D'Hulst, R.; Rodgers, G.J. - In: Physica A: Statistical Mechanics and its Applications 294 (2001) 3, pp. 447-464
Models of auctions or tendering processes are introduced. In every round of bidding the players select their bid from a probability distribution and whenever a bid is unsuccessful, it is discarded and replaced. For simple models, the probability distributions evolve to a stationary power law...