We focus on the optimal strategy for an agent aiming to purchase a maximum number of items, with a limited budget and in an algorithmic way, when participating in a large number of Vickrey auctions. The auctions arise on a set of auction-servers with the algorithm choosing its bid-level on each server. We propose a statistical approach rather than a game-theoretical one, such that, under reasonable hypothesis, we can obtain closed formulas for the optimal bidding strategy. We show how this applies to real-time bidding auctions in advertising, we highlight some operational benefits of the model and also discuss how our results apply to different types of auction mechanism.
['Joaquin Fernandez-Tapia']
Statistical modeling of Vickrey auctions and applications to automated bidding strategies