Multi-attribute auction
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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
[edit | edit source]The earliest research paper about a multi-attribute auction appeared in a 1993 paper by Yeon-Koo Che.[3] In 1997, they were discussed in the context of long-term electricity contracts.[4]
Attributes
[edit | edit source]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
[edit | edit source]References
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