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Chapter 16 - Auctions and competitive bidding. Chapter 16 considers an important application of decision making under uncertainty: competitive bidding. In an auction setting, a single seller seeks to obtain the highest price from competing buyers.
Managerial Economics, 8e William F. Samuelson ● Stephen G. Marks Chapter SIXteen Linear Programming Copyright © 2015 John Wiley & Sons, Inc. All rights reserved Management is the art of doing the best one can within constraints and occasionally getting around them ~Anonymous Copyright © 2015 John Wiley & Sons, Inc. All rights reserved For Discussion An Investment Problem A Portfolio manager has $20 million to invest in a fund consisting of the following bonds: Copyright © 2015 John Wiley & Sons, Inc. All rights reserved Linear Programs Finding an Optimal Computer Mix Graphing the LP Problem A Minimization Problem Regulation at Least Cost Algebraic Solutions Formulation Issues Copyright © 2015 John Wiley & Sons, Inc. All rights reserved 1.3 Figure 16.1 Production constraints for a PC Manufacturer Copyright © 2015 John Wiley & Sons, Inc. All rights reserved Figure 16.2 Production constraints with contribution contours Copyright © 2015 John Wiley & Sons, Inc. All rights reserved Figure 16.3 CleanWater Funding Copyright © 2015 John Wiley & Sons, Inc. All rights reserved Sensitivity analysis and shadow Prices Changes in the Objective Function Shadow Prices Optimal Decisions & Shadow Prices Business Behavior—Allocating HIV Resources Copyright © 2015 John Wiley & Sons, Inc. All rights reserved 1.3 Figure 16.4 Production constraints with New contributions Copyright © 2015 John Wiley & Sons, Inc. All rights reserved Figure 16.5 The Shadow Price of Hard Disks Copyright © 2015 John Wiley & Sons, Inc. All rights reserved Formulation and computer solution for larger LP problems Production for Maximum Output Production at Minimum Cost Copyright © 2015 John Wiley & Sons, Inc. All rights reserved 1.3 Figure 16.6 Maximum Output with Limited inputs Copyright © 2015 John Wiley & Sons, Inc. All rights reserved Formulation and computer solution for larger LP problems Computer Solutions A Staffing Problem Clean Coal A School Busing Problem An Investment Problem Revisited Copyright © 2015 John Wiley & Sons, Inc. All rights reserved 1.3 Figure 16.7 Data for a school busing problem Copyright © 2015 John Wiley & Sons, Inc. All rights reserved ... Copyright © 2015 John Wiley & Sons, Inc. All rights reserved 1.3 Figure 16. 1 Production constraints for a PC Manufacturer Copyright © 2015 John Wiley & Sons, Inc. All rights reserved Figure 16. 2 Production constraints with contribution ... Copyright © 2015 John Wiley & Sons, Inc. All rights reserved 1.3 Figure 16. 4 Production constraints with New contributions Copyright © 2015 John Wiley & Sons, Inc. All rights reserved Figure 16. 5 The Shadow Price of Hard Disks... Production constraints with contribution contours Copyright © 2015 John Wiley & Sons, Inc. All rights reserved Figure 16. 3 CleanWater Funding Copyright © 2015 John Wiley & Sons, Inc. All rights reserved Sensitivity analysis and shadow Prices