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Modeling the Price-Demand Relationship Using Auction Bid Data

Zhang, Alex; Beyer, Dirk; Ward, Julie; Liu, Tongwei; Karp, Alan; Guler, Kemal; Jain, Shailendra; Tang, Hsiu-Khuern

HPL-2002-202

Keyword(s): pricing; demand function; auction; estimation

Abstract: This report documents two mathematical models for extracting the price-demand relationship, commonly known as the demand function or demand curve, for consumer products using on-line auction bid data. The first model assumes that all bidding sequences are equally likely; the second model assumes that the bidders arrive in Poisson streams and utilizes the time of bid information. Our goal is to estimate, from recorded bids in n auctions, the proportions of potential (in addition to the known) bidders who are willing to bid a price.

36 Pages

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