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2017 | 65 | 3 | 220 – 236

Article title

MODELLING AND SOLVING OF MULTIDIMENSIONAL AUCTIONS

Authors

Content

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Languages of publication

EN

Abstracts

EN
Auctions are important market mechanisms for the allocation of goods and services. In the paper a complex trading model is proposed. The proposed model, called multidimensional auction, is a generalization of an LP model of standard single item English auction. Multidimensional auctions include the possibility of auction generalization for multi-item, multi-type, multi-round and multi-criteria. The multi-item model for multi-type auction is modelled and solved by multi-round approach with multiple criteria. The proposed model illustrates the possibility to formulate and solve multidimensional auctions as mathematical programming problems. Allowing bidders more fully to express preferences leads to improved economic efficiency and greater auction revenue.

Contributors

author
  • University of Economics in Prague, Faculty of Informatics and Statistics, Department of Econometrics, W. Churchill Sq. 4, 130 67 Prague 3, Czech Republic

References

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Publication order reference

Identifiers

YADDA identifier

bwmeta1.element.cejsh-023cb5da-1191-4f7f-b2e5-9b1917aaca26
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