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Assignment Messages and Exchanges

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Author Info
Paul Milgrom
Abstract

"Assignment messages" are maximally general messages to describe substitutable preferences by means of a linear program. With "integer assignment messages," there exist integer-valued Walrasian allocations, extending a result of Lloyd S. Shapley and Martin Shubik (1971). Any pure Nash equilibrium profile of the Walrasian mechanism with participants limited to assignment messages is also a Nash equilibrium of the unrestricted Walrasian mechanism. Assignment exchanges are generalizations of single-product double auctions and are related to ascending multi-product clock auctions and the Vickrey mechanism. Assignment messages also have additional applications in mechanism design. (JEL D44, D82)

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File URL: http://hdl.handle.net/10.1257/mic.1.2.95
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Article provided by American Economic Association in its journal American Economic Journal: Microeconomics.

Volume (Year): 1 (2009)
Issue (Month): 2 (August)
Pages: 95-113
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Handle: RePEc:aea:aejmic:v:1:y:2009:i:2:p:95-113

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This page was last updated on 2009-12-22.

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