Dynamic Lot-Sizing in Sequential Online Auction Systems with Reserve Price
We study an optimal inventory scrapping and allocation problem for a retailer who uses sequential online auctions with reserve price.It is assumed that the buyers arrive according to a Poisson process or constant case with uniform bid distributions and multi-unit Vickrey auction mechanism is employed in each auction.We build a Markov decision process model for the retailers lot-size decision in these auctions with reserve price.It is shown that the single-auction expected revenue function satisfies a second order condition,leading to the retailers optimal lot-size policy.That is,the optimal inventory-scraping policy is a threshold policy and the optimal lot-size policy is a monotone staircase with unit jumps policy when we introduce the reserve price in sequential online auction systems.We also show these results for the case where the reserve price is a decision variable.
Auctions/bidding Reserve price Lot size Markov decision processes
Shuren Liu Licai Lei Pei Tang
School of Mathematics and Computational Science,Xiangtan University,Xiangtan 411105,China Business School,Xiangtan University,Xiangtan 411105,China
国际会议
河北秦皇岛
英文
180-195
2017-08-21（万方平台首次上网日期，不代表论文的发表时间）