A Modified Vickrey Auction with Regret Minimization for Uniform Alliance Decisions (bibtex)
author="Lujak, M.
and Slavkovik, M.",
editor="Ivanovi{\'{c}}, M. and B{\u{a}}dic{\u{a}}, C. and Dix, J and Jovanovi{\'{c}}, Z. and Malgeri, M. and Savi{\'{c}}, M.}",
title="A Modified Vickrey Auction with Regret Minimization for Uniform Alliance Decisions",
bookTitle="Intelligent Distributed Computing XI",
publisher="Springer International Publishing",
abstract="We consider a supply chain management problem where a business alliance of small capacity retailers needs to collectively select a unique supplier considering the assignment's efficiency at both the alliance and retailers' level. We model the alliance as a multi-agent system. For this model, we present a modified Vickrey auction algorithm with regret minimization and compare it experimentally with aggregation of preferences by voting and standard Vickrey auction. Through simulation, we show that the proposed method on average reaches globally efficient and individually acceptable solutions. The solutions are evaluated in terms of different social welfare values.",
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