An Inverse-Optimization-Based Auction Mechanism to Support a Multi-Attribute Rfq Process (Classic Reprint) - Hardcover

Wein, Lawrence M.

Hardcover

ISBN 10: 0484461311 ISBN 13: 9780484461313

Publisher: Forgotten Books, 2018

Synopsis

Excerpt from An Inverse-Optimization-Based Auction Mechanism to Support a Multi-Attribute Rfq Process

To engage bidders in a multi - attribute auction, an auctioneer needs to provide the bidders with some information pertaining to how he values the non-price attributes. While several rather obtuse approaches are possible the auctioneer could provide shadow prices from a mathematical program without revealing the mathematical program), the predominant approach in hpo practice and the one favored by most bidders because of its straightforward nature is for the auctioneer to announce a scoring rule in terms of the bid price and various attributes. This scoring rule may, or may not, be identical to the auctioneer's true utility function; indeed, this is the crux of the strategic problem from the auctioneer's viewpoint.

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Edition details

• Publisher: Forgotten Books
• Publication date: 2018
• ISBN 10: 0484461311
• ISBN 13: 9780484461313
• Binding: Hardcover
• Language: English
• Number of pages: 120