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

Lawrence M. Wein

Hardcover

ISBN 10: 0484461311 ISBN 13: 9780484461313

Publisher: Forgotten Books, 2018

Synopsis

Learn how advanced auctions can drive smarter sourcing.

This book introduces a forward-looking approach to multi-attribute RFQs that helps buyers learn supplier costs and set fair, effective scoring rules.

In a practical guide grounded in auction theory, the author shows how inverse optimization can uncover how suppliers value non-price attributes. The work explains how a buyer can gradually reveal preferences, adjust scoring rules across rounds, and improve utility — all while maintaining a structured, transparent RFQ process. The discussion stays close to real-world procurement needs for single-item purchases and Internet-enabled markets.

• Understand how multi-attribute auctions balance price with factors like lead time, quality, and supplier reputation.
• See why learning suppliers’ cost functions matters and how it informs scoring rules.
• Explore how round-by-round adjustments can maintain competitiveness without harming bidders.
• Learn practical considerations for transitioning from traditional RFQs to dynamic, online procurement tools.

Ideal for readers involved in industrial procurement, sourcing strategy, or software design for e-marketplaces seeking a rigorous, implementable framework.

Edition details

• Publisher: Forgotten Books
• Publication date: 2018
• Language: English
• ISBN 10: 0484461311
• ISBN 13: 9780484461313
• Binding: Hardcover
• Number of pages: 122