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Combinatorial Auctions

Editor

Listed:
  • Peter Cramton
    (University of Maryland)

  • Yoav Shoham
    (Stanford University)

  • Richard Steinberg
    (London School of Economics)

Abstract

The study of combinatorial auctions -- auctions in which bidders can bid on combinations of items or "packages" -- draws on the disciplines of economics, operations research, and computer science. This landmark collection integrates these three perspectives, offering a state-of-the art survey of developments in combinatorial auction theory and practice by leaders in the field. Combinatorial auctions (CAs), by allowing bidders to express their preferences more fully, can lead to improved economic efficiency and greater auction revenues. However, challenges arise in both design and implementation. Combinatorial Auctions addresses each of these challenges. After describing and analyzing various CA mechanisms, the book addresses bidding languages and questions of efficiency. Possible strategies for solving the computationally intractable problem of how to compute the objective-maximizing allocation (known as the winner determination problem) are considered, as are questions of how to test alternative algorithms. The book discusses five important applications of CAs: spectrum auctions, airport takeoff and landing slots, procurement of freight transportation services, the London bus routes market, and industrial procurement. This unique collection makes recent work in CAs available to a broad audience of researchers and practitioners. The integration of work from the three disciplines underlying CAs, using a common language throughout, serves to advance the field in theory and practice.

Suggested Citation

  • Peter Cramton & Yoav Shoham & Richard Steinberg (ed.), 2010. "Combinatorial Auctions," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262514133, April.
    • Handle: RePEc:mtp:titles:0262514133
    as

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    Citations

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    Cited by:

    1. Hammami, Farouk & Rekik, Monia & Coelho, Leandro C., 2021. "Exact and hybrid heuristic methods to solve the combinatorial bid construction problem with stochastic prices in truckload transportation services procurement auctions," Transportation Research Part B: Methodological, Elsevier, vol. 149(C), pages 204-229.
    2. Shu, Hang & Durango-Cohen, Pablo L., 2021. "On the design of optimal auctions for road concessions: Firm selection, government payments, toll and capacity schedules with imperfect information," Transportation Research Part B: Methodological, Elsevier, vol. 146(C), pages 210-236.

    More about this item

    Keywords

    combinatorial auctions; spectrum auctions; transportation; bidding languages;
    All these keywords.

    JEL classification:

    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions

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