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Auction game of agro-product under cobweb phenomenon of supply and demand

Author

Listed:
  • Chipem Zimik
  • Prem Prakash Mishra

Abstract

Auction of agro-product between buyers and a farmer deals with first-price auctions in the situation of the cobweb model of supply and demand. The first price bidding auction lies in the neighbourhood of a balanced price of the indivisible agro-product. The selection of bid price holds the Weibull probability density function. We measure the available agro-product at the balance point of demand and supply which is associated with the balanced price. A new computational approach has been employed to obtain the optimum expected bidding value to get the win as well as the expected revenue earned by the farmer in the first price auction of agro-products under cobweb nature price fluctuations.

Suggested Citation

  • Chipem Zimik & Prem Prakash Mishra, 2025. "Auction game of agro-product under cobweb phenomenon of supply and demand," International Journal of Business Forecasting and Marketing Intelligence, Inderscience Enterprises Ltd, vol. 10(1), pages 119-139.
    • Handle: RePEc:ids:ijbfmi:v:10:y:2025:i:1:p:119-139
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