A Framework for Online Reverse Auction Based on Market Maker Learning with a Risk-Averse Buyer

Table 1

Classification of auction types.

No.	Feature	Description
1	Number of items of a good	One or more goods
2	Nature of goods	Homogenous/heterogeneous
3	Attributes	One or more attributes
4	Type of auction	Forward/reverse
5	Nature of auction	One-round/multiround
6	English vs. Dutch auction	Ascending/descending price
7	Participants	Invitation/open
8	Market maker	Exist/does not exist
9	The price paid by the winner	First price/second price/etc.
10	Is price discrimination applied?	Yes/no
11	Do constraints exist?	Explicitly/implicitly
12	Is there a follow-up negotiation?	Yes/no
13	Is a value function elicited for the buyer?	Yes/no
14	Nature of bids	Open/semisealed/sealed
15	Are bids divisible?	Yes/no
16	Are bundle bids allowed?	Yes/no