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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, 774-779 p.Article 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, 774-779 p.
Keyword [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: diva2:898855
Available from: 2016-01-29 Created: 2016-01-29 Last updated: 2016-02-05Bibliographically approved

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Giebe, Thomas
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CiteExportLink to record
Permanent link

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Cite
Citation style
  • apa
  • harvard1
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
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Output format
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  • asciidoc
  • rtf