Modeling On-Line Art Auction Dynamics Using Functional Data Analysis

In this paper, we examine the price dynamics of on-line art auctions of modern Indian art using functional data analysis. The purpose here is not just to understand what determines the final prices of art objects, but also the price movement during the entire auction. We identify several factors, such as artist characteristics (established or emerging artist; prior sales history), art characteristics (size; painting medium--canvas or paper), competition characteristics (current number of bidders; current number of bids) and auction design characteristics (opening bid; position of the lot in the auction), that explain the dynamics of price movement in an on-line art auction. We find that the effects on price vary over the duration of the auction, with some of these effects being stronger at the beginning of the auction (such as the opening bid and historical prices realized). In some cases, the rate of change in prices (velocity) increases at the end of the auction (for canvas paintings and paintings by established artists). Our analysis suggests that the opening bid is positively related to on-line auction price levels of art at the beginning of the auction, but its effect declines toward the end of the auction. The order in which the lots appear in an art auction is negatively related to the current price level, with this relationship decreasing toward the end of the auction. This implies that lots that appear earlier have higher current prices during the early part of the auction, but that effect diminishes by the end of the auction. Established artists show a positive relationship with the price level at the beginning of the auction. Reputation or popularity of the artists and their investment potential as assessed by previous history of sales are positively related to the price levels at the beginning of the auction. The medium (canvas or paper) of the painting does not show any relationship with art auction price levels, but the size of the painting is negatively related to the current price during the early part of the auction. Important implications for auction design are drawn from the analysis.Comment: Published at http://dx.doi.org/10.1214/088342306000000196 in the Statistical Science (http://www.imstat.org/sts/) by the Institute of Mathematical Statistics (http://www.imstat.org

TESTING AND VALIDATION OF A CORRELATION BASED TRANSITION MODEL USING LOCAL VARIABLES

A systematic approach of testing and validating transition models is developed and employed in testing of a recently developed transition model. The testing methodology uses efficient computational tools and a wide range of test cases. The computational tools include a boundary layer code, single zone Navier Stokes solver, and a multi-block Navier Stokes solver which uses MPI and is capable of handling complex geometries and moving grids. Test cases include simple flat plate experiments, cascade experiments, and unsteady wake/blade interaction experiments. The test cases are used to test the predicting capabilities of the transition model under various effects such as free stream turbulence intensity, Reynolds number variations, pressure gradient, flow separation, and unsteady wake/blade interaction. Using the above test cases and computational tools a method is developed to validate transition models. The transition model is first implemented in boundary layer code and tested for simple flat plate cases. Then the transition model is implemented in single zone Navier Stokes solver and tested for hysteresis effects for flat plate cases. Finally the transition model is implemented in multi zone Navier Stokes solver and tested for compressor and turbine cascade cases followed by unsteady wake/blade interaction experiments. Using the method developed a new correlation based transition model (Menter et al. 2004) which uses local variables is tested and validated. The new model predicted good results for high free stream turbulence and high Reynolds number cases. For low free stream turbulence and low Reynolds number cases, the results were satisfactory

Coordination Of Hierarchical Command And Control Services

The purpose of this program is to show emerging information technologies can significantly improve key areas of tactical operations, resulting in the conversion of software developed under the ATO to existing battlefield systems. One such key area is Information Dissemination and Management (ID&M). The key software that will be developed under the ID&M portion requires a collection of agent-based software services that will collaborate during tactical mission planning and execution

A Square Root Topologys to Find Unstructured Peer-To-Peer Networks

Unstructured peer-to-peer file sharing networks are very popular in the market Which they introduce Large network traffic The resultant networks may not perform search efficiently and effectively because used overlay topology formation algorithms are creating unstructured P2P networks are not performs guarantees In this paper we choosen the square-root topology and show that this topology Which improves routing performance compared to power-law networks In the square-root topology shows that this topology is optimal for random walk searches A power-law topology for other types of search techniques besides random walks Then we interoduced a decentralized algorithm for forming a square-root topology its effectiveness in constructing efficient networks using both simulations and experiments with our prototype Results show that the square-root topology can provide a good and the best performance and improvement over power-law topologies and other topology type