A multi-attribute auctioning system for the circular economy with Ricardian contracts

Abstract

In this paper, we define a multi-attribute auctioning system for the circular economy and the trade of products, components and materials subject to recycling. The increasing popularity of auctioning systems for buying and selling goods has led to the adaptation of them to diverse and particular scenarios, many of which require support for attributes like delivery time, quality, etc. Such attributes allow for more explicit and precise negotiations than traditional auctioning systems where only price is taken into account. The circular economy concept replaces end-of-life with the reuse of various goods, aiming to keep as much value as possible of any asset. By allowing users to adjust attributes in multi-step negotiations according to their economic and ecological needs, better deals can be achieved. We address this potential with our multi-attribute, and multi-step auctioning system. The system is based on transparency and fairness principles, and addresses requirements for flexibility in what attributes can be used, and the need for a semi-transparent auctioning procedure. We present a winner determination approach based on scoring protocol based on weights for different input attributes. Our auctioning system uses a signature chain data structure to provide transaction traceability. We demonstrate using a generic example that the proposed system supports simple and flexible multi-attribute auctions.