On optimal bidding and inventory control in sequential procurement auctions: the multi period case

被引:8
|
作者
Puranam, Kartikeya S. [1 ]
Katehakis, Michael N. [2 ,3 ]
机构
[1] La Salle Univ, Sch Business, Dept Business Syst & Analyt, Philadelphia, PA 19141 USA
[2] Rutgers Business Sch, Dept Management Sci & Informat Syst, Newark, NJ USA
[3] Rutgers Business Sch, Dept Management Sci & Informat Syst, New Brunswick, NJ USA
关键词
Auctions; Dynamic bidding; Procurement; Multi-period; COMBINATORIAL AUCTIONS;
D O I
10.1007/s10479-014-1542-5
中图分类号
C93 [管理学]; O22 [运筹学];
学科分类号
070105 ; 12 ; 1201 ; 1202 ; 120202 ;
摘要
We consider the problem of a firm that in each cycle of a planning horizon builds inventory of identical items that it acquires by participating in auctions in order to satisfy its own market demand. The firm's objective is to have a procurement strategy that maximizes the expected present value of the profit for an infinite planning horizon of identical cycles. We formulate this problem as a Markov decision process. We establish monotonicity properties of the value function and of the optimal bidding rule.
引用
收藏
页码:447 / 462
页数:16
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