Emergence of power-law behaviors in online auctions
We downloaded all online-auction bidding histories closing on a single day on eBay, including 264,073 auctioned items, involved by 384,058 distinct agents, finding emerging behaviors in electronic biddings. The data analysis indicates that the total number of bids placed in a single category and the number of distinct auctions frequented by a given agent follow power-law distributions, implying that a few agents are responsible for a significant fraction of the total bidding activity on the online market. To confirm the validity of our findings in different markets and time spans, we collected the data over a one year period from eBay’s Korean partner auction.co.kr, and confirmed the findings obtained from the eBay data. This domination of online auctions by a few unusually active minorities may be a generic feature of all online mercantile processes.
KeywordsSuccessful Agent Preferential Attachment Online Auction Distinct Item Auction Site
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