A weighted product method for bidding strategies in multi-attribute auctions |
| |
Authors: | Mingxi Wang Shulin Liu Shouyang Wang Kin Keung Lai |
| |
Affiliation: | (1) School of Electrical Engineering and Computer Science, University of Central Florida, Orlando, FL 32816, USA |
| |
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. |
| |
Keywords: | |
本文献已被 CNKI SpringerLink 等数据库收录! |
|