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"Rings Purchasing."
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Collusion enforcement in repeated first-price auctions
In the context of repeated first-price auctions, we explore how a bid-rigging cartel can simultaneously overcome the difficulty of soliciting truthful private information about valuations and the difficulty of enforcing its internal mechanism. Focusing on the class of trigger-strategy collusive agreements, we explicitly characterize the optimal collusive agreement for any given discount factor. Making use of the characterization, we also explore how a long-run seller can use a reserve price to fight the cartel.
Journal Article
ARS-Chain: A Blockchain-Based Anonymous Reputation-Sharing Framework for E-Commerce Platforms
E-commerce platforms incorporate reputation systems that allow buyers to rate sellers after transactions. However, existing reputation systems face challenges such as privacy leakage, linkability, and multiple rating attacks. The feedback data can inadvertently expose user information privacy because they reveal the buyers’ identities and preferences, which deters a significant number of users from providing their ratings. Moreover, malicious actors can exploit data analysis and machine learning techniques to mine user privacy from the rating data, posing serious threats to user security and trust. This study introduces ARS-Chain, a pioneering and secure blockchain-driven anonymous reputation-sharing framework tailored for e-commerce platforms. The core of ARS-Chain is a dynamic ring addition mechanism with linkable ring signatures (LRS), where the number of LRS rings is dynamically added in alignment with the evolving purchase list, and LRS link tags are constructed with the LRS rings and item identifiers. Further, a consortium blockchain is introduced to store these anonymous ratings on e-commerce platforms. As a result, ARS-Chain ensures full anonymity while achieving cross-platform reputation sharing, making rating records unlinkable, and effectively countering multiple rating attacks. The experimental results confirm that ARS-Chain significantly enhances user information privacy protection while maintaining system performance, having an important impact on the construction of trust mechanisms for e-commerce platforms.
Journal Article
Stable sets in one-seller assignment games
We consider von Neumann–Morgenstern stable sets in assignment games with one seller and many buyers. We prove that a set of imputations is a stable set if and only if it is the graph of a certain type of continuous and monotone function. This characterization enables us to interpret the standards of behavior encompassed by the various stable sets as possible outcomes of well-known auction procedures when groups of buyers may form bidder rings. We also show that the union of all stable sets can be described as the union of convex polytopes all of whose vertices are marginal contribution payoff vectors. Consequently, each stable set is contained in the Weber set. The Shapley value, however, typically falls outside the union of all stable sets.
Journal Article
Forestry Practices and Veneer Log Value--Manufacturer's Assessments of Veneer Log Attributes
Hardwood veneer logs comprise less than 1% of the eastern hardwood forest resource in the United States; yet the typical range for veneer log prices is 2-10 times greater than that of grade 1 sawlogs. In this article we examine attributes and defects known to affect the value of veneer logs and shed light on forest management considerations that affect veneer log production. Veneer attribute data were collected for black cherry (Prunus serotina Ehrh.), black walnut (Juglans nigra L.), northern red oak (Quercus rubra L.), sugar maple (Acer saccharum Marsh.), and white oak (Quercus alba L.). Social judgment theory was used to assess veneer attributes and defects. Color (hue and consistency) and rings (density and texture) are the drivers in veneer log selection, and the results are also indicated by a “Species by Color” interaction and a “Species by Rings” interaction. Other cues are important but do not appear to drive log selection. Hardwood forest management practices, in which partial cuttings are performed, can affect the potential product value of face veneer quality residual stems by changing the rate of diameter growth.
Journal Article