Related topics: mobile

Einstein note on happy living sells for $1.56 million

A note that Albert Einstein gave to a courier in Tokyo briefly describing his theory on happy living sold at auction in Jerusalem on Tuesday for $1.56 million, the auction house said.

Discrete convex analysis for analysis of iterative auctions

Researchers are investigating auction models where there are many different indivisible goods such as houses and cars. Notably, algorithms known as iterative auctions are often used to compute equilibrium prices of goods.

Computer science tackles 30-year-old economics problem

In 2007, the University of Chicago's Roger Myerson won the Nobel Memorial Prize in Economic Sciences — in part for research he had published, in 1981, on auction design. Using the tools of game theory, Myerson showed ...

US to auction rare T-Rex skeleton

A rare Tyrannosaurus Rex skeleton, among the most complete specimens in the world, is to go on the auction block in Las Vegas in October, the auction house Bonhams & Butterfields has said.

Game theory and machine learning offer better bidding strategies

(PhysOrg.com) -- By combining techniques from game theory and artificial intelligence, computer scientists at the University of Michigan have developed a better way to find the best bidding strategy in a simulated auction ...

page 1 from 19

Auction

An auction is a process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the highest bidder. In economic theory, an auction may refer to any mechanism or set of trading rules for exchange.

There are several variations on the basic auction form, including time limits, minimum or maximum limits on bid prices, and special rules for determining the winning bidder(s) and sale price(s). Participants in an auction may or may not know the identities or actions of other participants. Depending on the auction, bidders may participate in person or remotely through a variety of means, including telephone and the internet. The seller usually pays a commission to the auctioneer or auction company based on a percentage of the final sale price.

This text uses material from Wikipedia, licensed under CC BY-SA