Real Time Auction Monitoring System

Authors: Satyam Kumar, Rohan Asawale, Himanshu Tiwari, Rajeshwari Girase, Priti Patel

Abstract: The traditional digital auction houses started conduct- ing online auction systems driven by online bidding tech- nology which lined auction systems with a higher rate of accessibility compared to previous online auction systems. Despite faster serving of online auction systems, it is im- portant to know that most auctions operate at a net loss due to a lack of divorce settlements over unclaimed as- sets. Instead of focusing on divorce settlements, many operators of online auction systems prefer to obscure un- claimed assets by focusing on technological services and ‘the art of transaction’. With a special emphasis on se- curing, speedy, and reliable transactions, highly auction- able resources are put up for auction to garner competitive pricing. This serves as a loss-leader for the online auction houses and unclaimed assets, which otherwise would make a loss, serve as the resource. Instead, focused technology which enhances the competitive auction proves to attract more bidders and garner higher net profits. Available tech- nologies such as Real-Time Bidding (RTB) become a more focused, streamlined approach to garner higher net profits. The climax of most online auction houses is regret as they ‘sell’ information at a loss to attract bidders and gar- ner subsequent revenue through premium services. Auc- tion houses which operate at a loss defy the simple eco- nomic principle of supply and demand. This indicates a lack of competition amongst auction houses, tellingly termed as the auction cartel. The net outcome of such a cartel manifests as a loss of economic resources. Focusing on unclaimed assets, the auction cartel proves the con- cept of economically valuable information. Over-relying on RTC auction systems renders auction houses unable to accurately auction minimal resource packages, leading to economically valuable information. Despite serving as a platform, the auction cartel offers valuable resources to researchers and professionals focused on e-auction systems.