When are Auctions Best?

We compare the two most common bidding processes for selling a company or other asset when participation is costly to buyers. In an auction all entry decisions are made prior to any bidding. In a sequential bidding process earlier entrants can make bids before later entrants choose whether to compete. The sequential process is more efficient because entrants base their decisions on superior information. But pre-emptive bids transfer surplus from the seller to buyers. Because the auction is more conducive to entry in several ways it usually generates higher expected revenue.

Estimating Optimal Thinning and Rotation for Mixed-Species Timber Stands Using a Random Search Algorithm

The problem of optimal density over time for even-aged, mixed-species stands is formulated as a nonlinear-integer programming problem with numbers of trees cut by species and diameter class as decision variables. The model is formulated using a stand-table projection growth model to predict mixed-speciesg rowth and stand-structureO. ptimal thinning and final harvest age are estimated simultaneously using heuristic random search algorithms. For sample problemsw ith two speciesr, andom searchm ethodsp rovide near-optimalc uttings trategiesw ith very little computer time or memory. Optimal solutions are estimated for problems with eight initial species/diameter class groups, projected for up to three discrete growth periods. Such solution methods merit further study for evaluating complex stand- and forest-level decisions. FOREST Scl. 31:303-315

Learning Convex Partitions and Computing Game-theoretic Equilibria from Best Response Queries

Suppose that an $m$-simplex is partitioned into $n$ convex regions having disjoint interiors and distinct labels, and we may learn the label of any point by querying it. The learning objective is to know, for any point in the simplex, a label that occurs within some distance $\epsilon$ from that point. We present two algorithms for this task: Constant-Dimension Generalised Binary Search (CD-GBS), which for constant $m$ uses $poly(n, \log \left( \frac{1}{\epsilon} \right))$ queries, and Constant-Region Generalised Binary Search (CR-GBS), which uses CD-GBS as a subroutine and for constant $n$ uses $poly(m, \log \left( \frac{1}{\epsilon} \right))$ queries. We show via Kakutani's fixed-point theorem that these algorithms provide bounds on the best-response query complexity of computing approximate well-supported equilibria of bimatrix games in which one of the players has a constant number of pure strategies. We also partially extend our results to games with multiple players, establishing further query complexity bounds for computing approximate well-supported equilibria in this setting.Comment: 38 pages, 7 figures, second version strengthens lower bound in Theorem 6, adds footnotes with additional comments and fixes typo

Hidden intrabasin extension: Evidence for dike-fault interaction from magnetic, gravity, and seismic reflection data in Surprise Valley, northeastern California

The relative contributions of tectonic and magmatic processes to continental rifting are highly variable. Magnetic, gravity, and seismic reflection data from Surprise Valley, California, in the northwest Basin and Range, reveal an intrabasin, fault-controlled, ~10-m-thick dike at a depth of ~150 m, providing an excellent example of the interplay between faulting and dike intrusion. The dike, likely a composite structure representing multiple successive intrusions, is inferred from modeling a positive magnetic anomaly that extends ~35 km and parallels the basin-bounding Surprise Valley normal fault on the west side of the valley. A two-dimensional high-resolution seismic reflection profile acquired across the magnetic high images a normal fault dipping 56°E with ~275 m of throw buried ~60 m below the surface. Densely spaced gravity measurements reveal a \u3c1 mGal gravity low consistent with the fault offset inferred from the seismic data. Collinearity of the magnetic high and gravity low for ~6 km implies normal fault control of the dike along that length. The unusually shallow angle of the dike suggests that motion along the fault (perhaps aided by reduced friction along the dike) and associated block rotation resulted in post-intrusion tilting of the dike. The source of the dike is likely related to a shallow brittle-ductile transition zone that was elevated following rapid slip on the Surprise Valley fault after 3 Ma. Prior to our work, the Surprise Valley fault was assumed to accommodate the vast majority of extension across the region. Our results indicate that subsurface features, although no longer active, are significant contributors to the processes, timing, and total amount of extension observed in continental rift environments

A Recombination-Based Tabu Search Algorithm for the Winner Determination Problem

Abstract. We propose a dedicated tabu search algorithm (TSX_WDP) for the winner determination problem (WDP) in combinatorial auctions. TSX_WDP integrates two complementary neighborhoods designed re-spectively for intensification and diversification. To escape deep local optima, TSX_WDP employs a backbone-based recombination opera-tor to generate new starting points for tabu search and to displace the search into unexplored promising regions. The recombination operator operates on elite solutions previously found which are recorded in an global archive. The performance of our algorithm is assessed on a set of 500 well-known WDP benchmark instances. Comparisons with five state of the art algorithms demonstrate the effectiveness of our approach

License prices for financially constrained firms

It is often alleged that high auction prices inhibit service deployment. We investigate this claim under the extreme case of financially constrained bidders. If demand is just slightly elastic, auctions maximize consumer surplus if consumer surplus is a convex function of quantity (a common assumption), or if consumer surplus is concave and the proportion of expenditure spent on deployment is greater than one over the elasticity of demand. The latter condition appears to be true for most of the large telecom auctions in the US and Europe. Thus, even if high auction prices inhibit service deployment, auctions appear to be optimal from the consumers’ point of view

Three Wide-Separation L dwarf Companions from the Two Micron All Sky Survey: Gl 337C, Gl 618.1B, and HD 89744B

We present two confirmed wide separation L-dwarf common proper motion companions to nearby stars and one candidate identified from the Two Micron All Sky Survey. Spectral types from optical spectroscopy are L0 V, L2.5 V, and L8 V. Near-infrared low resolution spectra of the companions are provided as well as a grid of known objects spanning M6 V -- T dwarfs to support spectral type assignment for these and future L-dwarfs in the z'JHK bands. Using published measurements, we estimate ages of the companions from physical properties of the primaries. These crude ages allow us to estimate companion masses using theoretical low-mass star and brown dwarf evolutionary models. The new L-dwarfs in this paper bring the number of known wide-binary (Separation >= 100 AU) L-dwarf companions of nearby stars to nine. One of the L-dwarfs is a wide separation companion to the F7 IV-V + extrasolar planet system HD89744Ab.Comment: 20 pages including 6 tables and 4 figures, AJ, in pres

An Experimental Investigation of Colonel Blotto Games

"This article examines behavior in the two-player, constant-sum Colonel Blotto game with asymmetric resources in which players maximize the expected number of battlefields won. The experimental results support all major theoretical predictions. In the auction treatment, where winning a battlefield is deterministic, disadvantaged players use a 'guerilla warfare' strategy which stochastically allocates zero resources to a subset of battlefields. Advantaged players employ a 'stochastic complete coverage' strategy, allocating random, but positive, resource levels across the battlefields. In the lottery treatment, where winning a battlefield is probabilistic, both players divide their resources equally across all battlefields." (author's abstract)"Dieser Artikel untersucht das Verhalten von Individuen in einem 'constant-sum Colonel Blotto'-Spiel zwischen zwei Spielern, bei dem die Spieler mit unterschiedlichen Ressourcen ausgestattet sind und die erwartete Anzahl gewonnener Schlachtfelder maximieren. Die experimentellen Ergebnisse bestätigen alle wichtigen theoretischen Vorhersagen. Im Durchgang, in dem wie in einer Auktion der Sieg in einem Schlachtfeld deterministisch ist, wenden die Spieler, die sich im Nachteil befinden, eine 'Guerillataktik' an, und verteilen ihre Ressourcen stochastisch auf eine Teilmenge der Schlachtfelder. Spieler mit einem Vorteil verwenden eine Strategie der 'stochastischen vollständigen Abdeckung', indem sie zufällig eine positive Ressourcenmenge auf allen Schlachtfeldern positionieren. Im Durchgang, in dem sich der Gewinn eines Schlachtfeldes probabilistisch wie in einer Lotterie bestimmt, teilen beide Spieler ihre Ressourcen gleichmäßig auf alle Schlachtfelder auf." (Autorenreferat

Multiphoton radiative recombination of electron assisted by laser field

In the presence of an intensive laser field the radiative recombination of the continuum electron into an atomic bound state generally is accompanied by absorption or emission of several laser quanta. The spectrum of emitted photons represents an equidistant pattern with the spacing equal to the laser frequency. The distribution of intensities in this spectrum is studied employing the Keldysh-type approximation, i.e. neglecting interaction of the impact electron with the atomic core in the initial continuum state. Within the adiabatic approximation the scale of emitted photon frequencies is subdivided into classically allowed and classically forbidden domains. The highest intensities correspond to emission frequencies close to the edges of classically allowed domain. The total cross section of electron recombination summed over all emitted photon channels exhibits negligible dependence on the laser field intensity.Comment: 14 pages, 5 figures (Figs.2-5 have "a" and "b" parts), Phys.Rev.A accepted for publication. Fig.2b is presented correctl