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Auction reserve price of fresh agricultural Dynamic Pricing Strategy

Author: JiangXiaoLi
Tutor: QinKaiDa
School: Kunming University of Science and Technology
Course: Management Science and Engineering
Keywords: Fresh agricultural products Auction Reserve Price Dynamic pricing
CLC: F323.7;F724.59
Type: Master's thesis
Year: 2011
Downloads: 33
Quote: 0
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Abstract


Auction as an ancient price discovery mechanism and resource allocation mechanism, already has two thousand years of history, has its own unique charm. With the development of the practice of the auction and auction theory, Europe and the United States was first discovered, auction transactions, particularly for fresh agricultural commodity characteristics. However, fresh agricultural trading volume is not easy to go far and so, commodity prices have uncertainty affecting the price change, the price difference is relatively large in the transaction process. The higher level of price volatility is bound to adversely affect the purchase, suppliers, and the auction house. Curb the transaction price fluctuations, in real-time to take measures to make the the product transaction price tends optimal auction the chances of success, to ensure the smooth operation of the auction market is of great significance. Example Kunming International Flower Trading Center (Kunming International Flower Auction Market, KIFA), and found a good mechanism design is the only effective way to auction success, the more common method is to dynamically set the appropriate reserve price to ensure that the auction process impartiality. Appropriate reserve price will give bidders a certain appreciation of space, conducive to an auction is very critical to reduce unsold ratio. The reserve price in the early auction theory has emerged, but generally give ideal assumptions, such as the buyer's valuation is distributed as evenly distributed and does not change, zero commission proportion, risk-neutral auction participants. Price depends on the designer unknown random variables reserved in the auction in practice, optimal distribution, is not necessarily a uniform distribution assumption. In addition, the auction trading commission charged, the seller valuation of change, can make a theoretical study of the optimal strategy fails. Therefore, the study of the past, the optimal reserve price is considered to be a lack of practical application value. In this paper, we consider the value of the study, the background of real market environment in China, by summarizing the theoretical literature and analysis of existing transaction data to determine the impact of the reserve price factors. Reasonable assumption to validate traditional theory, this paper through the analysis of questionnaire data found that the bidder's valuation distribution is not as uniform distribution assumptions and are not sure. When the bidder's valuation distribution is uncertain, the optimal reserve price will change accordingly. Nonparametric estimation method used in Chapter bidder's valuation distribution function to estimate the transaction price data, the estimated results and actual results good agreement. Distribution estimation method in determining the valuation of the bidder, Chapter commission rate, number of suppliers, and the historical trading price variable pricing model for the introduction of the reserve price, respectively, to discuss the commission index, the number of suppliers and historical transaction price and other factors on the optimal reserved price impact of a series of valuable conclusions.

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CLC: > Economic > Trade and Economic > China's domestic trade and economic > Circulation of commodities > Auction
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