Paper Info
Title
Comparative Analysis of Sequential and Combinatorial Auctions Based on Petri Nets.
Abstract
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.
Year
DOI
Venue
2018
10.1109/ACCESS.2018.2840539
IEEE ACCESS
Keywords
Field
DocType
Auction,combinatorial auction,sequential auction,substitution,supply chain,Petri net
Resource management,Petri net,Computer science,Combinatorial auction,Theoretical computer science,Common value auction,Resource allocation,Supply chain,Purchasing,Bidding,Distributed computing
Journal
Volume
ISSN
Citations 
6
2169-3536
0
PageRank 
References 
Authors
0.34
0
5
Name
Order
Citations
PageRank
Xiaodan Zhang123.41
Huajun Tang241.44
Donghai Yang300.34
Mohammed A. El-Meligy400.34
Zhi Wu Li547038.43