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Bidding Strategies for Carrier
in Combinatorial Transportation Auction
Pittawat Ueasangkomsate, Manoj Lohatepanont
Pages - 1 - 17 | Revised - 15-01-2012 | Published - 21-02-2012
MORE INFORMATION
KEYWORDS
A Bid-to-Cost Ratio, Bid Price, Combinatorial Auction, Transportation Procurement, Bidding Strategies, Optimization Problem
ABSTRACT
In combinatorial auction for truckload transportation service procurement, we introduce the bidding strategy for carrier facing the hard valuation problem to all possible routes. The model uses a bid-to-cost ratio of carriers surveyed in Thailand to represent the bidding behavior in combinatorial freight procurement. This model facilitates carrier to value the bid price for interested packages that involve with pattern of transportation service under different competitive environment. The results of analysis with hypotheses in regression model reveal that pattern of transportation service, number of competitors, pattern of transportation service with number of competitors and a pre-empty backhaul to new lane distance ratio do impact significantly on bid price of carrier in combinatorial transportation auction. To find optimal bid price for interested packages in the incomplete information game, the empirical study in stochastic optimization problem with Monte Carlo method can present the best solution for bidder in order to acquire the maximum expected profit in the auction. The results obtained from optimal solution also show that they are more than the average benefit in the competition market considerably.
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Mr. Pittawat Ueasangkomsate
Chulalongkorn University - Japan
pittawat.uea@gmail.com
Dr. Manoj Lohatepanont
Chulalongkorn University - Thailand
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