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The Cross-Entropy Method for the Winner Determination Problem in Combinatorial Auctions

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  • Hanmi Lin
  • Yongqiang Chen
  • Changping Liu
  • Jie Xie
  • Baixiu Ni

Abstract

The combinatorial auction is one of the important methods used for multi-item auctions, and the solution to the winner determination problem (WDP) is the key factor in the widespread application of combinatorial auctions. This paper explores the use of the cross-entropy method to solve the WDP, which is an NP problem. The performance of the proposed approach is evaluated on the basis of two well-known benchmark test cases. The experimental results show that, compared with the genetic algorithm and the particle swarm optimization algorithm, the cross-entropy（CE）method has the advantages of a higher success rate and a shorter time for solving the WDP. Therefore, the CE method provides a high-quality solution for the effective solution of the problem of determining winning bids in combined auctions.

Suggested Citation

  • Hanmi Lin & Yongqiang Chen & Changping Liu & Jie Xie & Baixiu Ni, 2020. "The Cross-Entropy Method for the Winner Determination Problem in Combinatorial Auctions," Mathematical Problems in Engineering, Hindawi, vol. 2020, pages 1-7, October.
    • Handle: RePEc:hin:jnlmpe:5691719
    DOI: 10.1155/2020/5691719
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