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Approximation Algorithms for the Bid Construction Problem in Combinatorial Auctions for the Procurement of Freight Transportation Contracts

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  • Song, Jiongjiong
  • Regan, A C
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    Abstract

    The bid valuation and construction problem for carriers facing combinatorial auctions for the procurement of freight transportation contracts is very difficult and involves the computation of a number of NP-hard sub problems. In this paper we examine computationally tractable approximation methods for estimating these values and constructing bids. The benefit of our approximation method is that it provides a way for carriers to construct optimal or near optimal bids by solving a single NP-hard problem. This represents a significant improvement in efficiency. In addition, this method can be extended to many other applications.

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    Bibliographic Info

    Paper provided by University of California Transportation Center in its series University of California Transportation Center, Working Papers with number qt3j7034z2.

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    Date of creation: 01 Jan 2003
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    Handle: RePEc:cdl:uctcwp:qt3j7034z2

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    Related research

    Keywords: Combinatorial auctions; contract procurement; set covering; trucking operations; Social and Behavioral Sciences;

    References

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    1. Regan, A C & Song, Jiongjiong, 2003. "Combinatorial Auctions for Transportation Service Procurement: The Carrier Perspective," University of California Transportation Center, Working Papers qt7sq003mj, University of California Transportation Center.
    2. Ledyard, John O. & Olson, Mark & Porter, David & Swanson, Joseph A. & Torma, David P., 2000. "The First Use of a Combined Value Auction for Transportation Services," Working Papers 1093, California Institute of Technology, Division of the Humanities and Social Sciences.
    3. Bykowsky, Mark M. & Cull, Robert J. & Ledyard, John O., 1998. "Mutually Destructive Bidding: The FCC Auction Design Problem," Working Papers 916, California Institute of Technology, Division of the Humanities and Social Sciences.
    4. Michael H. Rothkopf & Aleksandar Peke\v{c} & Ronald M. Harstad, 1998. "Computationally Manageable Combinational Auctions," Management Science, INFORMS, vol. 44(8), pages 1131-1147, August.
    5. S.J. Rassenti & V.L. Smith & R.L. Bulfin, 1982. "A Combinatorial Auction Mechanism for Airport Time Slot Allocation," Bell Journal of Economics, The RAND Corporation, vol. 13(2), pages 402-417, Autumn.
    6. DeMartini, Christine & Kwasnica, Anthony M. & Ledyard, John O. & Porter, David, 1998. "A New and Improved Design For Multi-Object Iterative Auctions," Working Papers 1054, California Institute of Technology, Division of the Humanities and Social Sciences.
    7. Babaioff, Moshe & Feldman, Michal & Nisan, Noam & Winter, Eyal, 2012. "Combinatorial agency," Journal of Economic Theory, Elsevier, vol. 147(3), pages 999-1034.
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    Cited by:
    1. Song, Jiongjiong & Regan, Amelia C & Nandiraju, Srinivas, 2008. "A Bid Analysis Model with Business Constraints for Transportation Procurement Auctions," University of California Transportation Center, Working Papers qt5766c7r1, University of California Transportation Center.
    2. Song, Jiongjiong & Regan, Amelia C. & Nandiraju, Srinivas, 2008. "A Bid Analysis Model with Business Constraints for Transportation Procurement Auctions," University of California Transportation Center, Working Papers qt24817929, University of California Transportation Center.

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