Multiobjective Combinatorial Auctions in Transportation Procurement

Joshua Ignatius, Seyyed-Mahdi Hosseini-Motlagh, Mark Goh, Mohammad Mehdi Sepehri, Adli Mustafa and Amirah Rahman

Mathematical Problems in Engineering, 2014, vol. 2014, 1-9

Abstract:

This paper presents a multiobjective winner determination combinatorial auction mechanism for transportation carriers to present multiple transport lanes and bundle the lanes as packet bids to the shippers for the purposes of ocean freight. This then allows the carriers to maximize their network of resources and pass some of the cost savings onto the shipper. Specifically, we formulate three multi-objective optimization models (weighted objective model, preemptive goal programming, and compromise programming) under three criteria of cost, marketplace fairness, and the marketplace confidence in determining the winning packages. We develop solutions on the three models and perform a sensitivity analysis to show the options the shipper can use depending on the existing conditions at the point of awarding the transport lanes.

Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:hin:jnlmpe:951783

DOI: 10.1155/2014/951783

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