| The auction as an efficient resource allocation and price discovery mechanism, it scenes from the traditional extended to online auctions. Because of the flexibility of its extensive trading and the rapid growth in the volume of transactions of online auctions, online auction becomes one of the important business models of e-commerce. Therefore, it is important to research the online auctionOnline auction is very new model of auction and the research of online auction begin at 1990s, just about 10-20 years ago. Scholars have preliminary conclusions about some issue of the online auction theory. But those conclusions are far from a complete theoretical system. Compared with the traditional auction, the participation, and the ended way of online auctions are different, and the optimal strategy also changed dramatically. By now, we still have no unified model of the online auction, and we have no depth theoretic research of online auction. The most of our conclusions are based on empirical.Buy-price online auction is very special in online auction. In order to end the auction as soon as possible, the seller gives a buy-price in the auction, and if some bid the buy-price, he wins the auction immediately. There are three types of buy-price auction: the fixed buy-price, the temporary buy-price and the permanent buy-price. As buy-price suction first appeared in 1999 on Yahoo, the theoretical research of the buy-price auction just stay on the early stage.In this paper, we will research the optimal strategy of bidders in an online auction with buy-price. Also we will research the seller's revenue in buy-piece online auctions. At the end of this paper, we will give seller's optimal buy-priceThe first chapter of this paper is the traditional auction, including the common values model, private valuable model, and the revenue equivalence theorem. The second chapter is about online auctions, including the origin, development of online auction and the different between online auction and traditional auction.In Chapter 3, we extended the conclusions of an buy-price auction discovered by Zoltan, Wenli Wang and Andrew B. Whinston to an uncertainty online environment. We gave the online auctions bidders optimal strategy and the threshold conditions we also proved the nature of the threshold priceIn Chapter 4 we analyst the revenue of bidders'and seller's in the model in Chapter 3: We proved that the seller's revenue is no different from the normal English Auction if the bidders are risk-neutral; And we proved the more risk-averse a bidder, the lower his threshold price; We also proved that if the bidders are risk-averse, the seller will get more profit than English auctionIn Chapter 5, we shown that if the bidders are risk-averse, the seller will get more profit than English auction by simulation and we shown that the optimal buy-price of the seller, which can be infected by the other factorsChapter 5, we gave our conclusion and advice for further research. |
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