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The First Use of a Combined-Value Auction for Transportation Services

Ledyard, John O. and Olson, Mark A. and Porter, David and Swanson, Joseph A. and Torma, David P. (2002) The First Use of a Combined-Value Auction for Transportation Services. Interfaces, 32 (5). pp. 4-12. ISSN 1526-551X. doi:0092-2102/02/3205/0004$05.00.

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Combined-value auctions (CVAs) allow participants to make an offer of a single amount for a collection of items. These auctions provide value to both buyers and sellers of goods or services in a number of environments, but they have rarely been implemented, perhaps because of lack of knowledge and experience. Sears Logistics Services (SLS) is the first procurer of trucking services to use a CVA to reduce its costs. In 1993, it saved 13 percent over past procurement practices. Experimental economics played a crucial role in the development, sale, and use of the CVA.

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Additional Information:© 2002 INFORMS. Published Online Oct. 1, 2002. Formerly SSWP 1193.
Subject Keywords:Economics; Games/group decisions: bidding/auctions; Transportation: costs
Issue or Number:5
Record Number:CaltechAUTHORS:20171106-141307390
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Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:82993
Deposited By: Jacquelyn Bussone
Deposited On:06 Nov 2017 23:18
Last Modified:03 Oct 2019 19:01

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