Networked Auctions
E. Gelenbe (Imperial College, UK)
We introduce an original model of a network of auction centres, among which bidders are allowed to move as a function of their interest in the goods that are being sold. The behaviour of bidders and sellers is modeled as discrete random processes, and the equilibrium solution of the system, including the price at which sales are made and the number of bidders at each auction centre, is obtained.