Price of Fairness on Networked Auctions

<table>
              Loss of profits <svg height="20.275" id="M88" style="vertical-align:-4.36877pt" version="1.1" viewbox="0 0 36.362499 20.275" width="36.362499" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink">
<g transform="matrix(.017,-0,0,-.017,.062,15.775)"><path d="M627 18l-10 -26q-79 6 -116 27t-69 76q-41 71 -71 138q-13 29 -27.5 39t-42.5 10h-46l-27 -145q-13 -74 -2.5 -88.5t78.5 -20.5l-6 -28h-271l5 28q66 6 82.5 21.5t30.5 87.5l71 387q12 66 2 78.5t-77 19.5l8 28h233q102 0 147 -29q65 -43 65 -129q0 -69 -45.5 -117
t-115.5 -72q40 -86 66 -133q39 -68 65 -101q28 -37 73 -51zM491 483q0 67 -33.5 101t-91.5 34q-35 0 -51 -10q-13 -8 -20 -48l-45 -245h49q71 0 113 28q79 52 79 140z" id="x1D445"></path></g>
<g transform="matrix(.012,-0,0,-.012,11.013,7.613)"><path d="M241 635q53 0 94 -28.5t63.5 -76t33.5 -102.5t11 -116q0 -58 -11 -112.5t-34 -103.5t-63.5 -78.5t-94.5 -29.5t-95 28t-64.5 75t-34.5 102.5t-11 118.5q0 58 11.5 112.5t34.5 103t64.5 78t95.5 29.5zM238 602q-32 0 -55.5 -25t-35.5 -68t-17.5 -91t-5.5 -105
q0 -76 10 -138.5t37 -107.5t69 -45q32 0 55.5 25t35.5 68.5t17.5 91.5t5.5 105t-5.5 105.5t-18 92t-36 68t-56.5 24.5z" id="x30"></path></g><g transform="matrix(.012,-0,0,-.012,11.013,19.863)"><path d="M457 488l-30 -3q-17 148 -131 148q-53 0 -84.5 -34.5t-31.5 -82.5q0 -42 25.5 -72t74.5 -62l33 -22q63 -42 95 -85t32 -102q0 -84 -67 -137t-163 -53q-58 0 -113 22t-70 43l-4 152l27 4q4 -32 15 -62.5t31 -59.5t53.5 -47t76.5 -18q56 0 92 35t36 96q0 39 -25 70t-78 68
l-31 22q-32 23 -53.5 41.5t-45 57t-23.5 77.5q0 82 58 132.5t156 50.5q46 0 101 -17l18.5 -6t17 -6t8.5 -3q-4 -55 0 -147z" id="x1D446"></path></g>
<g transform="matrix(.017,-0,0,-.017,17.338,15.775)"><path d="M300 -147l-18 -23q-106 71 -159 185.5t-53 254.5v1q0 139 53 252.5t159 186.5l18 -24q-74 -62 -115.5 -173.5t-41.5 -242.5q0 -130 41.5 -242.5t115.5 -174.5z" id="x28"></path></g><g transform="matrix(.017,-0,0,-.017,23.219,15.775)"><path d="M394 607q0 -25 -15.5 -43t-39.5 -18q-19 0 -32 13t-13 35t16 41.5t40 19.5q20 0 32 -13.5t12 -34.5zM360 349l-57 -283q-38 -188 -122 -263q-72 -64 -114 -64q-16 0 -30 10.5t-14 22.5q0 24 21 45q15 13 26 6q30 -20 54 -20q41 0 65 95q37 147 86 415q6 34 6.5 42.5
t-5.5 11.5q-18 0 -79 -54l-14 25q48 48 96.5 79t71.5 31q29 0 9 -99z" id="x1D457"></path></g><g transform="matrix(.017,-0,0,-.017,30.41,15.775)"><path d="M275 270q0 -296 -211 -440l-19 23q75 62 116.5 174t41.5 243t-42 243t-116 173l19 24q211 -144 211 -440z" id="x29"></path></g>
</svg> for rejected, competitive sell offer.</table>

Journal of Applied Mathematics

Price of Fairness on Networked Auctions

Figure 3