Bid Price Optimization for Truckload Carriers in Simultaneous Transportation Procurement Auctions

Please use this identifier to cite or link to this item: https://hdl.handle.net/20.500.11851/1600

Title:	Bid Price Optimization for Truckload Carriers in Simultaneous Transportation Procurement Auctions
Authors:	Kuyzu, Gültekin Akyol, Çağla Gül Ergün, Özlem Savelsbergh, Martin
Keywords:	Simultaneous auctions Bidding Truckload transportation Stochastic optimization
Publisher:	Pergamon-Elsevier Science Ltd
Source:	Kuyzu, G., Akyol, Ç. G., Ergun, Ö., & Savelsbergh, M. (2015). Bid price optimization for truckload carriers in simultaneous transportation procurement auctions. Transportation Research Part B: Methodological, 73, 34-58.
Abstract:	We study simultaneous transportation procurement auctions from a truckload carrier's perspective. We formulate a stochastic bid price optimization model aimed at maximizing the carrier's expected profit. The model accounts for synergies among lanes and competing carriers' bid patterns. We develop an iterative coordinate search algorithm to find high-quality solutions. The benefits of employing the bid price optimization technology are demonstrated through computational experiments involving a simulated marketplace. (C) 2014 Elsevier Ltd. All rights reserved.
URI:	https://doi.org/10.1016/j.trb.2014.11.012 https://hdl.handle.net/20.500.11851/1600
ISSN:	0191-2615
Appears in Collections:	Endüstri Mühendisliği Bölümü / Department of Industrial Engineering Scopus İndeksli Yayınlar Koleksiyonu / Scopus Indexed Publications Collection WoS İndeksli Yayınlar Koleksiyonu / WoS Indexed Publications Collection

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