The Value of Knowing a Demand Curve: Bounds on Regret for Online Posted-Price Auctions

@inproceedings{Kleinberg2003TheVO,
  title={The Value of Knowing a Demand Curve: Bounds on Regret for Online Posted-Price Auctions},
  author={Robert D. Kleinberg and Frank Thomson Leighton},
  booktitle={FOCS},
  year={2003}
}
We consider the revenue-maximization problem for a seller with an unlimited supply of identical goods, interacting sequentially with a population of n buyers through an on-line posted-price auction mechanism, a paradigm which is frequently available to vendors selling goods over the Internet. For each buyer, the seller names a price between 0 and 1; the buyer decides whether or not to buy the item at the specified price, based on her privately-held valuation. The price offered is allowed to… CONTINUE READING
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