GRASP with Hybrid Path Relinking for Bi-Objective Winner Determination in Combinatorial Transportation Auctions

The procurement of transportation services via large-scale combinatorial auctions involves a couple of complex decisions whose outcome highly influences the performance of the tender process. This paper examines the shipper's task of selecting a subset of the submitted bids which efficiently trades off total procurement cost against expected carrier performance. To solve this bi-objective winner determination problem, we propose a Pareto-based greedy randomized adaptive search procedure (GRASP). As a post-optimizer we use a path relinking procedure which is hybridized with branch-and-bound. Several variants of this algorithm are evaluated by means of artificial test instances which comply with important real-world characteristics. The two best variants prove superior to a previously published Pareto-based evolutionary algorithm.

MoreLess

Year of publication:	2010
Authors:	Buer, Tobias ; Pankratz, Giselher
Published in:	BuR - Business Research. - Verband der Hochschullehrer für Betriebswirtschaft - VHB. - Vol. 3.2010, 2, p. 192-213
Publisher:	Verband der Hochschullehrer für Betriebswirtschaft - VHB
Subject:	combinatorial auction \| transportation procurement \| set covering problem \| multi-criteria decision making \| Pareto optimization \| GRASP

More details

Extent:	application/pdf
Type of publication:	Article
Source:	RePEc - Research Papers in Economics

Persistent link: https://ebvufind01.dmz1.zbw.eu/10010615516