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Title:
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BIDDING AS DECISION-MAKING |
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Author(s):
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Hosam Hanna |
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ISBN:
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972-98947-8-7 |
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Editors:
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Nitya Karmakar and Pedro Isaías |
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Year:
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2004 |
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Edition:
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Single |
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Keywords:
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E-Business, E-Commerce, decision under uncertainty, Markov Decision Process. |
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Type:
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Oral Presentation - 20 minutes |
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First Page:
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435 |
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Last Page:
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441 |
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Language:
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English |
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Cover:
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Full Contents:
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click to dowload 
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Paper Abstract:
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In auction, a bidder must decide whether he have to bid for a good or not. Moreover, he must determine the value he bids for a good. Since the result of auction are uncertain, these decisions must be made in a rational way in order to maximize the chance to obtain goods. In this paper, we propose a markovian decisional model that allows a bidder to construct an optimal bidding strategy. We also discuss three types of auction and show how a bidder can choose interesting goods and determine their bidding values. |
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