The generalized first-price auction (GFP) is a non-truthful auction mechanism for (a.k.a. position auctions). In sponsored search n bidders compete for the assignment of k slots. Each slot has an associate click-through rate, the click-through rates are decreasing from top to bottom. The GFP mechanism asks each bidder for a bid. Then the highest bidder gets the first slot, the second-highest, the second slot and so on. On each click the highest bidder pays his bid on the first slot, the second highest bidder pays his bid on the second slot, and so on. The GFP mechanism was the first mechanism to find application in , replacing the "flat fee" and "per-impression" model that was the standard. Overture adopted the GFP mechanism in 1997, and provided service to Yahoo! and MSN. Although very successful initially, bidders quickly learned how to manipulate the mechanism. Bidding patterns exhibited a characteristic saw-tooth pattern, and the mechanism need not possess a (pure) Nash equilibrium. These deficiencies lead to the replacement of the GFP mechanism in practice, and the adoption of alternate auction designs. Recent work by Hoy et al. and Dütting et al. shows that the deficiencies of the GFP mechanism can be ascribed to its bidding interface, and that adopting a more expressive bidding interface guarantees the existence of an efficient Nash equilibrium under complete information as well as an efficient Bayes-Nash equilibrium under incomplete information. (Wikipedia).
24. Asymmetric information: auctions and the winner's curse
Game Theory (ECON 159) We discuss auctions. We first distinguish two extremes: common values and private values. We hold a common value auction in class and discover the winner's curse, the winner tends to overpay. We discuss why this occurs and how to avoid it: you should bid as if you k
From playlist Game Theory with Ben Polak
Mod-03 Lec-24 First Price Auction
Game Theory and Economics by Dr. Debarshi Das, Department of Humanities and Social Sciences, IIT Guwahati. For more details on NPTEL visit http://nptel.iitm.ac.in
From playlist IIT Guwahati: Game Theory and Economics | CosmoLearning.org Economics
From playlist Mathematics of Voting
Calculating Best Buys (how to use two comparable methods)
More resources available at www.misterwootube.com
From playlist Basic Financial Mathematics
#5 Limit orders as makers | Trading on Coinbase Pro - GDAX
In this video, let's look at the next two limit order configurations. We are ready to move to the buy-buy and the sell-sell permutations. With these two configurations, we will see how makers come to be. Since the order side and the limit price are on the same side, these particular config
From playlist Trading - Advanced Order Types with Coinbase
Ex: Derivative Application - Minimize Cost
This video provides an example of how to determine the minimum inventory cost given the cost function. The results are verified graphically. http://mathispower4u.com
From playlist Applications of Differentiation – Maximum/Minimum/Optimization Problems
Ex: Find the Original Price Given the Discount Price and Percent Off
This video provides an example of how to determine the original price of an item given the discounted price and the percent mark down. Search Complete Library at http://www.mathispower4u.wordpress.com
From playlist Percent Applications
Find Two Solutions to a First Order Initial Value Problem
This video explains how to find two solutions to a first order differential equation initial value problem that does not have a unique solution. Library: http://mathispower4u.com Search: http://mathispower4u.wordpress.com
From playlist Introduction to Differential Equations
Michael Joswig: Generalized permutahedra and optimal auctions
We study a family of convex polytopes, called SIM-bodies, which were introduced by Giannakopoulos and Koutsoupias (2018) to analyze so-called Straight-Jacket Auctions. First, we show that the SIM-bodies belong to the class of generalized permutahedra. Second, we prove an optimality result
From playlist Workshop: Tropical geometry and the geometry of linear programming
Second Order (Homogeneous) Differential Equations Introduction
Some of the links below are affiliate links. As an Amazon Associate I earn from qualifying purchases. If you purchase through these links, it won't cost you any additional cash, but it will help to support my channel. Thank you! ►PRODUCT RECOMMENDATIONS https://www.amazon.com/shop/brithem
From playlist Differential Equations
Algorithmic Game Theory: Two Vignettes
(March 11, 2009) Tim Roughgarden talks about algorithmic game theory and illustrates two of the main themes in the field via specific examples: performance guarantees for systems with autonomous users, illustrated by selfish routing in communication networks; and algorithmic mechanism desi
From playlist Engineering
Theoretical Computer Science and Economics - Tim Roughgarden
Lens of Computation on the Sciences - November 22, 2014 Theoretical Computer Science and Economics - Tim Roughgarden, Stanford University Theoretical computer science offers a number of tools to reason about economic problems in novel ways. For example, complexity theory sheds new light
From playlist Lens of Computation on the Sciences
Elias Koutsoupias: Game Theory 2/2 🎲 CERN
This lecture series will present the main directions of Algorithmic Game Theory, a new field that has emerged in the last two decades at the interface of Game Theory and Computer Science, because of the unprecedented growth in size, complexity, and impact of the Internet and the Web. These
From playlist CERN Academic Lectures
Intractability in Algorithmic Game Theory - Tim Roughgarden
Tim Roughgarden Stanford University March 11, 2013 We discuss three areas of algorithmic game theory that have grappled with intractability. The first is the complexity of computing game-theoretic equilibria, like Nash equilibria. There is an urgent need for new ideas on this topic, to ena
From playlist Mathematics
DoubleClick Ad Exchange: Connecting the World of Online Advertising
Google Tech Talk May 23, 2012 Google NYC Presented by Eyal Manor, Jacob Baskin, Nemo Semret, and Noam Wolf ABSTRACT When you see an ad on a website, where did it come from? The answer to that question might not be as simple as it sounds. Ads on the internet take a long, often roundabout
From playlist Google NYC Tech Talks
Mod-03 Lec-22 Second Price Sealed Bid
Game Theory and Economics by Dr. Debarshi Das, Department of Humanities and Social Sciences, IIT Guwahati. For more details on NPTEL visit http://nptel.iitm.ac.in
From playlist IIT Guwahati: Game Theory and Economics | CosmoLearning.org Economics
Ngoc Mai Tran: Tropical solutions to hard problems in auction theory and neural networks, lecture II
Tropical mathematics is mathematics done in the min-plus (or max-plus) algebra. The power of tropical mathematics comes from two key ideas: (a) tropical objects are limits of classical ones, and (b) the geometry of tropical objects is polyhedral. In this course, I’ll demonstrate how these
From playlist Summer School on modern directions in discrete optimization
"RM Models for Online Advertising and On-Demand Platforms" by Florin Ciocan - Session I
This mini-course focuses on revenue management applications in online advertising and on-demand platforms with time-sensitive customers that give rise to novel matching and queueing models. For example, online advertising platforms match impressions supply to advertiser demand, whereas on-
From playlist Thematic Program on Stochastic Modeling: A Focus on Pricing & Revenue Management
Learn how to find relative extrema and justify using first derivative test
👉 Learn how to find the extreme values of a function using the first derivative test. The extreme values of a function are the points/intervals where the graph is decreasing, increasing, or has an inflection point. A method that can be used to obtain the extreme values of a function is the
From playlist First Derivative Test for Functions