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Design for optimized multi-lateral multi-commodity markets
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DOI：10.1016/j.ejor.2003.07.022.png)
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Abstract
En 中文
In this paper, we propose a design for all economically efficient, optimized, centralized. multi-lateral, periodic commodity market that addresses explicitly three issues: (i) substantial transportation costs between sellers and buyers: (ii) non-homogeneous. in quality and nature. commodities; (iii) complementary commodities that have to be traded simultaneously. The model allows sellers to offer their commodities in lots and buyers to explicitly quantify the differences in quality of the goods produced by each individual seller. The model does not presume that products must be shipped through a market hub. We also propose a multi-round auction that enables the implementation of the direct optimized market and approximates the behaviour of the ideal direct optimized mechanism. The process allows buyers and sellers to modify their initial bids, including the technological constraints. The proposed market designs are particularly relevant for industries related to natural resources. We present the models and algorithms required to implement the optimized market mechanisms, describe the operations of the multi-round auction, and discuss applications and perspectives. (C) 2003 Elsevier B.V. All rights reserved.
Keywords:
market design
optimized multi-lateral multi-commodity markets
multi-round auctions
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