Multi-attribute auction explained

A multi-attribute auction is a type of auction in which the bids have multiple parts.[1] [2] Multi-attribute auctions allow agents to sell and purchase goods and services, taking into account more attributes than just price (e.g. service time, tolerances, qualities, etc.).

History

The earliest research paper about a multi-attribute auction appeared in a 1994 discussion on construction contracts.[3] In 1997, they were discussed in the context of long-term electricity contracts.

Attributes

The structural elements of a bid are called designated attributes. Attributes may be verifiable, unverifiable, or auctioneer-provided.[4] If bids include a single quality, such as price, the auction is referred to as a single-attribute auction. Generally, bids are prices in English auctions, and confirmations in Dutch and Japanese auctions. In Brazilian auctions, they refer to the numbers of units being traded.

A scoring, or utility function, is essential for multi-attribute auctions, as it calculates a single number from multiple attributes, making bids that vary in multiple ways comparable.[5] This scoring function is announced by the auctioneer to the bidders before the start of the auction.[6]

See also

Notes and References

  1. Pla . Albert . López . Beatriz . Murillo . Javier . Maudet . Nicolas . Multi-attribute auctions with different types of attributes: Enacting properties in multi-attribute auctions . Expert Systems with Applications . August 2014 . 41 . 10 . 4829–4843 . 10.1016/j.eswa.2014.02.023. 10256/9601 . free .
  2. Huang . He . Liu . Liming . Parker . Geoffrey . Tan . Yinliang (Ricky) . Xu . Hongyan . Multi-Attribute Procurement Auctions in the Presence of Satisfaction Risk . Production and Operations Management . 26 December 2018 . 28 . 5 . 1206–1221 . 10.1111/poms.12979. free .
  3. Huijun . Feng . The Application of Multi-objective Optimization to Bid Decision . Systems Engineering --- Theory & Practice . 1994 . 1994-12 .
  4. Pla . Albert . López . Beatriz . Murillo . Javier . Maudet . Nicolas . Multi-attribute auctions with different types of attributes: Enacting properties in multi-attribute auctions . Expert Systems with Applications . 1 August 2014 . 41 . 10 . 4829–4843 . 10.1016/j.eswa.2014.02.023 . 10256/9601 . free .
  5. Cameron . Lisa J. . Cramton . Peter . Wilson . Robert . Using auctions to divest generation assets . The Electricity Journal . December 1997 . 10 . 10 . 22–31 . 10.1016/S1040-6190(97)80317-X. 1903/7076 . free .
  6. Book: David . Esther . Azoulay-Schwartz . Rina . Kraus . Sarit . Proceedings of the first international joint conference on Autonomous agents and multiagent systems part 1 - AAMAS '02 . Protocols and strategies for automated multi-attribute auctions . 15 July 2002 . 77–85 . 10.1145/544741.544761 . https://dl.acm.org/doi/abs/10.1145/544741.544761 . 25 April 2021 . Association for Computing Machinery. 1581134800 . 14576728 .

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Multi-attribute auction".

Except where otherwise indicated, Everything.Explained.Today is © Copyright 2009-2024, A B Cryer, All Rights Reserved. Cookie policy.