Modeling Online Auctions: Statistics in Practice

Explore cutting–edge statistical methodologies for collecting,analyzing, and modeling online auction data Online auctions are an increasingly important marketplace, asthe new mechanisms and formats underlying these auctions haveenabled the capturing and recording of large amounts of biddingdata that are used to make important business decisions. As aresult, new statistical ideas and innovation are needed tounderstand bidders, sellers, and prices. Combining methodologiesfrom the fields of statistics, data mining, information systems,and economics, Modeling Online Auctions introduces a new approachto identifying obstacles and asking new questions using onlineauction data. The authors draw upon their extensive experience to introducethe latest methods for extracting new knowledge from online auctiondata. Rather than approach the topic from the traditionalgame–theoretic perspective, the book treats the online auctionmechanism as a data generator, outlining methods to collect,explore, model, and forecast data. Topics covered include: Data collection methods for online auctions and related issuesthat arise in drawing data samples from a Web site Models for bidder and bid arrivals, treating the differentapproaches for exploring bidder–seller networks Data exploration, such as integration of time series andcross–sectional information; curve clustering; semi–continuous datastructures; and data hierarchies The use of functional regression as well as functionaldifferential equation models, spatial models, and stochastic modelsfor capturing relationships in auction data Specialized methods and models for forecasting auction pricesand their applications in automated bidding decision rulesystems Throughout the book, R and MATLAB software are used forillustrating the discussed techniques. In addition, a related Website features many of the book′s datasets and R and MATLAB codethat allow readers to replicate the analyses and learn new methodsto apply to their own research. Modeling Online Auctions is a valuable book for graduate–levelcourses on data mining and applied regression analysis. It is alsoa one–of–a–kind reference for researchers in the fields ofstatistics, information systems, business, and marketing who workwith electronic data and are looking for new approaches forunderstanding online auctions and processes. Visit this book′s companion website by clicking here