A multi-attribute e-auction mechanism for procurement: Theoretical foundations

A multi-attribute e-auction mechanism for procurement: Theoretical foundations

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Article ID: iaor20083877
Country: Netherlands
Volume: 175
Issue: 1
Start Page Number: 90
End Page Number: 100
Publication Date: Nov 2006
Journal: European Journal of Operational Research
Authors: , , ,
Keywords: game theory
Abstract:

We describe a multi-attribute e-auction mechanism, with a focus on its theoretical foundations. Our mechanism is designed for auctioning multiple units of a good, primarily in B2B transactions. It can be used in various types of forward and reverse auctions/RFQs (Request for Quote), although the emphasis in this paper is on procurement. To incorporate the auction owner's preferences across issues/attributes in an auction/negotiation setting, we adopt a novel application of the ‘pricing out’ technique. Another key feature of our mechanism is the optimization-based ‘suggested price’ decision support component, which momentarily gives the best price acceptable to the buyer.

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