From auction theory to market design: Paul Milgrom and Robert Wilson’s contributions to Economics

Arozamena, Leandro; Fioriti, Andrés; Weinschelbaum, Federico

doi:10.52292/j.estudecon.2021.2248

Cited by 4 publications

(4 citation statements)

References 49 publications

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“…Auction is chosen because it is a well-known mechanism for allocating goods, services, or objects to one or several parties. These parties will submit bids, which are usually sums of money [27]. In the auction system, there is a job that will be offered.…”

Section: Modelmentioning

confidence: 99%

“…As a first-price auction, the winner is the flow-shop who proposes the best (lowest) price, and the closed price is the first best price [27]. It is different from the Vickrey auction, where the winner is the bidder who proposes the best price, but the closed price is the second-best price [27]. As a sealed bid auction, a bidder can only observe its bidding price.…”

Section: Modelmentioning

confidence: 99%

“…As a sealed bid auction, a bidder can only observe its bidding price. It is different from the open bid price, like in Dutch auction or English auction, where the bidding price is open publicly [27]. This mechanism is illustrated in Fig.…”

Section: Modelmentioning

confidence: 99%

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Collaborative Flow-shop Scheduling Using Simulated Annealing and First Price Sealed Bid Auction to Minimize Total Cost and Make-span

2022

IJIES

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This work proposes a new flow-shop scheduling model that consists of several flow-shops. Every flowshop acts as an independent entity, but there is a collaboration among them. Although the relation between flow-shops and their customers is exclusive, collaboration through production sharing is possible. This circumstance is different from most studies in flow-shop scheduling problems (FSP), for example, parallel or distributed, where all jobs come from a single point and are then distributed to the production resources. In the multiple independent flow-shops, each flow-shop has its own processing time and production cost. Through collaboration, efficiency can be achieved in the make-span and total cost aspects, which becomes the objective of this work. This model is developed by combining the first price sealed bid auction and cloud theory-based simulated annealing. The first price sealed bid auction is conducted to minimize the total production cost. Meanwhile, the cloud theory-based simulated annealing is conducted to minimize the make-span. This model is then compared with the existing non-dominated sorting genetic algorithm (NSGA II) based flow-shop scheduling models. The first existing model is a parallel flow-shop, while the second one is a collaborative flow-shop. The simulation result shows that the proposed model outperforms the existing models in the total cost aspect. The proposed model creates a 13 to 29 percent lower total cost than the NSGA II-based parallel flow-shop. Meanwhile, the proposed model creates a 16 to 28 percent higher make-span than the NSGA II-based parallel flow-shop.

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Section: Modelmentioning

confidence: 99%

Section: Modelmentioning

confidence: 99%

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Collaborative Flow-shop Scheduling Using Simulated Annealing and First Price Sealed Bid Auction to Minimize Total Cost and Make-span

2022

IJIES

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“…The auction allocates the best buyer to the best seller and the product or service’s value is reflected only by the price. According to Arozamena, Fioriti and Weinschelbaum (2021), auctions are not a new institution, for they have been reported at least since ancient Mesopotamia. However, today, they are ubiquitous.…”

Section: Online Auction Models: Three Theoretical Lensesmentioning

confidence: 99%

Mobilizing a pluralist theoretical approach to understand microlending digital platforms: the AfricaMC case

Heck

Souza

Pozzebon

et al. 2021

RAUSP

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Purpose This study aims to explore how a microlending digital platform connects social investors in developed countries and micro-entrepreneurs in Africa. However, additional research is necessary to discuss how online auction models are designed and implemented and how existing theories can explain their use in the so-called developing countries. Design/methodology/approach The research is based on a single case study: an online auction model for microlending named AfricaMC. Two main methods collected empirical data, namely, online participant observation, i.e. real-time participation in the online auction market and in the forum of discussions, where the authors observed the processes of microlending transactions as registered members; analysis of online documents, by reviewing forum discussions, analyzing reports, blogs, chats and other materials. Findings The results suggest that using sociological and information systems theoretical lenses in a complementary manner could provide greater value than using economics. Originality/value The study makes two main contributions. First, it mobilizes a pluralist theoretical approach based on economic, sociological and information systems perspectives to improve the understanding of microlending digital platforms using online auction models. Second, it uses the understanding produced from data analysis of one particular African case to validate propositions derived from these three theoretical approaches that might be applied to other cases.

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Auction System for Agricultural Trade Using Blockchain Technology: A Survey with Proposed Framework

Kathar

Hardel

Alam

et al. 2021

2021 IEEE Pune Section International Conference (PuneCon)

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From auction theory to market design: Paul Milgrom and Robert Wilson’s contributions to Economics

Cited by 4 publications

References 49 publications

Collaborative Flow-shop Scheduling Using Simulated Annealing and First Price Sealed Bid Auction to Minimize Total Cost and Make-span

Collaborative Flow-shop Scheduling Using Simulated Annealing and First Price Sealed Bid Auction to Minimize Total Cost and Make-span

Mobilizing a pluralist theoretical approach to understand microlending digital platforms: the AfricaMC case

Auction System for Agricultural Trade Using Blockchain Technology: A Survey with Proposed Framework

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