Bidding language Sample Clauses

Bidding language. The bidding language for a combinatorial auction specifies the structure of bids and the operators for combining the bids. A bidding language should allow bidders to bid in a straightforward manner. It should not be overly expressive because that would unnecessarily increase the complexity of the auction. For example, if a bidding language requires a bidder to attach a value to each possible combination, m m m m then given m items, a bidder has to submit a bid of size C1 + ...+ Cm = ∑Cn , which is n=1 only practically feasible for very small m. There are two general bidding languages for combinatorial auctions, exclusive-or (XOR) and additive-or (OR) [12]. The former allows bidders to submit bids in the form of (S1, p1) xor (S2, p2) xor … xor (Sn, pn) stating the semantics “I will buy at most one of these combinations.” while the latter allows bids in the form of (S1, p1) or (S2, p2) or … or (Sn, pn) stating the semantics “I’ll buy one or more of these combinations”. In this research, the XOR bidding language is adopted because it is expressive and straightforward in expressing the complementarity of items and has emerged as the definitive choice in recent combinatorial auction designs [27].
Sample 1
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