Muteki Buffalo (talk | contribs) Rearranged sentences into an order that is hopefully more readable. Deleted the History subheader, as it only contained a couple sentences, which I felt were better served earlier in the article |
Citation bot (talk | contribs) Altered title. | Use this bot. Report bugs. | Suggested by Abductive | Category:Types of auction | #UCB_Category 11/32 |
||
(15 intermediate revisions by 6 users not shown) | |||
Line 1: | Line 1: | ||
{{Auction}} |
|||
{{copy edit|date=June 2020}} |
|||
⚫ | A '''multi-attribute auction''' is a type of [[auction]] in which the bids have multiple parts.<ref>{{cite journal |last1=Pla |first1=Albert |last2=López |first2=Beatriz |last3=Murillo |first3=Javier |last4=Maudet |first4=Nicolas |title=Multi-attribute auctions with different types of attributes: Enacting properties in multi-attribute auctions |journal=Expert Systems with Applications |date=August 2014 |volume=41 |issue=10 |pages=4829–4843 |doi=10.1016/j.eswa.2014.02.023|hdl=10256/9601 |hdl-access=free }}</ref><ref>{{cite journal |last1=Huang |first1=He |last2=Liu |first2=Liming |last3=Parker |first3=Geoffrey |last4=Tan |first4=Yinliang (Ricky) |last5=Xu |first5=Hongyan |title=Multi-Attribute Procurement Auctions in the Presence of Satisfaction Risk |journal=Production and Operations Management |date=26 December 2018 |volume=28 |issue=5 |pages=1206–1221 |doi=10.1111/poms.12979|doi-access=free }}</ref> Multi-attribute auctions allow agents to sell and purchase goods and services, taking into account more attributes than just price (e.g. service time, tolerances, qualities, etc.). |
||
{{distinguish|Multi-unit auction}} |
|||
⚫ | A '''multi-attribute auction''' is a type of [[auction]] in which the bids |
||
⚫ | The structural elements of a bid are called designated ''attributes''. Attributes may be verifiable, unverifiable, or auctioneer-provided.<ref>{{cite journal |last1=Pla |first1=Albert |last2=López |first2=Beatriz |last3=Murillo |first3=Javier |last4=Maudet |first4=Nicolas |title=Multi-attribute auctions with different types of attributes: Enacting properties in multi-attribute auctions |journal=Expert Systems with Applications |date=1 August 2014 |volume=41 |issue=10 |pages=4829–4843 |doi=10.1016/j.eswa.2014.02.023 }}</ref> If bids |
||
⚫ | A scoring, or [[utility]] function, is essential for multi-attribute auctions, as it calculates a single number from multiple attributes |
||
== History == |
|||
The earliest research paper about a multi-attribute auction appeared in a 1994 discussion on construction contracts.<ref>{{cite journal |last1=Huijun |first1=Feng |title=The Application of Multi-objective Optimization to Bid Decision |journal=Systems Engineering --- Theory & Practice |date=1994 |volume=1994-12 |url=http://en.cnki.com.cn/Article_en/CJFDTOTAL-XTLL412.006.htm}}</ref> In 1997, they were discussed in the context of long-term electricity contracts.<ref name="multiatt" /> |
|||
== Attributes == |
|||
⚫ | The structural elements of a bid are called designated ''attributes''. Attributes may be verifiable, unverifiable, or auctioneer-provided.<ref>{{cite journal |last1=Pla |first1=Albert |last2=López |first2=Beatriz |last3=Murillo |first3=Javier |last4=Maudet |first4=Nicolas |title=Multi-attribute auctions with different types of attributes: Enacting properties in multi-attribute auctions |journal=Expert Systems with Applications |date=1 August 2014 |volume=41 |issue=10 |pages=4829–4843 |doi=10.1016/j.eswa.2014.02.023 |hdl=10256/9601 |hdl-access=free }}</ref> If bids include a single quality, such as price, the auction is referred to as a ''single-attribute auction''. Generally, bids are prices in [[English auctions]], and confirmations in [[Dutch auction|Dutch]] and [[Japanese auction]]s. In [[Brazilian auction]]s, they refer to the numbers of units being traded. |
||
⚫ | A scoring, or [[utility]] function, is essential for multi-attribute auctions, as it calculates a single number from multiple attributes, making bids that vary in multiple ways comparable.<ref name="multiatt">{{cite journal |last1=Cameron |first1=Lisa J. |last2=Cramton |first2=Peter |last3=Wilson |first3=Robert |title=Using auctions to divest generation assets |journal=The Electricity Journal |date=December 1997 |volume=10 |issue=10 |pages=22–31 |doi=10.1016/S1040-6190(97)80317-X|hdl=1903/7076 |url=http://www.cramton.umd.edu/papers1995-1999/97elec-using-auctions-to-divest-generation-assets.pdf |hdl-access=free }}</ref> |
||
This scoring function is announced by the auctioneer to the bidders before the start of the auction.<ref>{{cite book |last1=David |first1=Esther |last2=Azoulay-Schwartz |first2=Rina |last3=Kraus |first3=Sarit |title=Proceedings of the first international joint conference on Autonomous agents and multiagent systems part 1 - AAMAS '02 |chapter=Protocols and strategies for automated multi-attribute auctions |date=15 July 2002 |pages=77–85 |doi=10.1145/544741.544761 |chapter-url=https://dl.acm.org/doi/abs/10.1145/544741.544761 |access-date=25 April 2021 |publisher=Association for Computing Machinery|isbn=1581134800 |s2cid=14576728 }}</ref> |
|||
== See also == |
|||
* [[Multi-attribute global inference of quality]] |
|||
* [[Multi-attribute utility]] |
|||
==References== |
==References== |
Latest revision as of 06:35, 26 February 2024
A multi-attribute auction is a type of auction in which the bids have multiple parts.[1][2] Multi-attribute auctions allow agents to sell and purchase goods and services, taking into account more attributes than just price (e.g. service time, tolerances, qualities, etc.).
History
The earliest research paper about a multi-attribute auction appeared in a 1994 discussion on construction contracts.[3] In 1997, they were discussed in the context of long-term electricity contracts.[4]
Attributes
The structural elements of a bid are called designated attributes. Attributes may be verifiable, unverifiable, or auctioneer-provided.[5] If bids include a single quality, such as price, the auction is referred to as a single-attribute auction. Generally, bids are prices in English auctions, and confirmations in Dutch and Japanese auctions. In Brazilian auctions, they refer to the numbers of units being traded.
A scoring, or utility function, is essential for multi-attribute auctions, as it calculates a single number from multiple attributes, making bids that vary in multiple ways comparable.[4] This scoring function is announced by the auctioneer to the bidders before the start of the auction.[6]
See also
References
- ^ Pla, Albert; López, Beatriz; Murillo, Javier; Maudet, Nicolas (August 2014). "Multi-attribute auctions with different types of attributes: Enacting properties in multi-attribute auctions". Expert Systems with Applications. 41 (10): 4829–4843. doi:10.1016/j.eswa.2014.02.023. hdl:10256/9601.
- ^ Huang, He; Liu, Liming; Parker, Geoffrey; Tan, Yinliang (Ricky); Xu, Hongyan (26 December 2018). "Multi-Attribute Procurement Auctions in the Presence of Satisfaction Risk". Production and Operations Management. 28 (5): 1206–1221. doi:10.1111/poms.12979.
- ^ Huijun, Feng (1994). "The Application of Multi-objective Optimization to Bid Decision". Systems Engineering --- Theory & Practice. 1994–12.
- ^ a b Cameron, Lisa J.; Cramton, Peter; Wilson, Robert (December 1997). "Using auctions to divest generation assets" (PDF). The Electricity Journal. 10 (10): 22–31. doi:10.1016/S1040-6190(97)80317-X. hdl:1903/7076.
- ^ Pla, Albert; López, Beatriz; Murillo, Javier; Maudet, Nicolas (1 August 2014). "Multi-attribute auctions with different types of attributes: Enacting properties in multi-attribute auctions". Expert Systems with Applications. 41 (10): 4829–4843. doi:10.1016/j.eswa.2014.02.023. hdl:10256/9601.
- ^ David, Esther; Azoulay-Schwartz, Rina; Kraus, Sarit (15 July 2002). "Protocols and strategies for automated multi-attribute auctions". Proceedings of the first international joint conference on Autonomous agents and multiagent systems part 1 - AAMAS '02. Association for Computing Machinery. pp. 77–85. doi:10.1145/544741.544761. ISBN 1581134800. S2CID 14576728. Retrieved 25 April 2021.