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Jacek Cypryjański and Aleksandra Grzesiuk

-45. Bo, X., Zhangxi, L. & Bingjia S. (2010). Factors affecting consumer behaviors in online buy-itnow auctions. Internet Research, 20 (5): 509-526. Bonabeau, E. (2004). The perils of the imitation age. Harvard Business Review, 82: 99-104. Chen, Y-F. (2008). Herd behavior in purchasing books online. Computers in Human Behavior, 24: 1977-92. Chen, Y-F. & Wang, Y-J. (2010). Effect of Herd Cues and Product Involvement on Bidder Online Choices. Cyberpsychology, Behavior and Social Networking, 14 (7-8): 411

Open access

Joshua J. Miller

References ALLEN, Marcus. T., Sheri FAIRCLOTH and Ali NEJADMALAYERI.S (2004). Factors Influencing Interest Rates on Delinquent Property Tax Certificates. Journal of Real Estate Finance and Economics 28:19-36. ASHENFELTER, Orley. (1989). How Auctions Work for Wine and Art. Journal of Economic Perspectives 3:23-36. ASHENFELTER, Orley. and David GENESOVE. (1992). Testing for Price Anomalies in Real-Estate Auction. American Economic Review 82:501-05. CARLSON, T. L. (1951). The Illinois Military Tract

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Egons Lavendelis and Janis Grundspenkis

R eferences [1] Lavendelis, E. and Grundspenkis, J., “Multi-Agent Auction Based Simulation Tool for an Insurance Policy Market,” International Scientific Journal of RTU, Applied Computer Systems , vol. 15, pp. 5–13, 2014. http://dx.doi.org/10.2478/acss-2014-0001 [2] David, E., et al . (eds.), “Agent-Mediated Electronic Commerce. Designing Trading Strategies and Mechanisms for Electronic Markets,” AMEC and TADA 2012, Valencia, Spain, June 4th, 2012, Revised Selected Papers. Lecture Notes in Business Information Processing . vol. 136, p. 160, 2013

Open access

Zijuan Shi and Gaofeng Luo

, 2014, No 1, pp. 309-324. 4. Yi, L. G., Y. M. Lu. Utility-Driven Relay for Hybrid Access Femtocells Based on Cognitive Radio Spectrum Auction. - Computer Networks, Vol. 80, 2015, No C, pp. 155-166. 5. Liu, Z., C. Li. On Spectrum Allocation in Cognitive Radio Networks: A Double Auction-Based Methodology. - Wireless Networks, 2015, pp. 1-14. 6. Jiang, W., W. Feng, Y. Yu. Spectrum Allocation Based on Auction in Overlay Cognitive Radio Network. - Ksii Transactions on Internet & Information Systems, Vol. 9, 2015, No 9, pp

Open access

T. Hanák

References 1. Act no. 134/2016 Coll., on Public Procurement (the Czech Republic) 2. P. Ballesteros-Pérez, M. Skitmore, R. Das, M.L. Del Campo-Hitschfeld, “Quick abnormal-bid-detection method for construction contract auctions”. Journal of Construction Engineering and Management, 141:7, 2015. 3. S. Beall, C. Carter, P. Carter, T. Germer, T. Hendrick, S. Jap, L. Kaufmann, D. Maciejewski, R. Monczka, K. Peterson, “The Role of Reverse Auctions in Strategic Sourcing”, CAPS Research Report, 2003. 4. I

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Egons Lavendelis and Janis Grundspenkis

. Wooldridge, An Introduction to MultiAgent Systems, Second Edition, John Wiley and Sons, 2009 p. 484. [11] E. David, R. Azoulay-Schwartz and S. Kraus, “An English Auction Protocol for Multi-attribute Items” in Agent-Mediated Electronic Commerce IV. Designing Mechanisms and Systems. Lecture Notes in Computer Science Volume 2531, 2002, pp 52-68. [12] M. Bichler and J. Kalagnanam, “Configurable offers and winner determination in multi-attribute auctions” in European Journal of Operational Research, Volume 160, Issue 2, 2005, pp. 380-394. http

Open access

Ewa Drabik

On Certain Analogies Between the Laws of Quantum Mechanics and Rules of an English Auction

It is a self-evident truth that nowadays a growing number of economic phenomena is described by means of physics methods. The most frequent theories derived from physics and applied to economy are: (1) the universal gravitation law and (2) the first as well as the second law of thermodynamics. The methods of static physics are applicable also to the theory of financial markets. In this case it is assumed that the financial market is composed of single participants interacting as a system of particles. Such approach is associated with a model of financial market otherwise known as a minority game. It is postulated that the process of securities and money allocation is performed on the basis of prices fluctuation, where - if a vast majority of investors tend to purchase goods or services - the sale constitutes a more profitable option, and vice versa. The players who end up on minority side win. At the end of the XX century the economy commenced to apply the laws of quantum mechanics. These laws proved to be useful, in particular when attempting to generalize game theory, which resulted in quantum games. The aim of the paper is to compare the rules and auction mechanisms with selected laws of quantum mechanics. This paper aims also to introduce the basic concepts of quantum mechanics to the process of economic phenomena modeling. Quantum mechanics is a theory describing a behaviour of microscopic objects and is grounded on the principle of wave-particle duality. It is assumed that quantum-scale objects at the same time exhibit both wave-like and particle-like properties. The key role in quantum mechanics is played by: (1) the Schrödinger equation describing the probability amplitude for the particle to be found at a given position and at a given time, as well as (2) the Heisenberg uncertainty principle stating that a certain pair of physical properties may not be simultaneously measured to arbitrarily high precision.

Open access

Michal Kvasnička, Rostislav Staněk and Ondřej Krčál

References Bajari, P., McMillan, R. & Tadelis, S. (2009). Auctions versus negotiations in procurement: an empirical analysis. Journal of Law, Economics, and Organization , 25(2), 372–399. Bajari, P. & Tadelis, S. (2001). Incentives versus transaction costs: A theory of procurement contracts. RAND Journal of Economics, and Organization , 32(3), 387–407. Bulow, J. & Klemperer, S. (1996). Auctions versus Negotiations. The American Economic Review , 86(1), 180–194. Heijboer, G. & Telgen, J. (2002). Choosing the open or restricted procedure

Open access

Ewa Drabik

References Balicki A. - Analiza rynku (Market Analysis). Wydawnictwo Wyższej Szkoły Zarządzania, Gdańsk 2002. Challet D., Marsili M., Zhang Y. C. - Modeling Market Mechanism with Minority Game. Physica A - 276, 2000, pp. 284-315. Drabik E. - Aukcje w teorii i praktyce (Auctions in Theory and Practice). Wydawnictwo SGGW, Warsaw 2007. Feynman R. P., Leigton R. B., Sands M. - Feynmana wykłady z fizyki (The Feynman Lectures on Physics). Vol. III

Open access

Ewa Drabik

References Dickhaut, J., Gjerstad, S. (1998). Price formation in double auction. Games and Economic Behavior , 22 , 1–29. Drabik, E. (1999). Auction as game. Statistical Review , 46 (4), 446–467 (in Polish). Drabik, E. (2010). Application of auction rules on the Polish Power Exchange. Statistical Review , 57 (4), 70–87 (in Polish). Friedman, D. (1991). A simple testable model of price formation in the double auction market. Journal Econom. Behavior Organization , 15 , 47–70. Gode, D., Sunder, S. (1993). Allocative