Bayesian optimal knapsack procurement

نویسندگان

  • Ludwig Ensthaler
  • Thomas Giebe
چکیده

A budget-constrained buyer wants to purchase items from a shortlisted set. Items are differentiated by observable quality and sellers have private reserve prices for their items. The buyer’s problem is to select a subset of maximal quality. Money does not enter the buyer’s objective function, but only his constraints. Sellers quote prices strategically, inducing a knapsack game. We report the Bayesian optimal mechanism for the buyer’s problem. We find that simultaneous takeit-or-leave-it offers are interim optimal. JEL D21, D44, D45, D82.

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عنوان ژورنال:
  • European Journal of Operational Research

دوره 234  شماره 

صفحات  -

تاریخ انتشار 2014