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A decomposition based approach for design of supply aggregation and demand aggregation exchanges

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Title A decomposition based approach for design of supply aggregation and demand aggregation exchanges
 
Creator BISWAS, S
NARAHARI, Y
DAS SARMA, A
 
Description Combinatorial exchanges are double sided marketplaces with multiple sellers and multiple buyers trading with the help of combinatorial bids. The allocation and other associated problems in such exchanges are known to be among the hardest to solve among all economic mechanisms. In this paper, we study combinatorial exchanges where (1) the demand can be aggregated, for example, a procurement exchange or (2) the supply can be aggregated, for example, an exchange selling excess inventory. We show that the allocation problem in such exchanges can be solved efficiently through decomposition when buyers and sellers are single minded. The proposed approach decomposes the problem into two stages: a forward or a reverse combinatorial auction (stage 1) and an assignment problem (stage 2). The assignment problem in Stage 2 can be solved optimally in polynomial time and thus these exchanges have computational complexity equivalent to that of one sided combinatorial auctions. Through extensive numerical experiments, we show that our approach produces high quality solutions and is computationally efficient.
 
Publisher SPRINGER-VERLAG BERLIN
 
Date 2011-10-23T16:11:14Z
2011-12-15T09:11:14Z
2011-10-23T16:11:14Z
2011-12-15T09:11:14Z
2004
 
Type Article; Proceedings Paper
 
Identifier APPLYING FORMAL METHODS: TESTING, PERFORMANCE, AND M/E- COMMERCE, PROCEEDINGS,3236,58-71
3-540-23169-2
0302-9743
http://dspace.library.iitb.ac.in/xmlui/handle/10054/15172
http://hdl.handle.net/100/1935
 
Source FORTE 2004 Workshops, TheFormEMC, EPEW, ITM,Toledo, SPAIN,OCT 01-02, 2004
 
Language English