English Auction Dynamic Model Based on Fuzzy Game

To provide decision support for bidders or the bidding agents, English auction dynamic model based on fuzzy game is proposed. Fuzzy parameters rather than probabilistic estimations are employed to describe the bidding wills of auction participants, which enables the use of fuzzy decision theory by Bellman and Zadeh instead of Nash Equilibrium in game theory, and later facilitates the analysis for bidding behaviors in English auction. After modeling the static English equilibrium game, a dynamic game model is further proposed and its dynamic bidding strategies are also analyzed. Simulation results demonstrate the efficiency of the proposed approach.