TITLE:
Protective Equipment Pricing Mechanism under Dynamic Auctions
AUTHORS:
Ismail M. Abdirahman, Xu Liu, Qunpeng Hu
KEYWORDS:
Excess Demand, Protective Equipment, Dynamic Auction
JOURNAL NAME:
iBusiness,
Vol.13 No.4,
December
14,
2021
ABSTRACT: The dynamic auction under the protective equipment
on COVID-19 has become crucial since the outbreak in December 2019. In this
study, we focus on how to remove the
shortage of protective equipment of COVID-19 such as face masks, gloves,
gowns, goggles, and other equipment used for the protection of the spread of the virus. The dynamic auction market meets many challenges of excess demand, so in this dynamic auction, we propose an
extraction auction mechanism to achieve an
optimal equilibrium. This equilibrium outcome is competitive equilibrium
from the bidder’s true valuation.