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This paper studies inference in first-price and second-price sealed-bid auctions with many bidders, using an asymptotic framework where the number of bidders increases while the number of auctions remains fixed. Our approach enables…
Robust mechanism design is a rising alternative to Bayesian mechanism design, which yields designs that do not rely on assumptions like full distributional knowledge. We apply this approach to mechanisms for selling a single item, assuming…
The first-price auction is popular in practice for its simplicity and transparency. Moreover, its potential virtues grow in complex settings where incentive compatible auctions may generate little or no revenue. Unfortunately, the…
As an emerging decentralized secure data management platform, blockchain has gained much popularity recently. To maintain a canonical state of blockchain data record, proof-of-work based consensus protocols provide the nodes, referred to as…
Auction is the common paradigm for resource allocation which is a fundamental problem in human society. Existing research indicates that the two primary objectives, the seller's revenue and the allocation efficiency, are generally…
This position paper argues that agentic AI systems should be designed and evaluated as \emph{marginal token allocation economies} rather than as text generators priced by the unit. We follow a single request -- a developer asking a coding…
In recent years many important societal decisions are made by machine-learning algorithms, and many such important decisions have strict capacity limits, allowing resources to be allocated only to the highest utility individuals. For…
The Kelly or proportional allocation mechanism is a simple and efficient auction-based scheme that distributes an infinitely divisible resource proportionally to the agents bids. When agents are aware of the allocation rule, their…
Many early order flow auction designs handle the payment for orders when they execute on the chain rather than when they are won in the auction. Payments in these auctions only take place when the orders are executed, creating a free option…
Crowdsourcing has emerged as a paradigm for leveraging human intelligence and activity to solve a wide range of tasks. However, strategic workers will find enticement in their self-interest to free-ride and attack in a crowdsourcing contest…
We show that Execution Tickets and Execution Auctions dramatically increase centralization in the market for block proposals, even without multi-block MEV concerns. Previous analyses have insufficiently or incorrectly modeled the…
Prevailing methods of course allocation at undergraduate institutions involve reserving seats to give priority to designated groups of students. We introduce a competitive equilibrium-based mechanism that assigns course seats using student…
Mobility-on-demand systems are transforming the way we think about the transportation of people and goods. Most research effort has been placed on scalability issues for systems with a large number of agents and simple pick-up/drop-off…
We study the problem of online resource allocation, where multiple customers arrive sequentially and the seller must irrevocably allocate resources to each incoming customer while also facing a procurement cost for the total allocation.…
We consider the question of whether collusion among bidders (a "bidding ring") can be supported in equilibrium of unrepeated first-price auctions. Unlike previous work on the topic such as that by McAfee and McMillan [1992] and Marshall and…
Optimal transport is a framework that facilitates the most efficient allocation of a limited amount of resources. However, the most efficient allocation scheme does not necessarily preserve the most fairness. In this paper, we establish a…
Congestion game is a widely used model for modern networked applications. A central issue in such applications is that the selfish behavior of the participants may result in resource overloading and negative externalities for the system…
A smart city provides its people with high standard of living through advanced technologies and transport is one of the major foci. With the advent of autonomous vehicles (AVs), an AV-based public transportation system has been proposed…
The essence of distributed computing systems is how to schedule incoming requests and how to allocate all computing nodes to minimize both time and computation costs. In this paper, we propose a cost-aware optimal scheduling and allocation…
From skipped exercise classes to last-minute cancellation of dentist appointments, underutilization of reserved resources abounds. Likely reasons include uncertainty about the future, further exacerbated by present bias. In this paper, we…