A multiunit auction in which each bidder offers a price for a collection of goods (of the bidder's choosing) rather than placing a bid on each item separately.
The auctioneer selects a set of these combinatorial bids which raises the most revenue without assigning any object to more than one bidder.
updated: 12 August 2005
HOW TO CITE THIS ENTRY
- To learn more:
- See news articles on auctions.
- Try a winner's curse applet on the applets page.
- Read about auction experiments at e-Economics.net.
- Learn about auctions by reading lecture notes.
- Read a book on combinatorial auctions.