Optimal Pricing Mechanisms with Unknown Demand

@inproceedings{Segal2002OptimalPM,
  title={Optimal Pricing Mechanisms with Unknown Demand},
  author={Ilya Segal},
  year={2002}
}
The standard profit-maximizing multiunit auction intersects the submitted demand curve with a preset reservation supply curve, which is determined using the distribution from which the buyers' valuations are drawn. However, when this distribution is unknown, a preset supply curve cannot maximize monopoly profits. The optimal pricing mechanism in this situation sets a price for each buyer on the basis of the demand distribution inferred statistically from other buyers' bids. The resulting profit… CONTINUE READING

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