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Bayesian optimal knapsack procurement
University College London, UK.
TU Berlin, Germany.ORCID iD: 0000-0002-8973-1410
2014 (English)In: European Journal of Operational Research, ISSN 0377-2217, E-ISSN 1872-6860, Vol. 234, no 3, p. 774-779Article in journal (Refereed) Published
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Abstract [en]

A budget-constrained buyer wants to purchase items from a shortlisted set. Items are differentiated by observable quality and sellers have private reserve prices for their items. The buyer’s problem is to select a subset of maximal quality. Money does not enter the buyer’s objective function, but only his constraints. Sellers quote prices strategically, inducing a knapsack game. We report the Bayesian optimal mechanism for the buyer’s problem. We find that simultaneous take-it-or-leave-it offers are interim optimal.

Place, publisher, year, edition, pages
2014. Vol. 234, no 3, p. 774-779
Keywords [en]
Game theory, Mechanism design, Knapsack problem, Subsidies, Budget, Procurement
National Category
Economics
Research subject
Economy, Economics
Identifiers
URN: urn:nbn:se:lnu:diva-49425DOI: 10.1016/j.ejor.2013.09.031OAI: oai:DiVA.org:lnu-49425DiVA, id: diva2:898855
Available from: 2016-01-29 Created: 2016-01-29 Last updated: 2017-11-30Bibliographically approved

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Giebe, Thomas

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