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Title: Location-based distribution estimation for stochastic bid price optimization
Authors: Olcaytu, Evren
Kuyzu, Gültekin
Keywords: Procurement auctions
truckload transportation
stochastic optimization
parameter estimation
Issue Date: 2021
Publisher: Taylor & Francis Ltd
Abstract: Stochastic bid price optimization of truckload carriers in simultaneous independent transportation auctions requires estimating the probability distributions of the clearing prices. Historical data can be used for this purpose. The sole estimation method found in the literature for this problem setting only takes the length of the auction load into account. In this paper, we devise methods for load-specific parameter estimation by filtering out data coming from past auction loads with distant origin or destination locations. Through simulations, we demonstrate that our methods can improve the profitability of the carriers compared to the previously used method.
ISSN: 1942-7867
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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