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Optimal auctions for multi-unit procurement with volume discount bids

Author

Listed:
  • Raghav Kumar Gautam
  • N. Hemachandra
  • Y. Narahari
  • Hastagiri Prakash
  • Devadatta Kulkarni
  • Jeffrey D. Tew

Abstract

In this paper, we design an optimal procurement mechanism for procuring multiple units of a single homogeneous item based on volume discount bids submitted by rational and intelligent suppliers. We develop an elegant auction mechanism, VD-OPT, that minimises the cost to the buyer, satisfying at the same time: Bayesian Incentive Compatibility (BIC); interim individual rationality.

Suggested Citation

  • Raghav Kumar Gautam & N. Hemachandra & Y. Narahari & Hastagiri Prakash & Devadatta Kulkarni & Jeffrey D. Tew, 2009. "Optimal auctions for multi-unit procurement with volume discount bids," International Journal of Operational Research, Inderscience Enterprises Ltd, vol. 6(1), pages 70-91.
    • Handle: RePEc:ids:ijores:v:6:y:2009:i:1:p:70-91
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    Cited by:

    1. Duan, Lisha & Ventura, José A., 2019. "A Dynamic Supplier Selection and Inventory Management Model for a Serial Supply Chain with a Novel Supplier Price Break Scheme and Flexible Time Periods," European Journal of Operational Research, Elsevier, vol. 272(3), pages 979-998.

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