A weighted product method for bidding strategies in multi-attribute auctions
Research output: Journal Publications and Reviews › RGC 21 - Publication in refereed journal › peer-review
Author(s)
Related Research Unit(s)
Detail(s)
Original language | English |
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Pages (from-to) | 194-208 |
Journal / Publication | Journal of Systems Science and Complexity |
Volume | 23 |
Issue number | 1 |
Publication status | Published - Feb 2010 |
Link(s)
Abstract
To eliminate computational problems involved in evaluating multi-attribute bids with different measures, this article first normalizes each individual component of a bid, and then makes use of the weighted product method to present a new scoring function that converts each bid into a score. Two kinds of multi-attribute auction models are introduced in terms of scoring rules and bidding objective functions. Equilibrium bidding strategies, procurer's revenue comparisons and optimal auction design are characterized in these two models. Finally, this article discusses some improvement of robustness of our models, with respect to the assumptions. © Institute of Systems Science, Academy of Mathematics and Systems Science, CAS and Springer-Verlag Berlin Heidelberg 2010.
Research Area(s)
- Bidding strategy, Multi-attribute auctions, Weighted product method, Winner determination protocol
Citation Format(s)
A weighted product method for bidding strategies in multi-attribute auctions. / Wang, Mingxi; Liu, Shulin; Wang, Shouyang et al.
In: Journal of Systems Science and Complexity, Vol. 23, No. 1, 02.2010, p. 194-208.
In: Journal of Systems Science and Complexity, Vol. 23, No. 1, 02.2010, p. 194-208.
Research output: Journal Publications and Reviews › RGC 21 - Publication in refereed journal › peer-review