Journal Article10.1016/J.TRB.2014.11.012
Bid price optimization for truckload carriers in simultaneous transportation procurement auctions
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TL;DR: In this article, a stochastic bid price optimization model is proposed to maximize a truckload carrier's expected profit in a simultaneous transportation procurement auction from a carrier's perspective, which accounts for synergies among lanes and competing carriers' bid patterns.
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Abstract: We study simultaneous transportation procurement auctions from a truckload carrier’s perspective. We formulate a stochastic bid price optimization model aimed at maximizing the carrier’s expected profit. The model accounts for synergies among lanes and competing carriers’ bid patterns. We develop an iterative coordinate search algorithm to find high-quality solutions. The benefits of employing the bid price optimization technology are demonstrated through computational experiments involving a simulated marketplace.
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References
Combinatorial Auctions in Procurement
Wedad Elmaghraby,Pinar Keskinocak +1 more
- 01 Jan 2004
TL;DR: This paper focuses on price discovery mechanisms, where prices are determined via a bidding process and can be dynamic, i.e., the seller may offer different prices to different customers or change prices dynamically over time.
162
Comparison of agent-based scheduling to look-ahead heuristics for real-time transportation problems
TL;DR: It is found that a properly designed multi-agent approach performs as good as or even better than traditional methods for real-time scheduling of full truckload transportation orders with time windows that arrive during schedule execution.
158
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Mathematics for economic analysis
Knut Sydsæter,Peter J. Hammond +1 more
- 01 Jan 1995
TL;DR: In this paper, the authors present a toolkit for Comparative Statics Multivariable Optimization (CSO) for linear algebra, which is based on the idea of functions of one variable.
148
Combinatorial auctions for transportation service procurement: the carrier perspective
Jiongjiong Song,Amelia C. Regan +1 more
TL;DR: In this paper, the authors describe a simple sealed-bid auction in which each bidder submits a sealed bid for a single item, and then assign contracts on the basis of negotiated service charges.
Approximation algorithms for the bid construction problem in combinatorial auctions for the procurement of freight transportation contracts
Jiongjiong Song,Amelia C. Regan +1 more
TL;DR: In this article, a tractable approximation method for estimating these values and constructing bids is presented, which provides a way for carriers to discover their true costs and construct optimal or near optimal bids by solving a single NP-hard problem.