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Related Experiment Videos

Emerging behavior in electronic bidding.

I Yang1, H Jeong, B Kahng

  • 1School of Physics and Center for Theoretical Physics, Seoul National University, Seoul 151-747, Korea.

Physical Review. E, Statistical, Nonlinear, and Soft Matter Physics
|August 26, 2003
PubMed
Summary
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A few highly active bidders dominate online auctions, controlling a large share of bidding activity and disproportionately influencing final prices. This concentration of power may be common in online markets.

Area of Science:

  • E-commerce and Market Dynamics
  • Statistical Analysis of Online Behavior

Background:

  • Online auction sites facilitate global trade, but the distribution of user activity remains largely uncharacterized.
  • Understanding agent behavior is crucial for market stability and fairness.

Purpose of the Study:

  • To statistically analyze the behavior of agents on major online auction platforms.
  • To identify patterns in bidding activity and their impact on auction outcomes.

Main Methods:

  • Data collection from two major online auction sites.
  • Statistical analysis of bid distribution and agent participation.
  • Power-law distribution analysis to model agent activity.

Main Results:

  • Bidding activity and auction participation exhibit power-law distributions.

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  • A small subset of agents accounts for a significant portion of total bids.
  • These active agents exert a disproportionate influence on final item prices.

    • Conclusions:

    • Online auctions are dominated by a highly active minority of agents.
    • This concentration of influence suggests potential systemic effects in online markets.
    • The findings may indicate a general characteristic of online commercial processes.