Katehakis, Michael N.; Puranam, Kartikeya S. - In: European Journal of Operational Research 222 (2012) 1, pp. 76-84
We consider the problem of a firm (“the buyer”) that must acquire a fixed number (L) of items. The buyer can acquire these items either at a fixed buy-it-now price in the open market or by participating in a sequence of NL auctions. The objective of the buyer is to minimize his expected...