Multi-attribute auction
| Part of a series on |
| Auctions |
|---|
.jpg) |
| Types |
|
| Bidding |
| Contexts |
| Theory |
| Online |
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., 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
- hdl:10256/9601.
- .
- ^ Huijun, Feng (1994). "The Application of Multi-objective Optimization to Bid Decision". Systems Engineering --- Theory & Practice. 1994–12.
- ^ hdl:1903/7076.
- hdl:10256/9601.
- S2CID 14576728. Retrieved 25 April 2021.