Network virtualization is a promising new resource management approach that allows customized virtual networks (VNs) to be multiplexed on a shared physical infrastructure. In this paper, our focus is on the embedding of VN resources onto this infrastructure. Since this problem is known to be NP-hard, embedding proposals in literature are heuristic-based approaches that restrict the problem space in different dimensions. Limitations of these proposals are: (1) as embedding of VN links and nodes is performed in two separate stages, it may ensue in a high blocking of VN requests and a less efficient usage of substrate resources; and (2) as pricing of embedding resources is based on linear functions, it triggers no competition among VN users in order to maximize infrastructure provider profits. These drawbacks motivate us to propose a mathematical model that makes use of large-scale optimization tools and proposes a Column Generation (CG) formulation of the problem, coupled with branch-and-bound technique or rounding-off heuristic. We also propose a periodical planning of embedding process where profitable VN requests are selected through an auction mechanism. In our experiments with different substrate network topologies and many different VN request patterns, we show a clear advantage of auction-based CG models over present benchmarks .