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Bidding languages for auctions of divisible goods

Kaleta M.

Control and Cybernetics

2012

Vol. 41, no. 4

799--816

Bidding languages are well-defined for combinatorial auctions. However, the auctions of divisible goods are quite common in practice. In contrast to combinatorial auctions, the feasible volumes of the offers are continuous in the case of divisible commodities. Such auctions are called continuous auctions. In the paper we introduce three families of bidding languages for continuous auctions. They are based on the concepts derived from the combinatorial auctions. We generalize the language families based on goods, bids, and some mixture of both of them, to the continuous case. We also analyze fundamental properties of the new languages. Simple examples, reflecting the complementarity and substitutability, are provided with exemplary representations in different languages.