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Author Topic: Modern Art  (Read 3351 times)

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timchen

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Modern Art
« on: March 14, 2012, 10:02:16 pm »
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Anyone has played this famous auction game? I have some thoughts for the game...

http://timchen1017.wordpress.com/2012/03/14/modern-art-strategy-i-auction-price-for-a-fixed-value-painting/
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DG

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Re: Modern Art
« Reply #1 on: March 14, 2012, 11:43:45 pm »
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I thought Modern Art was pretty much about selling paintings at the top of the market. From there you can probably lose with bad purchasing but not win through good purchasing. If you don't have many paintings in hand that could ever sell for high prices then you lose. That's the big problem I see with the game. I also suspect the purchasing strategy isn't really about prices, it is about creating or preventing shared interests in artists so that opponents will be influenced to auction the paintings you want.
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timchen

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Re: Modern Art
« Reply #2 on: March 15, 2012, 12:48:48 am »
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Well, I guess what you said is pretty accurate. Nevertheless, from the start there is no telling which paintings are good and which are bad. How do you actively affect that is the key to  a success strategy. Unfortunately from my experience of play, it is hard to see a definite way to really have influence on that...

And it is also true that in a real game, what you have in hand is usually a much bigger factor determining your purchase, especially when the price is already marginal. However with ideal play I imagine sometimes one may have to take a balance between not-so-desirable purchase for a bargain(to benefit this round) and the original plan. In the computer version I found the bidding level is generally too high or too low for this to happen, or to be interesting.

About the price, it is probably really just a conceptual exercise. It is nevertheless the first thing one would like to understand (especially with fixed values!) and I feel pretty happy that I think I have it sorted out.
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Slow Dog

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Re: Modern Art
« Reply #3 on: March 15, 2012, 12:19:53 pm »
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I feel pretty happy that I think I have it sorted out.
How do you calculate EV? By which I mean not just 'The average value of a painting if you played this situation infinite times' (or whatever; I've seen other definitions), but how do you as a practical matter at some point in an actual game (for every auction) come up with a number? 'Cos what you've said is meaningless if you can't.

Even if you can, I'll assert EV varies from player to player for the the same auction.

And beyond that, EV's just an average. The profit's based on actual selling price, so if everyone's playing to calculated EV, the winner's the guy who happens to have most profit from the places where EV and actual price has greatest disparity. Or has manipulated things in such a manner this happens; and that's where the game is.
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timchen

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Re: Modern Art
« Reply #4 on: March 15, 2012, 07:32:44 pm »
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No I don't calculate it at all at this point. Sure it can be a more important question; but here I am just satisfied with  understanding the conceptual problem "if EV is some known fixed value, how much one should bid for it."
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timchen

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Re: Modern Art
« Reply #5 on: April 19, 2012, 11:19:41 pm »
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Here comes the sequel...
Modern Art Strategy: the meat of the game

Comments are welcome.
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