhancing

Factors Affecting Quality of Life for Children with Asthma

BACKGROUND: In the U.S., asthma is the most common chronic illness in children under 18 years. An exploration of asthma admission rates in emergency departments indicated this was also the case for Southeast Georgia. Despite the availability of effective asthma treatments and interventions, asthma continues to severely impact children’s health-related QOL. PURPOSE: This exploratory study sought to assess quality of life (QOL) issues facing children with asthma and their caregivers. Specifically, this study aimed to 1) Determine the baseline QOL in children with asthma and their parents/caregivers, & 2) Determine what factors affect QOL for children with asthma and their caregivers. METHODS: This exploratory study employed a mixed-model design. Participants were recruited for a convenience sample from a large children’s hospital outpatient clinic in Southeast Georgia. Participants included children aged 7-17 with a diagnosis of asthma or reactive airway disease (N=104) and their parents/caregivers (N=104). Child participants completed the Paediatric Asthma Quality of Life Questionnaire (PAQLQ), a reliable and validated QOL questionnaire for childhood asthma focusing on the domains of activity limitations, emotional function, and an exploration of symptoms. Caregiver participants completed a demographics questionnaire and the Paediatric Asthma Caregiver’s Quality of Life Questionnaire (PACQLQ), a reliable and validated QOL questionnaire for caregivers of children with childhood asthma focusing on two domains, activity limitations and emotional function. Items in both the PAQLQ and PACQLQ questionnaires are rated on a 7-point scale, with higher scores indicating less impairment and lower scores indicating greater impairment to the domain under consideration. RESULTS & CLINICAL IMPLICATIONS: In addressing the first aim of this study, the results revealed that the baseline QOL for children with asthma and their caregivers was relatively high. In addressing the second aim of this study, the results of both the PAQLQ and the PACQLQ revealed that the most significant factor that affects the QOL of children with asthma is ED visits. The more ED visits reported, the greater the impairment to emotional function and physical activity. While the findings of this study demonstrate a positive baseline QOL, it is important to further investigate the specific impact of ED visits on QOL of children with asthma and their caregivers. An important clinical implication is that education on controlling asthma symptoms to prevent ED visits for both children and their caregivers may be of value to improve their QOL

Effect of side chains on the electronic and photovoltaic properties of diketopyrrolopyrrole-based molecular acceptors

Four molecular electron acceptors based on a common phthalimide end-capped diketopyrrolopyrrole pconjugated backbone, solubilized by different alkyl groups, have been synthesized. The influence of the nature and position of the solubilizing alkyl chains attached at the three constitutive blocks has been investigated. Results collected from UV-Vis absorption spectroscopy, cyclic voltammetry, solar cells fabrication and testing as well as atomic force microscopy show that the mode of substitution has negligible effect at the molecular level but strongly affects the material self-assembling properties, charge carrier transport and in turn, devices performances

Quick abnormal-bid-detection method for construction contract auctions

Noncompetitive bids have recently become a major concern in both public and private sector construction contract auctions. Consequently, several models have been developed to help identify bidders potentially involved in collusive practices. However, most of these models require complex calculations and extensive information that is difficult to obtain. The aim of this paper is to utilize recent developments for detecting abnormal bids in capped auctions (auctions with an upper bid limit set by the auctioner) and extend them to the more conventional uncapped auctions (where no such limits are set). To accomplish this, a new method is developed for estimating the values of bid distribution supports by using the solution to what has become known as the German Tank problem. The model is then demonstrated and tested on a sample of real construction bid data, and shown to detect cover bids with high accuracy. This paper contributes to an improved understanding of abnormal bid behavior as an aid to detecting and monitoring potential collusive bid practices