Decision Sciences
5 years ago

Revolutionizing auctions: New method reduces risk and increases efficiency.

Proceedings of the 2018 4th International Conference on Education Technology, Management and Humanities Science (ETMHS 2018)
Mechanism design of Multi-attribute reverse auction on margin bid
Biao Liu, Benjiang Ma, Farhan Bashir Muhammad

Paper Summary

Designing a multi-attribute auction with more than just price has benefits, but it can be complex. By combining different auction mechanisms, researchers found a way to make multi-attribute auctions simpler and reduce the risk of suppliers backing out. This new method ensures that the supplier with the highest bid wins the auction, while also being easier to manage and operate.

Related papers

Theme background image
Social Sciences
4 years ago

Optimal mechanism controls behavior in trade, maximizing profits and social welfare.

Economic Behavior
Mechanism Design
Mechanism Design
Decision Sciences
5 years ago

Revolutionizing Auctions and Decision-Making Through Contextual Mechanism Design

Mechanism Design
Economic Analysis
Network Formation
2 views
Theme background image
Engineering
6 years ago

New straight-line robot design revolutionizes precision-grasping and object handling!

Robotic Grasping
Soft Robotics
Robot Manipulators