Design of discrete Dutch auctions with consideration of time

doi:10.1016/j.ejor.2017.08.043

CORC > 上海财经大学 > 上海财经大学

	Design of discrete Dutch auctions with consideration of time
	Li, Zhen 1; Yue, Jinfeng 1,2; Kuo, Ching-Chung 3
刊名	EUROPEAN JOURNAL OF OPERATIONAL RESEARCH
	2018-03-16
卷号	265 期号:3 页码:1159-1171
关键词	Auctions/bidding Dutch auction Auction revenue Time-revenue tradeoff Discrete bid level
ISSN号	0377-2217
DOI	10.1016/j.ejor.2017.08.043
英文摘要	As a departure from much of the existing literature that aims at maximizing the expected revenue from a single auction, this research work is concerned with the design of discrete Dutch auctions to achieve the optimal balance between the selling price of the object and the auction duration so that the auctioneer's expected revenue per unit of time is as high as possible. The new objective is especially important in trading perishable products or services when multiple auctions are to be conducted by the auctioneer for different sellers during a limited period of time. Our findings indicate that the proposed discrete Dutch auction models generate higher average revenues per unit of time for the auctioneer than their counterparts without consideration of time. This is achieved by reducing the duration of each auction in exchange for more auctions to be held within the given time frame so that the small decrease in the revenues from the longer auctions is more than compensated for by the large increase in the total revenues from the shorter auctions. The numerical results show that the proposed discrete Dutch auction design becomes extremely useful when the number of bidders becomes large. It is also shown that complete knowledge about the number of bidders in the auction results in a higher auctioneer's expected revenue per unit of time. (C) 2017 Elsevier B.V. All rights reserved.
WOS研究方向	Business & Economics ; Operations Research & Management Science
语种	英语
出版者	ELSEVIER SCIENCE BV
WOS记录号	WOS:000417657200028
内容类型	期刊论文
源URL	[http://10.2.47.112/handle/2XS4QKH4/663]
专题	上海财经大学
通讯作者	Yue, Jinfeng
作者单位	1.Middle Tennessee State Univ, Dept Management, Murfreesboro, TN 37130 USA; 2.Shanghai Univ Finance & Econ, Sch Informat Management & Engn, Shanghai, Peoples R China; 3.Univ Texas Dallas, Jindal Sch Management, Richardson, TX 75083 USA
推荐引用方式 GB/T 7714	Li, Zhen,Yue, Jinfeng,Kuo, Ching-Chung. Design of discrete Dutch auctions with consideration of time[J]. EUROPEAN JOURNAL OF OPERATIONAL RESEARCH,2018,265(3):1159-1171.
APA	Li, Zhen,Yue, Jinfeng,&Kuo, Ching-Chung.(2018).Design of discrete Dutch auctions with consideration of time.EUROPEAN JOURNAL OF OPERATIONAL RESEARCH,265(3),1159-1171.
MLA	Li, Zhen,et al."Design of discrete Dutch auctions with consideration of time".EUROPEAN JOURNAL OF OPERATIONAL RESEARCH 265.3(2018):1159-1171.