Multi-attribute sealed-bid auction model and optimal bidding strategies

Today more and more enterprises procured the goods and services based on reverse auction mechanisms. But the traditional price-based single attribute auction mechanisms had not satisfied the practical demand. In view of this situation, we studied the multi-attribute sealed-bid auction mechanism in procurement environment. First, we proposed an improved multi-attribute auction model based on the limitation of the existed models, and then we further studied the bidders' optimal bidding strategies in sealed-bid auction mechanism based on multi-attribute utility theory (MAUT). In particular, we proved an important inference which can be used to determine the non-price attributes. At last, we analyzed the influence of the model parameters on the optimal bidding strategies.