{"id":14562,"date":"2024-08-08T15:57:10","date_gmt":"2024-08-08T13:57:10","guid":{"rendered":"https:\/\/www.uni.lu\/fdef-en\/?post_type=events&#038;p=14562"},"modified":"2024-09-09T11:38:13","modified_gmt":"2024-09-09T09:38:13","slug":"dem-research-seminar-with-rishikesh-parma-university-of-luxembourg","status":"publish","type":"events","link":"https:\/\/www.uni.lu\/fdef-en\/events\/dem-research-seminar-with-rishikesh-parma-university-of-luxembourg\/","title":{"rendered":"DEM Research Seminar with Rishikesh Parma, University of Luxembourg"},"content":{"rendered":"\n<section class=\"wp-block-unilux-blocks-free-section section\"><div class=\"container xl:max-w-screen-xl\">\n<p><\/p>\n\n\n\n<ul class=\"wp-block-unilux-blocks-custom-buttons btn-list\"><li class=\"wp-block-unilux-blocks-custom-button\"    aria-disabled=\"false\"\n    >\n    <a\n        role=\"link\"\n        aria-disabled=\"false\"\n                    href=\"https:\/\/www.eventbrite.fr\/e\/dem-research-seminar-with-rishikesh-parma-lcl-university-of-luxembourg-registration-981821974957\"\n                target=\"_self\"\n        class=\"btn btn--primary\"\n            >Register<\/a>\n<\/li>\n\n\n<li class=\"wp-block-unilux-blocks-custom-button\"    aria-disabled=\"false\"\n    >\n    <a\n        role=\"link\"\n        aria-disabled=\"false\"\n                    href=\"https:\/\/www.uni.lu\/fdef-en\/calendar?post_type=events&#038;p=14562&#038;calendar\"\n                target=\"_self\"\n        class=\"btn btn--secondary\"\n            >Add to Calendar<\/a>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-unilux-blocks-custom-buttons btn-list\"><\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Simple and Effective: &nbsp;A Deterministic Auction with&nbsp;Support Information<\/strong><\/p>\n\n\n\n<p><strong>Abstract:<\/strong><\/p>\n\n\n\n<p>Problem definition: We study an auction design problem, where a seller aims to sell an item to multiple bidders. Bidders\u2019&nbsp;willingness to pay (values) are independent random variables, and the seller only knows an upper bound on these values,&nbsp;lacking specific distribution knowledge. The objective is to devise a deterministic auction mechanism effective across&nbsp;various plausible distributions.&nbsp;<\/p>\n\n\n\n<p>Methodology\/results: We propose a second price auction with a reserve price set to half&nbsp;of the upper bound. Even though no deterministic mechanism can achieve a positive fraction of the maximum achievable expected revenue across all distributions, we define a distribution class G, which is extensive and contains several&nbsp;distributions of practical importance with diverse structural properties, and we demonstrate that our mechanism achieves at least&nbsp;1\/4&nbsp;(1\/2&nbsp;under i.i.d. values) of the maximum expected revenue for distributions within G. We conduct numerical&nbsp;experiments to evaluate our mechanism\u2019s performance beyond G, under randomly generated distributions, demonstrating&nbsp;its superior performance in approximately 95% of the generated instances compared to benchmark mechanisms from the literature. Additionally, we illustrate numerically that our mechanism exhibits greater robustness against different correlations than the benchmarks when considering two non-independent bidders. We also consider the scenario where the&nbsp;estimated upper bound is subject to errors and show that appropriately lowering the reserve price based on estimation&nbsp;confidence ensures a constant positive fraction of the maximum expected revenue across G.&nbsp;<\/p>\n\n\n\n<p>Managerial implications:<br>Traditional auction design strategies, under distributional ambiguity, often propose randomized mechanisms that lack&nbsp;interpretability and transparency, potentially leading to trust issues among bidders and implementation challenges. Our deterministic mechanism is simple, requires minimal information, and is provably effective in various practical scenarios.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Language<\/strong>: English<\/p>\n\n\n\n<p>This is a free Seminar. Registration is mandatory.<\/p>\n\n\n\n<p><\/p>\n<\/div><\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":99,"featured_media":10251,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"closed","template":"","format":"standard","meta":{"featured_image_focal_point":[],"show_featured_caption":false,"ulux_newsletter_groups":"","uluxPostTitle":"","uluxPrePostTitle":"","_trash_the_other_posts":false,"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false,"event_start_date":"2024-09-17 13:00:00","event_end_date":"2024-09-17 14:00:00","event_speaker_name":"Rishikesh PARMA","event_speaker_link":"https:\/\/www.uni.lu\/fdef-en\/people\/rishikesh-parma\/","event_is_online":false,"event_location":"Campus Kirchberg","event_street":"6, rue Richard Coudenhove-Kalergi","event_location_link":"https:\/\/www.uni.lu\/en\/about\/campuses\/kirchberg-campus\/","event_zip_code":"1359","event_city":"Luxembourg","event_country":"Luxembourg"},"events-topic":[298],"events-type":[323,322,315],"organisation":[138,101,145],"authorship":[99],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.3 (Yoast SEO v22.3) - 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