Electronic auctions have revolutionized procurement in the last decade. In many situations, they have replaced negotiations for supplier selection and price setting. While they have often greatly reduced transaction costs and increased competition, they have also encountered problems and resistance from suppliers resenting their intrusion on cooperative supplier/buyer relationships. In response to these issues, procurement auctions have evolved in radical new directions. Buyers use business rules to limit adverse changes. Some procurement auctions allow bidders to offer variants in the specifications of products to be supplied. Most important, some suppliers are allowing bidders to bid on packages of items, not just individual items. This tends to change procurement auctions from zero-s...
SALT LAKE CITY, Sept. 27, 2011 /PRNewswire/ -- Zions Direct, the online broker-dealer that allows its customers to purchase municipal bonds in its daily web-based auctions, announces its weekly auction results. In auctions closed from September 19, 2011 to September 23, 2011, investors purchasing municipal bonds in the auctions received average tax-exempt yields 0.98 percentage points, or 98 basis points, higher than similar bonds as reported by the Municipal Securities Rulemaking Board (MSRB). (Logo: http://photos.prnewswire.com/prnh/20110914/SF68814LOGO)
Staff Writer What is one man's trash is another's treasure - isn't that how the saying goes? During storage auctions, that saying sometimes proves true, but most times it doesn't.
Buyers often find that obtaining complete information about suppliers is costly. In such scenarios, there is a trade-off between the costs of obtaining information and the benefits that accrue to the owners of such information. There are also various ways in which the missing information can be obtained or inferred. In this paper, we compare the efficiency of obtaining information via the classical mechanism design approach, which relies on the information available before the contracts are designed, with that of an "audit-based" approach, which relies on the information obtained after the fact. In our model, a single buyer (the Stackelberg leader) wishes to procure a package of products or services from various competing suppliers that possess private cost information. We allow for arb...
David Blair lived and breathed estate sales and auctions. With his close-cut gray hair and spiffy cast-off clothes from thrift- store designer racks, he cut a dapper figure, but that didn't change the fear he inspired. An imposing man at 6 feet 2 inches, Blair was a determined, almost maniacal bidder with an eye for quality and a talent for spotting the most valuable items in a sale. It came with a threatening, bullying presence and a malevolent streak that caused dealer after dealer to ban him from their sales.
The paper presents a survey of current industry practices in designing and running auctions as part of e-sourcing events. We report our findings from numerous interviews with auction makers in leading e-sourcing application vendors. The differences between auction theory and auction practice pose a number of interesting and important research questions for the Operations Management community; we conclude with a discussion of lessons learned and open research questions.
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