|
Multi-attribute Auction
A multi-attribute auction is a type of auction in which the bids have multiple parts. 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. In 1997, they were discussed in the context of long-term electricity contracts. Attributes The structural elements of a bid are called designated ''attributes''. Attributes may be verifiable, unverifiable, or auctioneer-provided. 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 In economics, utility is a measure of a certain person's ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Auction
An auction is usually a process of Trade, buying and selling Good (economics), goods or Service (economics), services by offering them up for Bidding, bids, taking bids, and then selling the item to the highest bidder or buying the item from the lowest bidder. Some exceptions to this definition exist and are described in the section about different #Types, types. The branch of economic theory dealing with auction types and participants' behavior in auctions is called auction theory. The open ascending price auction is arguably the most common form of auction and has been used throughout history. Participants bid openly against one another, with each subsequent bid being higher than the previous bid. An auctioneer may announce prices, while bidders submit bids vocally or electronically. Auctions are applied for trade in diverse #Contexts, contexts. These contexts include antiques, Art auction, paintings, rare collectibles, expensive wine auction, wines, commodity, commodities, l ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
English Auctions
An English auction is an open-outcry ascending dynamic auction. It proceeds as follows. * The auctioneer opens the auction by announcing a suggested opening bid, a starting price, or a reserve for the item on sale. * Then the auctioneer accepts increasingly higher bids from the floor and sometimes from other sources, for example online or telephone bids. The auctioneer usually determines the minimum increment of bids, often making them larger as bidding reaches higher levels. * The highest bidder at any given moment is considered to have the standing bid, which can only be displaced by a higher bid from a competing buyer. * If no competing bidder challenges the standing bid within the time allowed by the auctioneer, the standing bid becomes the winner, and the item is sold to the highest bidder at a price equal to their bid. *If no bidder accepts the starting price, the auctioneer either begins to lower the starting price in increments, or bidders are allowed to bid prices lower ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dutch Auction
A Dutch auction is one of several similar types of auctions for buying or selling goods. Most commonly, it means an auction in which the auctioneer begins with a high offer price in the case of selling, and lowers it until some participant accepts the price, or it reaches a predetermined reserve price. This type of price auction is most commonly used for goods that are required to be sold quickly such as flowers, fresh produce, or tobacco. A Dutch auction has also been called a ''clock auction'' or ''open-outcry descending-price auction''. This type of auction shows the advantage of speed since a sale never requires more than one bid. It is strategically similar to a first-price sealed-bid auction. History Herodotus relates an account of a descending price auction in Babylon, suggesting that market mechanisms similar to Dutch auctions were used in ancient times. Descending-price auctions were used in 17th-century Holland for estate sales and paintings. The Dutch manner of au ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Japanese Auction
A Japanese auction (also called ascending clock auction) is a dynamic auction format. It proceeds in the following way. * An initial price is displayed. This is usually a low price - it may be either 0 or the seller's reserve price. * All buyers that are interested in buying the item at the displayed price enter the auction arena. * The displayed price increases continuously, or by small discrete steps (e.g. one cent per second). * Each buyer may exit the arena at any moment. * No exiting buyer is allowed to re-enter the arena. * When a single buyer remains in the arena, the auction stops. The remaining buyer wins the item and pays the displayed price. Strategies Suppose a buyer believes that the value of the item is ''v''. Then this buyer has a simple dominant strategy: stay in the arena as long as the displayed price is below ''v''; exit the arena whenever the displayed price equals ''v''. This means that the Japanese auction is a truthful mechanism: it is always best to act a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Brazilian Auction
A Brazilian auction is a certain set of rules for a reverse auction. The buyer communicates the price she or he is willing to pay for the whole lot in advance. Then, the sellers bid on how many identical units they are willing to provide at that price. Like in English auction, bidding continues until a bid is made that no other bidder is willing to top. Other sources define Brazilian auction as a reverse auction with similarities to Dutch auction. Like in the previous definition, the overall price is constant. But instead of the increasing price as in Dutch auction, the amount of identical items is decreasing. History Brazilian auction as a variation of Dutch auction is introduced by Portum AG for Linde plc in the context of selling gas in Brazil Brazil, officially the Federative Republic of Brazil, is the largest country in South America. It is the world's List of countries and dependencies by area, fifth-largest country by area and the List of countries and dependencies b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Utility
In economics, utility is a measure of a certain person's satisfaction from a certain state of the world. Over time, the term has been used with at least two meanings. * In a normative context, utility refers to a goal or objective that we wish to maximize, i.e., an objective function. This kind of utility bears a closer resemblance to the original utilitarian concept, developed by moral philosophers such as Jeremy Bentham and John Stuart Mill. * In a descriptive context, the term refers to an ''apparent'' objective function; such a function is revealed by a person's behavior, and specifically by their preferences over lotteries, which can be any quantified choice. The relationship between these two kinds of utility functions has been a source of controversy among both economists and ethicists, with most maintaining that the two are distinct but generally related. Utility function Consider a set of alternatives among which a person has a preference ordering. A utility fu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Multi-attribute Global Inference Of Quality
Multi-attribute global inference of quality (MAGIQ) is a multi-criteria decision analysis technique. MAGIQ is based on a hierarchical decomposition of comparison attributes and rating assignment using rank order centroids. Description The MAGIQ technique is used to assign a single, overall measure of quality to each member of a set of systems where each system has an arbitrary number of comparison attributes. The MAGIQ technique has features similar to the analytic hierarchy process and the simple multi-attribute rating technique exploiting ranks (SMARTER) technique. The MAGIQ technique was first published by James D. McCaffrey. The MAGIQ process begins with an evaluator determining which system attributes are to be used as the basis for system comparison. These attributes are ranked by importance to the particular problem domain, and the ranks are converted to ratings using rank order centroids. Each system under analysis is ranked against each comparison attribute and the ranks ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
