Article

A family of growth models for representing the price process in online auctions

Authors:

Galit ShmueliAuthors Info & Claims

ICEC '07: Proceedings of the ninth international conference on Electronic commerce

Pages 399 - 408

https://doi.org/10.1145/1282100.1282173

Published: 19 August 2007 Publication History

Abstract

Bids during an online auction arrive at unequally-spaced discrete time points. Our goal is to capture the entire continuous price-evolution function by representing it as a functional object. Various nonparametric smoothing methods exist to recover the functional object from the observed discrete bid data. Previous studies use penalized polynomial and monotone smoothing splines; however, these require the determination and storage of a large number of coefficients and often lengthy computational time. We present a family of parametric growth curves that describe the price-evolution during online auctions. This approach is parsimonious and has an appealing interpretation in the online auction context. We also provide an automated fitting algorithm that is computationally fast. Methods are illustrated using eBay data.

References

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Digital Library

[4]

R. Bapna, W. Jank, and G. Shmueli. Price formation and its dynamics in online auctions. Working Paper, Smith School of Business, University of Maryland. Available at http://ssrn.com/abstract=902887, 2004.

[5]

V. Hyde, W. Jank, and G. Shmueli. Investigating concurrency in online auctions through visualization. The American Statistician, 34(3):241--250, August 2006.

[6]

V. Hyde, W. Jank, and G. Shmueli. Statistical Methods in eCommerce Research, chapter A Family of Growth Models for Representing the Price Process in Online Auctions. Wiley & Sons, 2007. Jank and Shmueli (Eds.). Under review.

[7]

W. Jank and G. Shmueli. Business Computing, chapter Studying Heterogeneity of Price Evolution in eBay Auctions via Functional Clustering. Handbook of Information Systems Series. Elsevier, 2007. Adomavicius and Gupta (Eds.). Accepted.

[8]

W. Jank, G. Shmueli, C. Plaisant, and B. Shneiderman. Handbook on Computational Statistics on Data Visualization, chapter Visualizing Functional Data with an Application to eBay's Online Auctions. Springer-Verlag, Heidelberg, 2007. Chen, Hardle and Unwin (Eds.). In press.

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A. E. Roth and A. Ockenfels. Last-minute bidding and the rules for ending second-price auctions: Evidence from ebay and amazon auctions on the internet. The American Economic Review, 92, 2002.

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G. Shmueli, R. Russo, and W. Jank. The barista: A model for bid arrivals in online auctions. Working Paper, Smith School of Business, University of Maryland. Available at http://ssrn.com/abstract=902868., 2004.

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S. Wang, W. Jank, and G. Shmueli. Dynamic forecasting of online auction price using functional data analysis. Journal of Business and Economic Statistics, 2007. In press.

Cited By

Leung TKnottenbelt W(2013)Consumer-to-Consumer Internet Auction ModelsTransdisciplinary Marketing Concepts and Emergent Methods for Virtual Environments10.4018/978-1-4666-1861-9.ch012(181-194)Online publication date: 2013
https://doi.org/10.4018/978-1-4666-1861-9.ch012
Yokotani THuang HKawagoe K(2012)Predicting online auction final prices using time series splitting and clusteringProceedings of the 14th Asia-Pacific international conference on Web Technologies and Applications10.1007/978-3-642-29253-8_18(207-218)Online publication date: 11-Apr-2012
https://dl.acm.org/doi/10.1007/978-3-642-29253-8_18
Leung TKnottenbelt W(2011)Consumer-to-Consumer Internet Auction ModelsInternational Journal of Online Marketing10.4018/ijom.20110701021:3(17-28)Online publication date: 1-Jul-2011
https://doi.org/10.4018/ijom.2011070102

Index Terms

A family of growth models for representing the price process in online auctions

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Published In

cover image ACM Other conferences

ICEC '07: Proceedings of the ninth international conference on Electronic commerce

August 2007

482 pages

ISBN:9781595937001

DOI:10.1145/1282100

Conference Chairs:
Maria Gini
University of Minnesota, USA
,
Robert J. Kauffman
Arizona State University, USA
,
General Chair:
Donna Sarppo
University of Minnesota, USA
,
Program Chairs:
Chris Dellarocas
University of Maryland, USA
,
Frank Dignum
Universiteit Utrecht, Netherlands

Copyright © 2007 ACM.

Permission to make digital or hard copies of all or part of this work for personal or classroom use is granted without fee provided that copies are not made or distributed for profit or commercial advantage and that copies bear this notice and the full citation on the first page. Copyrights for components of this work owned by others than ACM must be honored. Abstracting with credit is permitted. To copy otherwise, or republish, to post on servers or to redistribute to lists, requires prior specific permission and/or a fee. Request permissions from [email protected]

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Association for Computing Machinery

New York, NY, United States

Publication History

Published: 19 August 2007

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ICEC07

ICEC07: Ninth International Conference on Electronic Commerce

August 19 - 22, 2007

MN, Minneapolis, USA

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Cited By

Leung TKnottenbelt W(2013)Consumer-to-Consumer Internet Auction ModelsTransdisciplinary Marketing Concepts and Emergent Methods for Virtual Environments10.4018/978-1-4666-1861-9.ch012(181-194)Online publication date: 2013
https://doi.org/10.4018/978-1-4666-1861-9.ch012
Yokotani THuang HKawagoe K(2012)Predicting online auction final prices using time series splitting and clusteringProceedings of the 14th Asia-Pacific international conference on Web Technologies and Applications10.1007/978-3-642-29253-8_18(207-218)Online publication date: 11-Apr-2012
https://dl.acm.org/doi/10.1007/978-3-642-29253-8_18
Leung TKnottenbelt W(2011)Consumer-to-Consumer Internet Auction ModelsInternational Journal of Online Marketing10.4018/ijom.20110701021:3(17-28)Online publication date: 1-Jul-2011
https://doi.org/10.4018/ijom.2011070102

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