http://www.youtube.com/watch?v=KyHilwSRo28&feature=fvsr (see starting :58)
rao
Tuesday, November 8, 2011
Re: questions about today's class
The whole point of selling is that the item being sold is hopefully valued higher by the buyer than by the seller.
The tender-based auction you describe below is a first price auction. For first price auction, bidding by true values (i.e., submitting a tender that truly reflect what the max price you are willing to pay for it) is not a dominant strategy and is thus not encouraged. [If you have trouble coming to terms with it, remember that doing the bidding in an ascending or descending price open auction gives the fairest price to the item in the long run. Second price auction emulates it using sealed bids]
Rao
ps: You have to first realize that there is no such thing as "true value" of an item independent of the buyers. The value of an item depends what what buyers are willing to pay for it (in other words, the worth of an item is what the market bears for it). an appraised value is basically only an approximation with some assumptions about buyer population.
On Tue, Nov 8, 2011 at 7:46 PM, shubhendra singh <Shubhendra.Singh@asu.edu> wrote:
If there is a reserve price, isnt it indicating a true value of item? Like in India the tenders are filled in same way (closed sealed, ignoring corruption for a while). The governments sets the reserve price, people bid and the one who is willing to pay highest price is given the project, with the quotation price he gave.
Shubhendra SinghTo: shubhendra singh <Shubhendra.Singh@asu.edu>
Sent: Tuesday, 8 November 2011 7:28 PM
Subject: Re: questions about today's classI assume you are talking about "reserve price"--i.e., a price below which the you don't want to sell the item.The way to handle reserve prices is to assume that the seller (in the case of search ads, the search enginer). is also bidding--with the minimum (reserve) prices.If the seller wins, then basically that means there are no bids from others that the seller is willing to take (and so basically the item is not sold).RaoOn Tue, Nov 8, 2011 at 7:23 PM, shubhendra singh <Shubhendra.Singh@asu.edu> wrote:In vickrey second auction, is minimum pricing of an item done? I mean for lets say query/keywords, we know the number of hits, we (thinking of we as search engine), we already know how important this query is, Do we decide the minimum quotation for it?
Shubhendra Singh
From: Subbarao Kambhampati <rao@asu.edu>
To: Rao Kambhampati <rao@asu.edu>
Sent: Tuesday, 8 November 2011 7:10 PM
Subject: questions about today's class
folksI couldn't call on several raised hands today. If you remember your questions, feel free to ask me by email andI will respond.(and if I think the question is of general interest I will post my answer to the blog too)rao
Re: questions about today's class
I assume you are talking about "reserve price"--i.e., a price below which the you don't want to sell the item.
The way to handle reserve prices is to assume that the seller (in the case of search ads, the search enginer). is also bidding--with the minimum (reserve) prices.
If the seller wins, then basically that means there are no bids from others that the seller is willing to take (and so basically the item is not sold).
Rao
On Tue, Nov 8, 2011 at 7:23 PM, shubhendra singh <Shubhendra.Singh@asu.edu> wrote:
In vickrey second auction, is minimum pricing of an item done? I mean for lets say query/keywords, we know the number of hits, we (thinking of we as search engine), we already know how important this query is, Do we decide the minimum quotation for it?
Shubhendra Singh
From: Subbarao Kambhampati <rao@asu.edu>
To: Rao Kambhampati <rao@asu.edu>
Sent: Tuesday, 8 November 2011 7:10 PM
Subject: questions about today's class
folksI couldn't call on several raised hands today. If you remember your questions, feel free to ask me by email andI will respond.(and if I think the question is of general interest I will post my answer to the blog too)rao
questions about today's class
folks
I couldn't call on several raised hands today. If you remember your questions, feel free to ask me by email and
I will respond.
(and if I think the question is of general interest I will post my answer to the blog too)
rao
[CSE 494] Homework 4, question 1 typo
HW4 question 1 says:
Show the cluster dissimilarity measure (which is defined as the sum of the similarities of docs from their respective cluster centers).
It should read “the sum of the dissimilarities”.
Thanks to the two of you who pointed this out.
Thanks and Regards,
Sushovan De
Monday, November 7, 2011
Added an *optional* homework on social networks as promised
It is in the homeworks list--note that this is *OPTIONAL* and will be counted as extra credit if you choose to do it (you will have to view the lectures I had sent earlier to
make sense of the questions).
The homework will be due by the last day of the class.
Rao
ps: Note that there will be a *required* homework that is also going to be due on that day. So if you want to do this one, it would be wiser to allocate time early on.
Midterm solutions...
Sorry for the delay in getting these to you.. I gave the undergraduates a chance to do the midterm again at home (as an extra homework) and I was waiting for them to
be done before sending these.
Rao
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