A final price prediction model for online english auctions - A neuro fuzzy approach

Chin Shien Lin, Shih Yu Chou, Chi Hong Chen, Tai Ru Ho, Yu Chen Hsieh

Research output: Chapter in Book/Report/Conference proceedingConference contribution

7 Citations (Scopus)

Abstract

Markov Chain Model provides a concise mathematical model to describe the online English auction process, converting the complicated interaction between the bidders and auctioneer into a tractable mathematical problem, which is a milestone for researches involved in this area. However, the assumptions about the parameters are not consistent with the actual phenomena, for example, the distribution of the private values and the arrival rates. Furthermore it is hard to obtain the values of these parameters. In this paper, a hybrid method, neuro fuzzy, is proposed to predict the final price in addition to exploring the complicated, possibly nonlinear, relationship among the auction mechanisms and final price. The empirical results show that neuro fuzzy system can predict the final price accurately much better than the others, which is of great help for the buyers to avoid overpricing and for the sellers to facilitate the auction. Besides, the knowledge base obtained from neuro fuzzy provides the elaborative relationship among the variables, which can be further tested for theory building.

Original languageEnglish
Title of host publicationProceedings of the 9th Joint Conference on Information Sciences, JCIS 2006
DOIs
Publication statusPublished - 2006
Externally publishedYes
Event9th Joint Conference on Information Sciences, JCIS 2006 - Taiwan, ROC, Taiwan
Duration: 2006 Oct 82006 Oct 11

Publication series

NameProceedings of the 9th Joint Conference on Information Sciences, JCIS 2006
Volume2006

Other

Other9th Joint Conference on Information Sciences, JCIS 2006
Country/TerritoryTaiwan
CityTaiwan, ROC
Period2006/10/082006/10/11

ASJC Scopus subject areas

  • Engineering(all)

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