Bidding: Types, Strategies and the Impact of Irrationality


Ming K. Lim, PhD (Editor)
University of Derby, UK

Series: Business Issues, Competition and Entrepreneurship
BISAC: BUS010000

This is a book about bidding, a hugely important topic situated at the intersection of business, computer science and mathematics. As more and more business-to-business commerce is conducted via the Internet, an expert understanding of how to bid optimally in different settings, how to deal with limited information and how to adapt to the behavior of other bidders has the potential to provide businesses with a significant advantage when participating in online marketplaces. However, bidding is a complex, interdisciplinary area with an expansive literature-base which many may find daunting.

This book aims to provide those new to the area with an accessible and thorough grounding in the core concepts of the field as well as in-depth knowledge of cutting-edge bidding-based research. For those with experience in the area of bidding, this book will help to solidify their understanding and ensure that their knowledge of recent work in the field is both current and comprehensive.

This book covers a wide variety of bidding mechanisms including combinatorial auctions, reverse auctions and multi-bilateral negotiations. It also covers bidding strategies in supply chain management and electricity markets as well as the concepts of e-procurement, bid selection models, bidder irrationality models, multi-agent systems and Minority Games.

This book is a valuable companion for anyone wishing to learn more about this exciting area of research, including students, academics and businesses interested in gaining a competitive advantage in the digital economy. (Imprint: Nova)



Table of Contents


Chapter 1. Bidding Mechanisms for Supply Chain Modelling Using Multi-Agent Systems
(Michael Winsper and Ming K. Lim, University of Derby, UK)

Chapter 2. An Agent-based Combinatorial Procurement Auction Model for Supplier Selection of Multiple Products with the Synergy Effect
(Chunxia Yu and T.N. Wong, The University of Hong Kong, Hong Kong)

Chapter 3. Behavioral Patterns in Lowest and Highest Unique Bid Auctions
(Hironori Otsubo, Amnon Rapoport, William E. Stein and Bora Kim, Soka University, Faculty of Economics, Soka University, Hachioji-shi, Tokyo, Japan, and others)

Chapter 4. Scoring Auctions with Ambivalent Politicians
(Maria-Ángeles de Frutos and Lambros Pechlivanos, Universidad Carlos III de Madrid, Spain, and others)

Chapter 5. A Fuzzy Bidding Selection Model According to Product Kraljic Typology
(Nazario García, Javier Puente, Isabel Fernández and Paolo Priore, University of Oviedo, Spain)

Chapter 6. Bidding Strategies of Automated Agents in Supply Chain Management
(Soheil Sibdari and Xiaoqin Zhang, University of Massachusetts Dartmouth, MA, USA)

Chapter 7. Swarm Intelligence-Based Optimal Bidding Strategies with Risk Consideration in Competitive Electricity Markets
(Chanwit Boonchuay and Weerakorn Ongsakul, Rajamangala University of Technology, Thailand, and others)

Chapter 8. Two Ending Rules in Online Auctions: Hard Close and Soft Close
(Toshihiro Tsuchihashi, Daito Bunka University, Japan)

Chapter 9. Irrationality and Mixed Bidder Population
(Panos L. Lorentziadis, Athens University of Economics and Business, Athens, Greece)

Chapter 10. The Minority Game: How Complex Market Dynamics Arises from Simple Interacting Agents
(Nima Shayeghi, King’s College London, UK)

Chapter 11. Auctions and Negotiations in E-procurement: A Comparison of Three Experiments
(Gregory E. Kersten, Pierpaolo Pontrandolfo and Rustam Vahidov, Concordia University, Montreal, Canada and others)

Chapter 12. Personality Aspects and Fuzzy Logic for Bilateral Negotiation Behaviors with Incomplete Information
(Amine Chohra, Arash Bahrammirzaee, Dalel Kanzari and Kurosh Madani, Paris-East University, France)

Chapter 13. Agent-Based Iterative and Recursive Bidding within an Integrated Decision Platform for Manufacturing Control
A.I. Anosike, D.Z. Zhang and Ming K. Lim University of Derby, UK, and others)


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