Software frameworks for advanced procurement auction markets

Traditional auctions such as the English and first-price sealed-bid auctions have been adopted as another tool for procurement negotiations. Throughout the past decade many new auction formats have been developed, which support more general negotiation situations relevant to industrial sourcing and procurement. A number of software solutions have been developed for this emerging market. Designing respective auction frameworks requires consideration of economic and computational aspects. This paper discusses a respective framework relevant to the design of software platforms for advanced procurement auction markets.

• Type: Journal
• Year: 2006
• Where: CACM
• Authors: Martin Bichler, Jayant Kalagnanam
• Keywords: Auction, CACM 2006, First-price Sealed-bid Auctions, Procurement