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Choice of item pricing feedback schemes for multiple unit reverse combinatorial auctions

journal contribution
posted on 2023-05-17, 16:53 authored by Md Sayed Iftekhar, Hailu, A, Lindner, RK
Recently, interest in combinatorial auctions has extended to include trade in multiple units of heterogeneous items. Combinatorial bidding is complex and iterative auctions are used to allow bidders to sequentially express their preferences with the aid of auction market information provided in the form of price feedbacks. There are different competing designs for the provision of item price feedbacks; however, most of these have not been thoroughly studied for multiple unit combinatorial auctions. This paper focuses on addressing this gap by evaluating several feedback schemes or algorithms in the context of multiple unit auctions. We numerically evaluate these algorithms under different scenarios that vary in bidder package selection strategies and in the degree of competition. We observe that auction outcomes are best when bidders use a naý¨ve bidding strategy and competition is strong. Performance deteriorates significantly when bidders strategically select packages to maximize their profit. Finally, the performances of some algorithms are more sensitive to strategic bidding than others.

History

Publication title

Journal of the Operational Research Society

Volume

64

Pagination

1571-1582

ISSN

0160-5682

Department/School

College Office - College of Business and Economics

Publisher

Palgrave Publishers Ltd

Place of publication

Brunel Rd Bldg, Houndmills, Basingstoke, England, Hants, Rg21 6Xs

Rights statement

Copyright 2012 Operational Research Society Ltd

Repository Status

  • Restricted

Socio-economic Objectives

Microeconomics not elsewhere classified

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