Title :
Multi-attribute procurement auctions based on Cobb-Douglas utility function
Author :
Liu, Shulin ; Li, Jun
Author_Institution :
School of International Trade and Economics, University of International Business and Economics, Beijing, China, 100029
Abstract :
In practical multi-attribute procurement auctions, the profit and winning a contract have different importance to the suppliers. This paper assumes that the suppliers weight the profit and probability of winning a contract with Cobb-Douglas utility function, obtains the suppliers´ equilibrium bidding strategies and the buyer´ expected utilities in the first- and second-score auctions, and compares them with those under risk-neutral.
Keywords :
Contracts; Distribution functions; Educational institutions; International trade; Procurement; Cobb-Douglas utility function; first-score auction; government procurement; multi-attribute procurement auctions; second-score auction;
Conference_Titel :
E -Business and E -Government (ICEE), 2011 International Conference on
Conference_Location :
Shanghai, China
Print_ISBN :
978-1-4244-8691-5
DOI :
10.1109/ICEBEG.2011.5882171
