MODELLING AND SOLVING OF MULTIDIMENSIONAL AUCTIONS

• Authors: Fiala Petr
• 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.

Keywords

EN

AUCTIONS; COMBINATORIAL AUCTIONS; ITERATIVE METHODS

• Publisher: Institute of Slovak and World Economics and Institute for Forecasting, Slovak Academy of Sciences
• Journal: Ekonomický časopis (Journal of Economics)
• Year: 2017
• Volume: 65
• Issue: 3
• Pages: 220 – 236

Contributors

author

Fiala Petr

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