Multiple Items, Ascending Price Auctions: An Experimental Examination of Alternative Auction Sequences

The paper investigates the revenue and efficiency of different ascending price auction architectures for the sale of three items and five bidders. Four architectures are studied: two different sequences of single item auctions, simultaneous auctions with a common countdown clock, and simultaneous auctions with item specific countdown clocks. A countdown clock measures the time until the auction closes but resets with each new bid. The environment contains independent private values, no uncertainty about own preferences, no information about other’s preferences, and a one unit budget constraint. The Nash equilibrium best response with straight forward bidding fits both dynamic and outcome data well. When non-unique Nash equilibria exist as in the case of simultaneous markets with a common clock, the social value maximizing Nash equilibrium emerges as the equilibrium selection. Both total revenue and efficiencies depend on the architecture as predicted by the Nash model, with the exception of the independent clocks architecture, which performs poorly on all dimensions

The Continuous Combinatorial Auction Architecture

The paper reports the architecture of a continuous combinatorial auction. Preferences are based on sets of items and feasibility requires the nonintersection of sets. Countdown clocks replace eligibility and activity requirements typical of rounds-based auctions. Bids remain in the system to be combined with new bids to form winning collections. Increment requirements dictate improvements over appropriate collections of existing bids. The auction evolved from experimental methods and operates at high levels of efficiency. Field applications are reported and result in natural equilibration in a few hours as opposed to days or weeks required by round-based architectures

An automatic approach to weighted subject indexing – An empirical study in the biomedical domain

Subject indexing is an intellectually intensive process that has many inherent uncertainties. Existing manual subject indexing systems generally produce binary outcomes for whether or not to assign an indexing term. This does not sufficiently reflect the extent to which the indexing terms are associated with the documents. On the other hand, the idea of probabilistic or weighted indexing was proposed a long time ago and has seen success in capturing uncertainties in the automatic indexing process. One hurdle to overcome in implementing weighted indexing in manual subject indexing systems is the practical burden that could be added to the already intensive indexing process. This study proposes a method to infer automatically the associations between subject terms and documents through text mining. By uncovering the connections between MeSH descriptors and document text, we are able to derive the weights of MeSH descriptors manually assigned to documents. Our initial results suggest that the inference method is feasible and promising. The study has practical implications for improving subject indexing practice and providing better support for information retrieval.Ye

Incorporating evolutionary processes into a spatially-explicit model: exploring the consequences of mink-farm closures in Denmark

In this paper, we present an individual-based cellular lattice model, which is based on a real landscape (Denmark). The model predicts the distribution of free-ranging mink from data collated on the geographic locations of fur farms, the number of breeding mink kept per farm, and a range of parameters regarding escape, reproduction, mortality, and dispersal. When evolution was incorporated in the model, the results showed that the degree of adaptation within the free-ranging mink population is likely to vary spatially, with lower adaptation in areas where farm mink density is highest (due to the greater number of escaping mink). We used the model to explore the potential consequences of closing mink farms, or limiting escapes from them, on the evolutionary ecology of the free-ranging population and found that depending upon the paramaterisation of the evolutionary processes, several different outcomes are possible. Closing mink farms may result in a crash of the free-ranging population, or alternatively it may result in the establishment of a better-adapted, truly feral population that may ultimately outnumber the population that was present before farm closures. The main purpose of this paper is to raise awareness of the potential importance of evolutionary processes for the naturalisation of mink in Denmark, and to highlight the need for further work. Future field studies should be targeted to reduce the uncertainty in key parameters, allowing the development of an improved version of this model that can be used to generate management recommendations. More generally, we believe that further work linking evolutionary and population biology is required particularly in an applied context. There are likely to be many further scenarios where evolutionary processes may hold the key to understanding both population and community dynamics