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A double auction based mathematical market model and heuristics for internet-based secondhand durable good markets

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dc.contributor.authorÖZER, ALİ HAYDAR
dc.contributor.authorsOzer, Ali Haydar
dc.date.accessioned2022-03-12T22:29:26Z
dc.date.available2022-03-12T22:29:26Z
dc.date.issued2019
dc.description.abstractTrading of used goods in secondhand markets is considered to have both environmental and economic benefits. For the trading of used goods as well as new ones, this study proposes a periodic double auction model for Internet-based electronic markets whereby each bidder can place both asks and bids for selling and purchasing goods respectively during a trading period. The proposed model allows each bidder to place a spending limit order such that the difference between the cost of the purchased goods and the income obtained from the sold goods does not exceed this limit. Furthermore, since a bidder may be indifferent to multiple goods, e.g. copies of a same title, the model also provides a mechanism so that bidders may combine a number of bids inside a set and put a limit on the number of goods to be purchased in this set. The model is mathematically defined, and the corresponding winner determination problem is formulated using linear integer programming. Since the problem is shown to be NP-hard, a number of heuristic methods are also proposed. Performances of these methods are evaluated on a comprehensive test suite and statistical analyses of the results are presented. Furthermore, possible economical contribution of the model is also evaluated. The results indicate that the proposed model can be used efficiently in large-scale markets with tens of thousands of bidders. (C) 2019 Elsevier Ltd. All rights reserved.
dc.identifier.doi10.1016/j.cor.2019.06.005
dc.identifier.eissn1873-765X
dc.identifier.issn0305-0548
dc.identifier.urihttps://hdl.handle.net/11424/235376
dc.identifier.wosWOS:000483411600009
dc.language.isoeng
dc.publisherPERGAMON-ELSEVIER SCIENCE LTD
dc.relation.ispartofCOMPUTERS & OPERATIONS RESEARCH
dc.rightsinfo:eu-repo/semantics/closedAccess
dc.subjectElectronic market
dc.subjectDouble auction
dc.subjectBudget constraint
dc.subjectUsed good trading
dc.subjectSecondhand market
dc.subjectMarket design
dc.subjectMathematical modeling
dc.subjectInteger programming
dc.subjectCombinatorial optimization
dc.subjectEMPIRICAL-ANALYSIS
dc.subjectCIRCULAR ECONOMY
dc.subjectEFFICIENCY
dc.subjectEXCHANGES
dc.subjectTRADE
dc.titleA double auction based mathematical market model and heuristics for internet-based secondhand durable good markets
dc.typearticle
dspace.entity.typePublication
local.avesis.id7a391c0d-19d8-4472-8201-190fcc843c82
local.import.packageSS17
local.indexed.atWOS
local.indexed.atSCOPUS
local.journal.numberofpages14
local.journal.quartileQ2
oaire.citation.endPage129
oaire.citation.startPage116
oaire.citation.titleCOMPUTERS & OPERATIONS RESEARCH
oaire.citation.volume111
relation.isAuthorOfPublication9297fe20-bf7f-4abf-99a1-86063480e0fc
relation.isAuthorOfPublication.latestForDiscovery9297fe20-bf7f-4abf-99a1-86063480e0fc

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