Auction Research Articles

Zk‐STARKs based scheme for sealed auctions in chains

AbstractOn‐chain sealed auctions represent a novel approach to electronic bidding auctions, wherein the introduction of zero‐knowledge proof technology has significantly enhanced the security of auctions. However, most mainstream on‐chain sealed auction schemes currently employ Bulletproofs to prove auction correctness, which leaves room for optimization in terms of verification time and inherent security. Addressing these issues, an on‐chain sealed auction scheme based on zero‐knowledge succinct non‐interactive argument of knowledge (zk‐STARK) is proposed. This scheme leverages the decentralization and immutability of blockchain and smart contracts to eliminate third‐party involvement while ensuring the security of the auction process. The Inter Planetary File System is utilized to provide a qualification review mechanism for the auctioneer, enabling the screening of unqualified bidders before the auction. Additionally, the scheme employs RSA encryption to conceal bidders' bids, Pedersen commitments to ensure the consistency of bidding information, and zk‐STARKs to verify the correctness of the winning bid. Security analysis and experimental results demonstrate that the proposed scheme meets the required security standards, with time consumption at various stages of the auction being within acceptable limits, and effectively reduces the time required for proof verification.

Legal Review of the Granting of Mining Business Licenses to Religious Organizations

The government, through Government Regulation of the Republic of Indonesia Number 25 of 2014 concerning amendments to Government Regulation Number 96 of 2021 concerning the Implementation of Mineral and Coal Mining Business Activities, provides special rights for Religious Organizations to obtain mineral and coal IUPs without having to go through an auction process. This research aims to examine and analyze legal reviews regarding the granting of mining business permits to religious community organizations. The problem formulation in this research consists of: 1). What are the dynamics and problems of granting mining business permits to religious organizations? 2). How is the use of mining business permits in accordance with the principles of justice and equality? The research method used in this research is doctrinal legal research. The results of this research conclude that: 1). The dynamics and problems of granting mining business permits to Religious Organizations are: First, the potential for silencing public supervision. Second, the low level of experience and competence of Religious Organizations in managing mineral and coal mining. Third, the auction process is set aside by eliminating the auction obligation for Religious Mass Organizations in receiving IUPs. 2). Utilization of mining business permits in accordance with the principles of justice and equality consists of: First, the concept of implementing affirmative action for specific IUPs must be given to vulnerable communities. Second, the use of CSR should be an alternative for the Government to provide financial assistance to Religious Organizations rather than providing IUPs which have no rational reason to be handed over to Religious Organizations.

An Improved MOEA/D with an Auction-Based Matching Mechanism

Multi-objective optimization problems (MOPs) constitute a vital component in the field of mathematical optimization and operations research. The multi-objective evolutionary algorithm based on decomposition (MOEA/D) decomposes a MOP into a set of single-objective subproblems and approximates the true Pareto front (PF) by optimizing these subproblems in a collaborative manner. However, most existing MOEA/Ds maintain population diversity by limiting the replacement region or scale, which come at the cost of decreasing convergence. To better balance convergence and diversity, we introduce auction theory into algorithm design and propose an auction-based matching (ABM) mechanism to coordinate the replacement procedure in MOEA/D. In the ABM mechanism, each subproblem can be associated with its preferred individual in a competitive manner by simulating the auction process in economic activities. The integration of ABM into MOEA/D forms the proposed MOEA/D-ABM. Furthermore, to make the appropriate distribution of weight vectors, a modified adjustment strategy is utilized to adaptively adjust the weight vectors during the evolution process, where the trigger timing is determined by the convergence activity of the population. Finally, MOEA/D-ABM is compared with six state-of-the-art multi-objective evolutionary algorithms (MOEAs) on some benchmark problems with two to ten objectives. The experimental results show the competitiveness of MOEA/D-ABM in the performance of diversity and convergence. They also demonstrate that the use of the ABM mechanism can greatly improve the convergence rate of the algorithm.

PSIV-4 Effectiveness of maternal bovine appeasing substance on growth, physiological, and behavioral responses of high-risk stocker cattle

Abstract Stocker cattle purchased at auction can be susceptible to disease due to the stressors associated with the auction process. These cattle are labeled “high-risk” due to their decreased immune system during transportation, handling, and vaccination processes. The objective of this study was to determine the efficacy of a maternal bovine appeasing substance, FerAppease, on growth performance and fearfulness of stocker cattle. Male beef calves (n = 80) were purchased at auction and transported to the University of Arkansas Division of Agriculture Savoy Research Complex Beef Stocker Unit. Steers and bulls were of varying age, breed, and temperament. Upon arrival to the facility (d 0), bulls (n = 48) were castrated by banding and cattle were assigned to 8 pens (n = 10 calves/pen; 4 bulls and 6 steers/pen). On d 0, cattle in 4 pens were treated with FerAppease (FA) on the nuchal skin (n = 40) and cattle in the other 4 pens were not treated and served as controls (CON, n = 40). All cattle received commercial clostridial and respiratory vaccines and were treated with an anthelmintic. Cattle were offered bermudagrass hay for ad libitum intake and were fed a grain supplement (1.8 kg/d) to meet or exceed nutrient requirements. To measure growth performance, body weight (BW) was recorded on d 0, 3, 14, 28, 41, 42 of the study and used to calculate average daily gain (ADG). Body weights on d 41 and 42 were averaged to calculate final BW. To measure fearfulness, exit chute velocity (ECV) was measured with a rodeo timer and recorded on d 3, 14, 28, 41, and 42. To measure inflammation, blood was collected from 5 calves/pen (n = 3 bulls and 2 steers/pen) on d 0, 3, 28 and 42 and haptoglobin (Hp) was measured in blood serum. A two-way ANOVA with the fixed effects of sex (arrived as steer or bull) and treatment (FA, CON) and random effect of pen was used for analysis. Serum Hp was log transformed to improve normality. There was not a treatment effect on any of the measures collected. Steers had a greater BW throughout the study (P ≤ 0.05), weighing more than bulls at the end of the study (261 kg vs 241 kg, respectively). Steers also had a greater (P < 0.0001) ADG than bulls (1.14 vs. 0.84 kg/d, respectively). On d 3 and 14, steers exited the chute more rapidly (P < 0.05) than bulls. There was an interactive effect on serum d 28 Hp concentrations (P = 0.04), where CON bulls had greater Hp concentrations (111,261 ng/mL) than CON steers (13,055 ng/mL), with FA steers and bulls intermediate. The results from this study indicate that there was no consistent effect of the treatment on the measures collected.

The Effect of Government Policy on Infrastructure Priorities on the Profitability of Construction Companies in Indonesia 2011-2019

Introduction/Main Objective: The Indonesian government's policy of prioritizing the acceleration in infrastructure development will certainly have an impact on construction companies. Background of the Problem: This research aims to determine the influence of internal and external company factors on the profitability of companies in the building construction subsector. Novelty: This research analyzes the impact of increasing the government's infrastructure budget on the profitability of building construction subsector companies. Research Method: This research uses panel data regression analysis with annual financial report data from building construction subsector companies listed on the Indonesia Stock Exchange for the period from 2011 to 2019, which is divided into the period before the infrastructure sector became the focus of development (2011 to 2014) and after (2015 to 2019). Profitability is measured using the return on assets. The external factors are measured using the infrastructure budget and inflation, while the internal factors are measured using company size, liquidity, leverage, cash turnover, working capital turnover and receivables turnover. Findings/Results: This research concludes that the infrastructure budget, company size, and liquidity do not have a significant positive effect on company profitability, while inflation does not have a significant negative effect on profitability. Furthermore, cash turnover, working capital turnover, and account receivable turnover have a significant positive effect on profitability, while leverage has a significant negative effect on profitability. Conclusion: This research shows that companies should periodically review the impact of loans and always maintain the composition of their funding, according to their needs. Meanwhile, the government needs to evaluate the auction process, and sharpen its alternative infrastructure project funding strategies.

HAK NASABAH PEGADAIAN BILA TERJADI PELELANGAN TERHADAP BARANG JAMINAN

Returns of loan money and capital leases that are not repaid by the specified time limit are carried out through auctions of customer collateral. If by the auction date the pledgor does not carry out his obligations, the collateral will be auctioned by the pledgee. This research aims to find out about the mechanisms and procedures for carrying out auctions for collateral objects. This research is sociological research with a qualitative approach. The data sources used by the author are primary data sources and secondary data sources. The problems that will be discussed in this research are the procedures for carrying out auctions for customer collateral and the obstacles in carrying out auctions. How to protect and overcome obstacles in carrying out auctions for customers' collateral. Auctions of collateral are carried out in 3 stages, namely, auction notification, auction preparation and auction implementation. However, not every auction of collateral can run smoothly, this is due to various obstacles in the implementation of the auction.

Problems in the Implementation of Mortgage Rights Based on Law No. 4 of 1996 Concerning Mortgage Rights

After the enactment of Law No. 4 of 1996 on Mortgage Rights (hereinafter referred to as UUHT), the provisions for the execution of Mortgage Rights are regulated under Article 20 of UUHT, which provides three alternative methods that creditors can use to execute the collateral object of the mortgage in the event of a debtor's default. These methods are: 1) parate executie, 2) execution based on the executorial title contained in the Mortgage Certificate, and 3) sale by private treaty. These steps can be taken if the debtor is in breach of contract. However, in practice, these mechanisms need to be reviewed in greater depth to determine whether they can be implemented, as Article 26 stipulates that 'as long as no regulations are enacted, the execution shall refer to the provisions regarding the execution of hypothec existing at the time of the enactment of this Law.' The term 'regulations to be enacted' should refer to 'Government Regulations' (as implementing regulations of the law), and the 'provisions regarding the execution of hypothec existing at the time of the enactment of this Law' as explained in Article 26 of UUHT refers to Article 224 of the HIR, which stipulates that bodily coercion can only be carried out after being authorized by a court decision. This creates practical problems, leading some to argue that even though the execution of Mortgage Rights is regulated under Article 20 of UUHT, in the absence of 'Government Regulations' (as further implementing regulations concerning the execution of mortgage rights under the Mortgage Law), any public sale (auction) of the object of mortgage rights must still go through the fiat of the Chief Judge of the Court as stipulated in Article 224 of the HIR. On the other hand, some believe that the fiat of the Chief Judge of the Court as stipulated in Article 224 of the HIR is unnecessary, as Article 20 of UUHT already provides for parate executie, which can serve as an alternative in the execution of Mortgage Rights, allowing the creditor to directly apply for auction without a court fiat.

Optimalisasi Manajemen Barang Tenggat Waktu dan Lelang pada Penggadaian Yapusa

Pegadaian Yapusa Bangil is a financial institution that provides pawn services to the public. Along with the development of technology and the demands of operational efficiency, the goods management and auction process at Pegadaian Yapusa is still carried out manually, which has the potential to cause errors, delays, and a lack of transparency. This research aims to design and develop an item management application that can control the entry and exit of goods and set deadlines for goods to be auctioned automatically. This application is designed to improve operational efficiency and reduce potential errors in managing goods at Pegadaian Yapusa. The main features of this app include accurate item recording and automatic notifications for items that are close to the deadline. The research methods used in development include interviews, observations, and literature studies to collect relevant data and information. The results of this study show that the application of goods management can help increase productivity and efficiency in the management of goods at Pegadaian Yapusa. In addition, this application also contributes to the development of theories and concepts in the fields of technology, business, and management. With this application, it is hoped that Pegadaian Yapusa can compete in the current digital era and provide better services to the community

Perbandingan Hukum Lelang Non Eksekusi Sukarela pada E-Market Place Auction antara Indonesia dengan Amerika Serikat

This research aims to compare non-executive voluntary auction laws on e-marketplaces between Indonesia and the United States. In Indonesia, the regulatory framework for non-executive voluntary auctions falls under the jurisdiction of the Ministry of Finance, focusing on transparency, consumer protection, and fairness in the auction process. The study highlights that despite Indonesia's adoption of digital technology to enhance auction accessibility and efficiency, regulations are still evolving to keep pace with technological advancements and market developments. Meanwhile, in the United States, non-executive voluntary auctions are detailed under federal and state laws, emphasizing consumer protection, transaction security, and robust enforcement to prevent harmful business practices. These stringent regulations encompass participant verification, bidding processes, and transaction settlement to ensure fairness and safety for all involved parties. The findings of this research indicate that differences in legal regulations, implementation, and approaches between Indonesia and the United States influence how non-executive voluntary auctions are conducted and governed in both countries. This comparison provides deep insights into the challenges and opportunities in developing legal policies that support digital economic growth in this era of globalization.

Unintended consequence of high bid price exclusion in IPO auctions: Evidence from China

Using a reform to relax the exclusion rate of highest bids in the book-building process as an exogenous shock, we find that IPO underpricing decreases, which indicates that excluding a certain percentage of the highest bids impairs IPO pricing efficiency. Further tests reveal that relaxing the mandate increases investors’ valuation of an IPO, thereby decreasing IPO underpricing. Our results also suggest that the relaxation of the stipulation motivates investors to provide more information, as revealed by fewer anchoring bids and reduced herding behavior, as well as higher opinion divergence and better predictive power for investor bids on post-IPO prices.

IPO Pricing Theory and Mechanism under the Registration System

When a firm makes an initial public offering (IPO) and qualifies for listing, it negotiates and determines a price with its underwriters for the public sale of its shares to specific or non-specific investors. This paper elaborates the theory of IPO price suppression through literature review and analysis, and also summarizes the IPO pricing mechanism. It helps to provide guidelines for the study of IPO pricing in China under the registration system environment and assists the regulators to further improve the relevant regulations.

A two-dimensional calibration for resolving nano-positioner pedestal micro-deformation crosstalk.

This paper proposes a two-dimensional calibration method for resolving the nano-positioner pedestal micro-deformation crosstalk errors during the auction process. This refinement aims to enhance the nano-positioner's accuracy and reduce coupling crosstalk errors. The reaction force exerted by the piezoelectric actuator can cause micro-deformation in the nano-positioner sensor pedestal, causing substantial errors in uncalibrated closed-loop control. This phenomenon has been previously overlooked. According to the two-degree of freedom parallel-symmetric decoupled nano-positioner deformation characteristics, a two-dimensional calibration matrix is proposed to suppress the crosstalk between two axes caused by the micro-deformation of the sensor pedestal. Experimental results show that the calibrated closed-loop system reduces X-axis and Y-axis coupling crosstalk errors to 1/67th and 1/18th of the uncalibrated closed-loop system, respectively, concurrently enhancing the positioning accuracy to 11.8 and 17 times that of the uncalibrated closed-loop system. The calibrated closed-loop feedback control method proposed in this paper proves effective for all compact nano-positioners with pedestal deformation issues. This research provides a crucial reference for the design of nano-positioners, offering insights into enhancing their accuracy and mitigating crosstalk issues.

A forecast-driven stochastic optimization method for proactive activation of manual reserves

Reducing operating balancing costs is paramount for an affordable transition towards renewable-dominated power systems. In European balancing markets, operating balancing costs are driven by the activation of automatic and manual frequency restoration reserves, respectively aFRR and mFRR. An inadequate combination of both products for resolving grid imbalances may result in economic inefficiencies where, e.g., saturated aFRR can lead to balancing price spikes. To avoid such situation, we propose a proactive activation policy of manual reserves, aiming at an optimal trade-off between aFRR and mFRR products via a stochastic optimization method. The tool is fed with 1-min time trajectories of system imbalances covering the next quarter hour. The one minute temporal granularity allows modeling the ramping phenomena of mFRR products, while keeping track of the faster activation of aFRR products. The proposed balancing energy activation methodology is tested on Belgian market data, which currently adopts a reactive balancing strategy. Ex-post comparisons of the proposed balancing strategy with a reactive one show that our methodology allows a decrease of the balancing activation costs. This is expected as early activation of mFRR, when appropriately provided, allows avoiding the activation of extremely high aFRR bids.

A Comprehensive Double Auction Mechanism for Edge Computing Services: A Survey

Edge computing is the way of performing certain computing task closer to where people and their devices are present. Getting certain resources at the same time is somewhat difficult. These papers present contemporary solutions to optimize useful resources in cell-side computing systems, offering various methods including on line auctions, decentralized auction-based fully incentive mechanisms, combiner multi public sales and double public sales schemes fair protest and ensure that the associated challenges should be made front writers those strategies To expand the eclipse, involve strategies such as algorithms, tactical contracts, and tools learning plays a role, eventually especially improved performance, higher individuals enjoy, and more accept the validity of the systems involved. Keywords - Edge computing, auction, bidding, service providers.

Auction-Based Distributed Task Allocation Algorithm for Drone Swarms

Research on drone swarms has gained traction in recent times due to their ability to outperform single drones in various tasks. In order for autonomous drone swarms to carry out tasks effectively, it is crucial that the tasks are distributed among the drones. This poses a considerable challenge that must be addressed in the advancement of drone swarm technology. The assignment problem is basically defined as the process of assigning M tasks to N drones in a way that minimizes the total cost. This paper presents an auction-based distributed task allocation algorithm called Harmony DTA (Drone Task Allocation) for heterogeneous drone swarms. Prior research primarily focuses on minimizing overall costs associated with assignments. In contrast, Harmony DTA not only minimizes total costs through an enhanced cost calculation function, but also ensures equitable distribution of workload among drones. Additionally, the proposed two-stage auction process reduces the total message size utilized during communication. Matlab simulations and field tests were conducted to assess the effectiveness of the proposed algorithm. Moreover, the algorithm's performance was evaluated in comparison to the CBBA (Consensus Based Bundle Algorithm). The results obtained indicated that the proposed algorithm is capable of assigning tasks with high efficiency, without encountering conflicts.

Implementation of Land Auctions as Guarantee for Debt Repayment

Execution is the creditor's ultimate step. If the debtor fails to comply with the conditions of Law No.4 of 1996 respecting Mortgage Rights over Land and Related Objects, an auction or execution may be held. The fundamental challenge in this study is how to conduct an auction of mortgage rights on property as collateral for debt repayment. What are the hurdles to auctioning mortgage rights on land as collateral for debt repayment? This research is classed under Survey or Empirical Law. Meanwhile, the character of this study is descriptive. The research focuses on auction implementation at Bank BPR Wonogiri and BKK Wonogiri. The results of this research is that the auction process carried out by Bank BPR Wonogiri, if the debtor is in default, is carried out at a public auction through the State Property and Auction Service Office or by selling privately. Auctioning mortgage rights is a bit hampered because in the current situation it is difficult to find buyers and auctions are lacking. The findings of this study indicate that if a debtor is in default, Bank BPR Wonogiri conducts a public auction through the State Property and Auction Service Office or sells privately. Auctioning mortgage rights is complicated by the existing difficulty in finding purchasers and the scarcity of auctions. The obstacles faced were that when executing the promise, it did not work effectively, there was a third lawsuit, the binding of the mortgage was not carried out perfectly, interference from third parties during the execution and disagreements regarding the auction price between the debtor and the auction official.

Legal Protection of Auction Winners Against the Execution of Dependent Rights

According to Article 14 of the Law on Dependency Rights, dependency right enforcement can be executed through a parate of execution or a fiat execution by State courts. However, legal certainty is not absolute; if a debtor fails to repay the debt, the creditor's liability is settled by selling the secured object through a public auction. This study investigates the legal consequences of the auction process, particularly the transfer of auctioned property rights to the winner. Using empirical juris and analytical descriptive research, primary and secondary data were gathered through library research and qualitatively analyzed. Auction winners may request the local state court to vacate the object if possession is unattainable under the law. An auction letter, as an authentic act, protects auction winners against normative enforcement of dependency rights. Nonetheless, the law lacks explicit protection for third parties and auction winners regarding possession, resulting in legal uncertainty.

The Role of RUPBASAN Wonogiri in the Auction Process State Booty to Realize Non-tax revenue

The Role of RUPBASAN Wonogiri in the Auction Process State Booty to Realize Non-tax revenue

Private Equity-Backed Steward Healthcare Files for Bankruptcy

No abstract available. Article truncated after 150 words. Arizona Attorney General Kris Mayes (1) has launched an investigation into what led to Dallas-based Steward Health Care filing for Chapter 11 bankruptcy protection on May 6. The health system also recently shared that it is $9 billion in debt and has plans to sell all 31 of its hospitals, four of which are in Arizona and have a proposed auction date of June 28, according to a May 10 news release from Ms. Mayes (1). Steward relied on backing from private equity investors to quickly acquire dozens of community hospitals, including facilities in Massachusetts, Texas, Florida, and Arizona. Steward has been the focus of a year-and-a-half-long CBS News investigation revealing how private equity investors have siphoned hundreds of millions of dollars from community hospitals with devastating public health consequences (2). Records reviewed by CBS News showed Steward hospitals around the country left a trail of unpaid bills, at times …

Online Auction System Using Python, Blockchain and Cloud Computing

Abstract: The "Advanced Online Auction System Using Python, Cloud Computing, and Block chain Integration” is a pioneering project designed to transform the landscape of online auctions. This project leverages the synergistic power of Python programming, cloud computing infrastructure, and Block chain technology to create an innovative online auction platform. Our system offers a secure and transparent environment for auction participants, ensuring trust and credibility throughout the auction process. Through the integration of cutting-edge technologies, it addresses the evolving needs and challenges of online auctions, providing an efficient and user- friendly experience. With a focus on security, transparency, scalability, and user engagement, this project aims to revolutionize the online auction industry, setting new standards for efficiency and trustworthiness. By combining these technologies, it represents a significant step forward in the world of online auctions and promise store shape the way auctions are conducted and experienced.