Bayesian optimal knapsack procurement
| Autor: | Ludwig Ensthaler, Thomas Giebe |
|---|---|
| Rok vydání: | 2014 |
| Předmět: |
Mechanism design
Information Systems and Management General Computer Science Operations research Computer science media_common.quotation_subject Bayesian probability Optimal mechanism TheoryofComputation_GENERAL Management Science and Operations Research Industrial and Manufacturing Engineering Procurement Knapsack problem Modeling and Simulation Interim ComputingMilieux_COMPUTERSANDSOCIETY Quality (business) Game theory media_common |
| Zdroj: | European Journal of Operational Research. 234:774-779 |
| ISSN: | 0377-2217 |
| DOI: | 10.1016/j.ejor.2013.09.031 |
| Popis: | A budget-constrained buyer wants to purchase items from a shortlisted set. Items are differentiated by observable quality and sellers have private reserve prices for their items. The buyer’s problem is to select a subset of maximal quality. Money does not enter the buyer’s objective function, but only his constraints. Sellers quote prices strategically, inducing a knapsack game. We report the Bayesian optimal mechanism for the buyer’s problem. We find that simultaneous take-it-or-leave-it offers are interim optimal. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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