Topic
Bidding
About: Bidding is a research topic. Over the lifetime, 15371 publications have been published within this topic receiving 294233 citations. The topic is also known as: competitive bidding.
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TL;DR: In this article, a stochastic bid price optimization model is proposed to maximize a truckload carrier's expected profit in a simultaneous transportation procurement auction from a carrier's perspective, which accounts for synergies among lanes and competing carriers' bid patterns.
Abstract: We study simultaneous transportation procurement auctions from a truckload carrier’s perspective. We formulate a stochastic bid price optimization model aimed at maximizing the carrier’s expected profit. The model accounts for synergies among lanes and competing carriers’ bid patterns. We develop an iterative coordinate search algorithm to find high-quality solutions. The benefits of employing the bid price optimization technology are demonstrated through computational experiments involving a simulated marketplace.
72 citations
TL;DR: In this article, a simple auction-like procedure that identifies the best location and determines a system of transfers that provide the host community with adequate compensation is presented, which induces bidding the true disutility as a focal strategy in many different environments.
72 citations
TL;DR: In this article, a bidding advisor is developed to help truckload (TL) carriers overcome such challenging problems in one-shot combinatorial auctions, which integrates the load information in e-marketplaces with carriers' current fleet management plans, and then chooses the desirable load bundles.
Abstract: Combinatorial auctions have become popular for shippers to secure transportation services. It is, however, very difficult for truck carriers to solve bid generation and evaluation problems in combinatorial auctions. The objective of this paper is to develop a bidding advisor to help truckload (TL) carriers overcome such challenging problems in one-shot combinatorial auctions. The proposed advisor integrates the load information in e-marketplaces with carriers’ current fleet management plans, and then chooses the desirable load bundles. In this paper, a TL carrier’s bid generation and evaluation problems in one-shot combinatorial auctions are formulated as a synergetic minimum cost flow problem by estimating the average synergy values between loads through the proposed approximation. The conventional solution approaches for solving the minimum cost flow problems cannot be applied to the synergetic network flow problem. Thus, we propose a column generation approach to solve this specific network flow problem. The main contribution of this paper is that a TL carrier adopting the proposed advisor can easily determine the desirable bid packages without evaluating all 2 n − 1 possible bundles of loads, where n is the number of loads.
72 citations
TL;DR: In this article, the authors introduce two sets of distributional assumptions that are flexible enough for theoretical and empirical applications, yet permit straightforward calculation of equilibrium bidding strategies, which can be used to analyze common-value auctions.
Abstract: Although the mathematical foundations of common-value auctions have been well understood since Milgrom and Weber (1982), equilibrium bidding strategies are computationally complex. Very few calculated examples can be found in the literature, and only for highly specialized cases. This paper introduces two sets of distributional assumptions that are flexible enough for theoretical and empirical applications, yet permit straightforward calculation of equilibrium bidding strategies.
72 citations
Patent•
06 Jan 1998
TL;DR: In this article, a bidding process between participating telecommunication Carriers (Carriers) by operation of a central processor, referred to as a bidding moderator (Moderator), is described.
Abstract: Telecommunication switches (e.g., PBX's or local exchange carrier's Centrex-enabled switches) route calls in accordance with economic incentives (e.g., least cost routing) resulting from a bidding process between participating telecommunication Carriers (Carriers) by operation of a central processor, a computer referred to as a bidding moderator (Moderator). Each of the Carriers bidding for traffic over a route informs the Moderator of the rate it is willing to charge for (or other economic incentive it is willing to offer) service between two specific points in a telecommunication network, for example, from one NPA-NXX to another NPA-NXX, at some particular time. This "bid" rate may be lower than that Carrier's established rate for any of several reasons (e.g., the Carrier has excess capacity on that route at that time). The Carrier may change its bids as often as it likes during the day as traffic patterns change. The Moderator collects this bid information from all the Carriers, processes the bid information and transmits carrier selection information to subscribing switches. Bid information is also transmitted to participating Carriers' network management centers. From the list of all Carriers providing bid information to the Moderator, each Subscriber can select those Carriers to which it wants traffic routed and can change that selection at any time.
72 citations