The term "auction algorithm" applies to several variations of a combinatorial optimization algorithm which solves assignment problems, including forward/reverse auction algorithms. An auction algorithm has been used in a business setting to determine the best prices on a set of products offered to multiple buyers.

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  • The term "auction algorithm" applies to several variations of a combinatorial optimization algorithm which solves assignment problems, including forward/reverse auction algorithms. An auction algorithm has been used in a business setting to determine the best prices on a set of products offered to multiple buyers. It is an iterative procedure, so the name "auction algorithm" is related to a sales auction, where multiple bids are compared to determine the best offer, with the final sales going to the highest bidders. The auction algorithm is an iterative method to find the optimal prices and an assignment that maximizes the net benefit, and is therefore the maximum weight matching (MWM).
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  • The term "auction algorithm" applies to several variations of a combinatorial optimization algorithm which solves assignment problems, including forward/reverse auction algorithms. An auction algorithm has been used in a business setting to determine the best prices on a set of products offered to multiple buyers.
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  • Auction algorithm
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