Binding: Digital
Format: HTML
Label: Elsevier
Manufacturer: Elsevier
Publication Date: June 01, 2005
Publisher: Elsevier
Studio: Elsevier

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Product Description:
This digital document is a journal article from European Journal of Operational Research, published by Elsevier in 2005. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.

Description:
In this paper, we propose a design for an economically efficient, optimized, centralized, multi-lateral, periodic commodity market that addresses explicitly three issues: (i) substantial transportation costs between sellers and buyers; (ii) non-homogeneous, in quality and nature, commodities; (iii) complementary commodities that have to be traded simultaneously. The model allows sellers to offer their commodities in lots and buyers to explicitly quantify the differences in quality of the goods produced by each individual seller. The model does not presume that products must be shipped through a market hub. We also propose a multi-round auction that enables the implementation of the direct optimized market and approximates the behaviour of the ''ideal'' direct optimized mechanism. The process allows buyers and sellers to modify their initial bids, including the technological constraints. The proposed market designs are particularly relevant for industries related to natural resources. We present the models and algorithms required to implement the optimized market mechanisms, describe the operations of the multi-round auction, and discuss applications and perspectives.

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