Bidding : Types, Strategies and the Impact of Irrationality

This is a book about bidding, a hugely important topic situated at the intersection of business, computer science and mathematics. As more and more business-to-business commerce is conducted via the Internet, an expert understanding of how to bid optimally in different settings, how to deal with limited information and how to adapt to the behavior of other bidders has the potential to provide businesses with a significant advantage when participating in online marketplaces. However, bidding is a complex, interdisciplinary area with an expansive literature base which many may find daunting. This book aims to provide those new to the area with an accessible and thorough grounding in the core concepts of the field as well as in-depth knowledge of cutting-edge bidding-based research. For those with experience in the area of bidding, this book will help to solidify their understanding and ensure that their knowledge of recent work in the field is both current and comprehensive. This book covers a wide variety of bidding mechanisms including combinatorial auctions, reverse auctions and multi-bilateral negotiations; it also covers bidding strategies in supply chain management and electricity markets as well as the concepts of e-procurement, bid selection models, bidder irrationality models, multi-agent systems and Minority Games. This book is a valuable companion for anyone wishing to learn more about this exciting area of research, including students, academics and businesses interested in gaining a competitive advantage in the digital economy.