Groundbreaking reverse auction concept Humraz (http://www.humraz.com) turns to academia to find winning strategies.
Humraz is a revolutionary redesign of the reverse (a.k.a lowest unique bid) auction concept that enables people to buy high value items for a small fraction of their true worth. For example, a luxury £515k house in Essex will sell through Humraz for less than 5% of its value.
Humraz believe the dynamics of their new auction model will excite both faculty members and students, whether they have an interest in game theory, enjoy the adrenalin rush of auctions or just believe they are brighter than most.
As the auction concept is without precedent, Humraz has issued a challenge to brilliant minds worldwide to participate in their free 'training auctions'. Individuals are invited to develop theories, strategies or models that can be published on the Humraz website.
For every theory, model or strategy approved and published on the site the contributor will receive a free seat to participate in one of the property auctions, so he or she can test their solution in a 'real' auction.
“We already know Humraz is a game of skill and strategy, but these strategies are very difficult to prove or explain,” says Humraz founder Asmat Monaghan. “We’d like to see the brightest academics unearth the best approaches and pit their wits against each other.”
Typical lowest unique bid (reverse) auctions charge a fee per bid and allow unlimited sealed bids to be placed. The bidder with the lowest unmatched bid purchases the auction lot for the price of the winning bid. Very few operators offer bid status information to enable bidders to develop strategies. Experienced bidders can block entire blocks of bid values to virtually guarantee success. Because the auction close is determined by date or number of bids placed, these old style reverse auctions can take months to close.
In contrast, Humraz’s unique new model offers live information to aid strategic bidding. Every entrant has the same number of bids, so it is a level playing-field. Once they go live, Humraz auctions are incredibly fast-paced and run for only minutes.
Humraz strategy submissions must be in plain English and must have been tested in at least one training auction. Please use the site's ‘contact us’ page and select ‘Strategy Submission’ for the subject line to make your submission.
The closing date for the first round of submissions is midnight (GMT) November 15th, 2008.
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