agent-based modeling

Reverse auction: Selecting the trading strategy

This paper is devoted to the issues of reasoning and selection the trading strategy for the competitive bidding during the reverse auction. This term refers to the real time online auction, where the sellers compete to obtain business from the buyer and prices typically decrease as the sellers underbid each other. This specific type of auction process is used in Ukraine within the public e-procurement system ProZorro for the government sector and open e-tendering system Rialto for the commercial procurement.