Strategic behavior and market inefficiency in blockchain-based auctions
32nd Workshop on Information Systems and Economics (WISE) 2021, December 16-17
2021
- 131Usage
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Example: if you select the 1-year option for an article published in 2019 and a metric category shows 90%, that means that the article or review is performing better than 90% of the other articles/reviews published in that journal in 2019. If you select the 3-year option for the same article published in 2019 and the metric category shows 90%, that means that the article or review is performing better than 90% of the other articles/reviews published in that journal in 2019, 2018 and 2017.
Citation Benchmarking is provided by Scopus and SciVal and is different from the metrics context provided by PlumX Metrics.
Metrics Details
- Usage131
- Downloads80
- Abstract Views51
Conference Paper Description
Blockchain-based auctions play a key role in decentralized finance, such as liquidation of collaterals in crypto-lending. In this research, we show that a Blockchain-based auction is subject to the threat to availability because of the characteristics of the Blockchain platform, which could lead to auction inefficiency or even market failure. Specifically, an adversary could occupy all of the transaction capacity of an auction by sending transactions with sufficiently high transaction fees, and then win the item in an auction with a nearly zero bid price as there are no competitors available. We discuss how to prevent this kind of strategic bidding behavior, also known as block stuffing attack, with auction mechanism design.
Bibliographic Details
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