COMBINATORIAL AUCTIONS MATHEMATICAL FORMULATIONS AND OPEN ISSUES

Bezalel Gavish ()
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Bezalel Gavish: Cox School of Business, Southern Methodist University, Dallas, TX 75205, USA

International Journal of Information Technology & Decision Making (IJITDM), 2003, vol. 02, issue 01, 5-27

Abstract: The widespread use of the Internet fostered the establishment of hundreds of sites that support on-line auctions of products and services, some of which also support combinatorial auctions. Finding the optimal combination of winning bids in combinatorial auctions is a difficult task. This paper presents the combinatorial auction problem, classifies combinatorial auctions by the different procedures used during the bidding process, presents some of the applications of combinatorial auctions, and develops mathematical models of combinatorial auctions. The mathematical models are used to identify some of the problem properties and prove that winner determination in combinatorial auctions has the same level of difficulty as solving the allocation problem facing an auctioneer. The paper concludes with the discussion on some of the complexities involved in combinatorial auctions.

Date: 2003
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DOI: 10.1142/S0219622003000495

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