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

Table 13

The results of the Mann–Whitney U test for comparing the open auction and the semisealed auction in each of the scoring functions.

Scoring function	Criterion	Mann–Whitney U test statistics	-value	Results
Additive	Winner’s profit	1.6477	0.0994	There is no significant difference
	Winner’s score	0.2665	0.7899	There is no significant difference
	The number of auction rounds	0.4175	0.6763	There is no significant difference
Multiplicative	Winner’s profit	−0.7281	0.4666	There is no significant difference
	Winner’s score	−0.9506	0.3418	There is no significant difference
	The number of auction rounds	−0.6868	0.4922	There is no significant difference
Risk-aversion	Winner’s profit	−3.4391	0	There is a significant difference
	Winner’s score	−1.0338	0.3012	There is no significant difference
	The number of auction rounds	−3.1171	0.0018	There is a significant difference