Comparative Analysis of Sequential and Combinatorial Auctions Based on Petri Nets

IEEE Access

Mohammed A. El-Meligy¹  Zhiwu Li²  Huajun Tang³  Donghai Yang⁴  Xiaodan Zhang⁴ 

[1] Industrial Engineering Department, College of Engineering, King Saud University, Riyadh, Saudi Arabia;Institute of Systems Engineering, Macau University of Science and Technology, Macau, China;School of Business, Macau University of Science and Technology, Macau, China;School of Business, Shenzhen Institute of Information Technology, Shenzhen, China;

关键词: Auction;    combinatorial auction;    sequential auction;    substitution;    supply chain;    Petri net;   

DOI  :  10.1109/ACCESS.2018.2840539

来源: DOAJ

【 摘 要 】

An auction is a crucial resource allocation mechanism for a supply chain and includes the purchasing price at the winner's bid value, eligible suppliers in winning bidder sets, and business payment terms. A multi-object auction usually involves two types of mechanisms: sequential and combinatorial auctions (CAs). A literature review reveals that the research on CAs still has some treasures waiting to be discovered. Using the framework of Petri nets, this paper employs timed and colored tokens representing every bidder's bidding data and applies transition nodes to execute bidding rules such as combinatorial discriminate analysis, bidder's bid decision-making, and the auctioneer's winner decision-making. Based on the contribution of workflows in Petri net theory, we present a case-based CA Petri net model and a sequential auction Petri net model. We compare the supply chain coordination performance of these two types of auctions and reach the conclusion under given assumptions. This paper is an attempt to apply Petri net theory to auctions and provides valuable insights for organizers to establish scientific and efficient bidding processes.

【 授权许可】

Unknown