Robust optimization strategies for seller based on uncertainty sets in context of sequential auction

Gang, Ma; Zheng, Junjun; Wei, Ju; Wang, Shilei; Han, Yefan

doi:10.1016/j.amc.2020.125650

Cited by 8 publications

(3 citation statements)

References 31 publications

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“…As an effective uncertainty optimization tool, robust optimization focuses on achieving optimal results in worst-case situations. In the context of sequential auction, Ma et al (2021) provided a robust optimization method to find the maximum revenue under different uncertainty sets. Therefore, inspired by this kind of robust modeling techniques, future research on the robust and two-stage mean-risk stochastic consensus problem is a very meaningful research direction.…”

Section: Discussionmentioning

confidence: 99%

Risk-Averse Two-Stage Stochastic Minimum Cost Consensus Models with Asymmetric Adjustment Cost

Zhang

2021

Group Decis Negot

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In the process of reaching consensus, it is necessary to coordinate different views to form a general group opinion. However, there are many uncertain factors in this process, which has brought different degrees of influence in group decision-making. Besides, these uncertain elements bring the risk of loss to the whole process of consensus building. Currently available models not account for these two aspects. To deal with these issues, three different modeling methods for constructing the two-stage mean-risk stochastic minimum cost consensus models (MCCMs) with asymmetric adjustment cost are investigated. Due to the complexity of the resulting models, the L-shaped algorithm is applied to achieve an optimal solution. In addition, a numerical example of a peer-to-peer online lending platform demonstrated the utility of the proposed modeling approach. To verify the result obtained by the L-shaped algorithm, it is compared with the CPLEX solver. Moreover, the comparison results show the accuracy and efficiency of the given method. Sensitivity analyses are undertaken to assess the impact of risk on results. And in the presence of asymmetric cost, the comparisons between the new proposed risk-averse MCCMs and the two-stage stochastic MCCMs and robust consensus models are also given.

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Section: Discussionmentioning

confidence: 99%

Risk-Averse Two-Stage Stochastic Minimum Cost Consensus Models with Asymmetric Adjustment Cost

Zhang

2021

Group Decis Negot

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“…So, combining optimization theory with cost consensus problems for group decision-making in uncertain environments is an important branch of research. Stochastic Programming (SP) and Robust Optimization (RO) are two research ideas that exist in existing research approaches to dispose of uncertainties in cost consensus problems [18][19][20][21].…”

Section: Introductionmentioning

confidence: 99%

Distributionally Robust Two-Stage Minimum Asymmetric Adjustment Cost Consensus Model with Risk Aversion

Dai,

Ye,

et al. 2024

Pol. J. Environ. Stud.

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Global warming, mainly caused by human activities, demands urgent reduction of greenhouse gas emissions. Establishing a carbon market central to this effort involves the allocation of carbon emission quotas. The uncertainty of consensus cost in the carbon market will bring the risk of loss to the whole consensus process. In this paper, we focus on solving the problem of group consensus decision with risk averse decision maker. First, three new distributionally robust two-stage minimum asymmetric adjustment cost consensus models based on conditional value at risk (CVaR) are proposed. Considering that it is difficult to obtain historical decision-making data with risk in the carbon market, a novel box ambiguous set and a polyhedron ambiguous set are constructed, respectively. The risk expectation cost of group consensus decision-making problem under the worst-case condition is measured. Then, a computable linear equivalent form of the proposed model is derived in order to facilitate calculation. Finally, numerical cases based on carbon emission quotas are carried out. The numerical results show that the consensus cost of this method is better than the results under the stochastic programming method, and it brings new solutions to the group decision-making progress in the allocation of carbon emission quotas.

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“…On 9 February 2021, the Ministry of Commerce issued relevant documents on promoting automobile consumption, which mentioned that the used car market needs to strengthen Sustainability 2023, 15, 12512 2 of 16 the creation of convenient conditions, indicating that used-car trading has become an important part of the automobile trading market, and the country's attention on used-car consumption is also increasing. Among these online used-car platforms, B2B or C2B modes are popular approaches, in which used car dealers (car companies) act as buyers [6]. This type of transaction and process is shown in Figure 1.…”

Section: Introductionmentioning

confidence: 99%

Combinatorial Auction of Used Cars Considering Pro-Environment Attribute: A Social Welfare Perspective

Ma,

Zhou,

Wang

et al. 2023

Sustainability

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Air pollution is becoming more and more serious as the number of vehicles increases. To address such problems, many cities have implemented many measures, including the circular economy mode, in which used cars with low carbon emission are becoming important in the sustainable transportation and carbon abatement. Considering multi-attribute demand, this study designed combinatorial auction mechanism for the bidders of automobile enterprises on an online used-car platform to achieve social welfare maximization. Two kinds of attributes were considered, namely, price attribute and non-price attributes; the latter particularly included the pro-environment attribute based on an analysis of complementarity and substitutability. Moreover, the mechanism was proved to satisfy individual rational condition and incentive compatibility condition. Numerical application showed that preference for the pro-environment attribute can better realize social welfare and respond to national energy conservation and emission reduction targets. As a result, from the social welfare perspective, the multi-attribute combinatorial auction can provide a reference for more fair and effective allocation of used cars to bidders and can promote both buyer’s utility and seller’s income.

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Robust optimization strategies for seller based on uncertainty sets in context of sequential auction

Cited by 8 publications

References 31 publications

Risk-Averse Two-Stage Stochastic Minimum Cost Consensus Models with Asymmetric Adjustment Cost

Risk-Averse Two-Stage Stochastic Minimum Cost Consensus Models with Asymmetric Adjustment Cost

Distributionally Robust Two-Stage Minimum Asymmetric Adjustment Cost Consensus Model with Risk Aversion

Combinatorial Auction of Used Cars Considering Pro-Environment Attribute: A Social Welfare Perspective

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