On the morning of March 25, the third edition of the Academician Lecture was held in the lecture hall of the Business School’s Building. The lecture featured a special report entitled Auctions and Bidding by Chen Bo. Prof. Chen Bo is a fellow of the Academy of Social Sciences (UK), fellow of the Operational Research Society of UK, fellow of the Institute of Mathematics and its Applications, and a tenured professor of the University of Warwick (UK). The lecture was hosted by Zhao Laijun, dean of USSTBS, and was attended by faculty members and students of the business school.
Zhao Laijun presided over the lecture
During the lecture, Prof. Chen started with the definition and general framework of “Auction”, and gave the students a lesson on economic theory. He explained that auctions involve a game between buyers and sellers on matters such as price, supply quantity, commodity quantity, and transaction frequency. He also shared some common auction cases and introduced the generalized formula for bidding, using the example of the bid for a short-term operating reserve for the power grid. Prof. Chen emphasized that uncertain values, like the price submitted by the supplier, the capacity mix reserved by the buyer, and the demand, are all variables in the formula. He also highlighted the importance for the buyer to sell the product or service to the consumer and generate revenue. To illustrate this point, he used the newsboy selling newspaper example as an application and extension of this concept.
Chen Bo delivered a report
During the Q&A session, Prof. Chen discussed the auction process, buyer strategy selection, and other related issues with students and faculty members. He explained how suppliers could react to maximize profits during specific auctions.
The Lecture
Q&A session
Zhao Laijun, on behalf of USSTBS, expressed his gratitude to Prof. Chen Bo for his insightful sharing. The Academician Lecture is an important platform for promoting academic exchanges. Through these lectures, students and faculty members could learn from leading experts and gain insights into the latest research and trends in various fields.
Group Photo
Translated by Nie Rui