Series of Dept Research Seminars - "Efficient multi-attribute multi-unit auctions for B2B e-commerce logistics" (Date: 8 March 2016)
Our speaker Dr. Sunny Xu will share with us on "Efficient multi-attribute multi-unit auctions for B2B e-commerce logistics".
In the B2B e-commerce logistics problem (ELP), the e-commerce platform is the shipper generating a large number of online orders between product sellers and buyers, and third-party logistics (3PL) providers are carriers that can deliver these online orders. We focus on the ELP with multiple attributes (ELP-MA), which is generally the problem of matching the shipper’s online orders and 3PL providers given that price and other attributes are jointly evaluated. We develop a one-sided Vickrey-Clarke-Groves (O-VCG) auction for the ELP-MA. The O-VCG auction leads to incentive compatibility (on the sell side), allocative efficiency, budget balance, and individual rationality. We next introduce the concept of universally unsatisfied set to construct a primal-dual algorithm, also called the primal-dual Vickrey (PDV) auction. We prove that the O-VCG auction can be viewed as a single-attribute multi-unit forward Vickrey (SA-MFV) auction. Both PDV and SA-MFV auctions realize VCG payments and truthful bidding for general valuations. This result reveals the underlying link not only between single-attribute and multi-attribute auctions, but between static and dynamic auctions in a multi-attribute setting. Finally, we discuss the case of self-interested shipper in terms of analytical and numerical studies, and show that the shipper tends to tell the truth in a large market if allocative efficiency should be guaranteed.
All are welcome and registration is not required.
8 March 2016 (Tuesday)
15:30 - 16:30
HW - 828
|About the Speaker||
Su Xiu XU is Honorary Assistant Professor in the Department of Industrial and Manufacturing Systems Engineering (IMSE), The University of Hong Kong (HKU). He received his B.S. in Mathematics from Harbin Institute of Technology (Harbin, China), and Ph.D. in Industrial Engineering from HKU. His major research interests are Finance Logistics, Transportation Economics, Auction Theory, and Market Design Theory. He has papers published or accepted in such journals as Transportation Science, IIE Transactions, Transportation Research Part B, International Journal of Production Economics, etc. He is a lecturer of undergraduate courses “Operations Research II” and “Financial Engineering” in IMSE, HKU during 2015-2016. He is a member of IIE and INFORMS.