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A New and Improved Design For Multi-Object Iterative Auctions

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  • DeMartini, Christine
  • Kwasnica, Anthony M.
  • Ledyard, John O.
  • Porter, David

Abstract

In this paper we present a new improved design for multi-object auctions and report on the results of tests of that design. We merge the better features of two extant but very different auction processes, the Milgrom FCC design (see Milgrom (1995)) and the Adaptive User Selection Mechanism (AUSM) of Banks et al. (1989)). Then, by adding one crucial new feature, we are able to create a new design, the Resource Allocation Design (RAD) auction process, which performs better than both. We are able to demonstrate, in both simple and complex environments, that the RAD auction achieves higher efficiencies, lower bidder losses, and faster times to completion without increasing the complexity of a bidder's problem.

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Bibliographic Info

Paper provided by California Institute of Technology, Division of the Humanities and Social Sciences in its series Working Papers with number 1054.

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Length: 39 pages
Date of creation: Nov 1998
Date of revision:
Publication status: Published: Management Science Vol. 51, #3, March 2005, pp. 419-434.
Handle: RePEc:clt:sswopa:1054

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Postal: Working Paper Assistant, Division of the Humanities and Social Sciences, 228-77, Caltech, Pasadena CA 91125
Phone: 626 395-4065
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Web page: http://www.hss.caltech.edu/ss

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Postal: Working Paper Assistant, Division of the Humanities and Social Sciences, 228-77, Caltech, Pasadena CA 91125
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Cited by:
  1. Lawrence M. Ausubel & Paul Milgrom, 2005. "Ascending Proxy Auctions," Levine's Bibliography 122247000000000785, UCLA Department of Economics.
  2. Gary Bolton & Ben Greiner & Axel Ockenfels, 2009. "Engineering Trust - Reciprocity in the Production of Reputation Information," Working Paper Series in Economics 42, University of Cologne, Department of Economics, revised 22 Jan 2011.
  3. Lunander, Anders & Lundberg, Sofia, 2011. "Do Combinatorial Procurement Auctions Lower Cost? - An Empirical Analysis of Public Procurement of Multiple Contracts," UmeÃ¥ Economic Studies 825, Umeå University, Department of Economics.
  4. Wheatley, W. Parker & Buhr, Brian L. & Dipietre, Dennis, 2001. "E-Commerce In Agriculture: Development, Strategy, And Market Implications," Staff Papers 13938, University of Minnesota, Department of Applied Economics.
  5. Lawrence M. Ausubel & Paul Milgrom, 2002. "Ascending Auctions with Package Bidding," Working Papers 02004, Stanford University, Department of Economics.
  6. Chernomaz, Kirill & Levin, Dan, 2012. "Efficiency and synergy in a multi-unit auction with and without package bidding: An experimental study," Games and Economic Behavior, Elsevier, vol. 76(2), pages 611-635.
  7. Drexl, Andreas & Jörnsten, Kurt & Knof, Diether, 2005. "Non-linear anonymous pricing in combinatorial auctions," Discussion Papers 2005/6, Department of Business and Management Science, Norwegian School of Economics.
  8. Song, Jiongjiong & Regan, A C, 2003. "Approximation Algorithms for the Bid Construction Problem in Combinatorial Auctions for the Procurement of Freight Transportation Contracts," University of California Transportation Center, Working Papers qt3j7034z2, University of California Transportation Center.
  9. Kaplan, Todd R & Zamir, Shmuel, 2014. "Advances in Auctions," MPRA Paper 54656, University Library of Munich, Germany.
  10. Alessandro Avenali & Giorgio Matteucci & Fabio Nonino, 2010. "Outsourcing of Facility Management Activities and Procurement Design," DIS Technical Reports 2010-13, Department of Computer, Control and Management Engineering, Universita' degli Studi di Roma "La Sapienza".
  11. Benoît Bourbeau & Teodor Gabriel Crainic & Michel Gendreau & Jacques Robert, 2003. "Design for Optimized Multi-Lateral Multi-Commodity Markets," CIRANO Working Papers 2003s-36, CIRANO.
  12. Mark Bykowsky & Jonathan Levy & William Sharkey & Tracy Waldon & Simon Wilkie, 2003. "Economic Analysis at the Federal Communications Commission," Review of Industrial Organization, Springer, vol. 23(2), pages 157-174, September.
  13. Drexl, Andreas & Jörnsten, Kurt, 2005. "Reflections about pseudo-dual prices in combinatorial auctions," Discussion Papers 2005/1, Department of Business and Management Science, Norwegian School of Economics.
  14. Larson, Nathan & Elmaghraby, Wedad, 2008. "Procurement auctions with avoidable fixed costs: an experimental approach," MPRA Paper 32163, University Library of Munich, Germany, revised 2011.
  15. Axel Ockenfels & David Reiley & Abdolkarim Sadrieh, 2006. "Online Auctions," NBER Working Papers 12785, National Bureau of Economic Research, Inc.
  16. Sven de Vries & Rakesh Vohra, 2000. "Combinatorial Auctions: A Survey," Discussion Papers 1296, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  17. Nicolas Gruyer & Nathalie Lenoir, 2003. "Auctioning airport slots (?)," Economics Working Papers 01, LEEA (air transport economics laboratory), ENAC (french national civil aviation school).
  18. Juan Aparicio & Mercedes Landete & Juan Monge & Inmaculada Sirvent, 2008. "A new pricing scheme based on DEA for iterative multi-unit combinatorial auctions," TOP: An Official Journal of the Spanish Society of Statistics and Operations Research, Springer, vol. 16(2), pages 319-344, December.

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