Related papers: A Simplified Analysis of the Ascending Auction to …
Recent spectrum auctions in the United Kingdom, and some proposals for future auctions of spectrum in the United States, are based on preliminary price discovery rounds, followed by calculation of final prices for the winning buyers. For…
We consider the problem of finding the (unique) minimal Walrasian equilibrium price in multi-item, multi-unit auction models: there are multiple indivisible items for sale, with several units of each item, and a bidder may be interested in…
In this paper, we study the problem of maximizing social welfare in combinatorial markets through pricing schemes. We consider the existence of prices that are capable to achieve optimal social welfare without a central tie-breaking…
This paper develops tools for welfare and revenue analyses of Bayes-Nash equilibria in asymmetric auctions with single-dimensional agents. We employ these tools to derive price of anarchy results for social welfare and revenue. Our approach…
We introduce a novel characterization of all Walrasian price vectors in terms of forbidden over- and under demanded sets for monotone gross substitute combinatorial auctions. For ascending and descending auctions we suggest a universal…
This survey outlines a general and modular theory for proving approximation guarantees for equilibria of auctions in complex settings. This theory complements traditional economic techniques, which generally focus on exact and optimal…
We explore the approximation power of deterministic obviously strategy-proof mechanisms in auctions, where the objective is welfare maximization. A trivial ascending auction on the grand bundle guarantees an approximation of $\min\{m,n\}$…
Bulow and Klemperer's well-known result states that, in a single-item auction where the $n$ bidders' values are independently and identically drawn from a regular distribution, the Vickrey auction with one additional bidder (a duplicate)…
We develop a unified ascending-auction framework for computing Walrasian equilibria in combinatorial markets with strong substitutes valuations and piecewise-linear payment functions. Our auction extends the celebrated ascending auctions of…
Consider the problem of allocating goods to buyers through an auction. An auction is efficient if the resulting allocation maximizes total welfare, conditional on the information available. If buyers have private values, the…
We analyze the Vickrey mechanism for auctions of multiple identical goods when the players have both Knightian uncertainty over their own valuations and incomplete preferences. In this model, the Vickrey mechanism is no longer…
Internet ad auctions have evolved from a few lines of text to richer informational layouts that include images, sitelinks, videos, etc. Ads in these new formats occupy varying amounts of space, and an advertiser can provide multiple…
Under the incentive-compatible Vickrey-Clarke-Groves mechanism, coalitions of participants can influence the auction outcome to obtain higher collective profit. These manipulations were proven to be eliminated if and only if the market…
We present our results on Uniform Price Auctions, one of the standard sealed-bid multi-unit auction formats, for selling multiple identical units of a single good to multi-demand bidders. Contrary to the truthful and economically efficient…
We are interested in mechanisms that maximize social welfare. In [1] this problem was studied for multi-unit auctions with unit demand bidders and for the public project problem, and in each case social welfare undominated mechanisms in the…
Using mechanised reasoning we prove that combinatorial Vickrey auctions are soundly specified in that they associate a unique outcome (allocation and transfers) to any valid input (bids). Having done so, we auto-generate verified executable…
We study the efficiency of simple combinatorial auctions for the allocation of a set of items to a set of agents, with private subadditive valuation functions and budget constraints. The class we consider includes all auctions that allocate…
We study mechanisms that use greedy allocation rules and pay-your-bid pricing to allocate resources subject to a matroid constraint. We show that all such mechanisms obtain a constant fraction of the optimal welfare at any equilibrium of…
The classic result of Bulow and Klemperer \cite{BK96} says that in a single-item auction recruiting one more bidder and running the Vickrey auction achieves a higher revenue than the optimal auction's revenue on the original set of bidders,…
We consider a market where a set of objects is sold to a set of buyers, each equipped with a valuation function for the objects. The goal of the auctioneer is to determine reasonable prices together with a stable allocation. One definition…