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An Inverse-Optimization-Based Auction Mechanism to Support a Multi-Attribute Rfq Process (Classic Reprint) - Tapa blanda
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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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Excerpt from An Inverse-Optimization-Based Auction Mechanism to Support a Multi-Attribute Rfq Process
We consider a manufacturer who uses a reverse, or procurement, auction to determine which supplier will be awarded a contract. Each bid consists of a price and a set of non-price attributes (e.g., quality, lead time). The manufacturer is assumed to know the parametric form of the suppliers' cost functions (in terms of the non-price attributes), but has no prior information on the parameter values. We construct a multi-round open-ascending auction mechanism, where the manufacturer announces a slightly different scoring rule (i.e., a function that ranks the bids in terms of the price and non-price attributes) in each round. Via inverse optimization, the manufacturer uses the bids from the first several rounds to learn the suppliers' cost functions, and then in the final round chooses a scoring rule that attempts to maximize his own utility. Under the assumption that suppliers submit their myopic best-response bids in the last round, and do not distort their bids in the earlier rounds (i.e., they choose their minimum-cost bid to achieve any given score), our mechanism indeed maximizes the manufacturers utility within the open-ascending format. We also discuss several enhancements that improve the robustness of our mechanism with respect to the models informational and behavioral assumptions.
About the Publisher
Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com
This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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- EditorialForgotten Books
- Año de publicación2018
- ISBN 10 133226624X
- ISBN 13 9781332266241
- EncuadernaciónTapa blanda
- IdiomaInglés
- Número de páginas122
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An Inverse-Optimization-Based Auction Mechanism to Support a Multi-Attribute
Impresión bajo demandaLibrería: Forgotten Books, London, Reino Unido
Calificación del vendedor: 5 de 5 estrellas
Paperback. Condición: New. Print on Demand. This book presents a revolutionary auction mechanism that allows manufacturers to optimize their utility in multi-attribute RFQ processes. The mechanism employs inverse optimization to learn suppliers' cost functions, enabling the manufacturer to strategically manipulate the scoring rules and induce competition. The author provides a detailed analysis of the mechanism, including its theoretical underpinnings and practical considerations. The book also explores the broader implications of this approach, discussing how it can be applied to other types of auctions and settings of learning in games. The author argues that this inverse optimization-based approach has the potential to revolutionize the way procurement auctions are conducted, leading to significant cost savings and more effective competition. This book is a reproduction of an important historical work, digitally reconstructed using state-of-the-art technology to preserve the original format. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in the book. print-on-demand item. Nº de ref. del artículo: 9781332266241_0
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An Inverse-Optimization-Based Auction Mechanism to Support a Multi-Attribute Rfq Process (Classic Reprint)
Librería: PBShop.store US, Wood Dale, IL, Estados Unidos de America
Calificación del vendedor: 5 de 5 estrellas
PAP. Condición: New. New Book. Shipped from UK. Established seller since 2000. Nº de ref. del artículo: LW-9781332266241
Cantidad disponible: 15 disponibles
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An InverseOptimizationBased Auction Mechanism to Support a MultiAttribute Rfq Process Classic Reprint
Librería: PBShop.store UK, Fairford, GLOS, Reino Unido
Calificación del vendedor: 4 de 5 estrellas
PAP. Condición: New. New Book. Shipped from UK. Established seller since 2000. Nº de ref. del artículo: LW-9781332266241
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