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Simple sequencing problems with interdependent costs

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  • Hain, Roland
  • Mitra, Manipushpak

Abstract

In this paper we analyze sequencing situations under incomplete information where agents have interdependent costs. We first argue why Vickrey-Clarke-Groves (or VCG) mechanism fails to implement a simple sequencing problem in dominant strategies. Given this impossibility, we try to implement simple sequencing problems in ex-post equilibrium. We show that a simple sequencing problem is implementable if and only if the mechanism is a `generalized VCG mechanism'. We then show that for implementable n agent simple sequencing problems, with polynomial cost function of order (n-2) or less, one can achieve first best implementability. Moreover, for the class of simple sequencing problems with ``sufficiently well behaved'' cost function, this is the only class of first best implementable simple sequencing problems.

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Bibliographic Info

Article provided by Elsevier in its journal Games and Economic Behavior.

Volume (Year): 48 (2004)
Issue (Month): 2 (August)
Pages: 271-291

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Handle: RePEc:eee:gamebe:v:48:y:2004:i:2:p:271-291

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Web page: http://www.elsevier.com/locate/inca/622836

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References

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  1. Hurwicz, Leonid & Walker, Mark, 1990. "On the Generic Nonoptimality of Dominant-Strategy Allocation Mechanisms: A General Theorem That Includes Pure Exchange Economies," Econometrica, Econometric Society, vol. 58(3), pages 683-704, May.
  2. Jeroen Suijs, 1996. "On incentive compatibility and budget balancedness in public decision making," Review of Economic Design, Springer, vol. 2(1), pages 193-209, December.
  3. Jehiel, Phillipe & Moldovanu, Benny, 1998. "Efficient Design with Interdependent Valuations," Sonderforschungsbereich 504 Publications 98-22, Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim.
  4. Fieseler, Karsten & Kittsteiner, Thomas & Moldovanu, Benny, 2003. "Partnerships, lemons, and efficient trade," Journal of Economic Theory, Elsevier, vol. 113(2), pages 223-234, December.
  5. d'Aspremont, Claude & Gerard-Varet, Louis-Andre, 1979. "Incentives and incomplete information," Journal of Public Economics, Elsevier, vol. 11(1), pages 25-45, February.
  6. Gresik, Thomas A., 1991. "Ex ante incentive efficient trading mechanisms without the private valuation restriction," Journal of Economic Theory, Elsevier, vol. 55(1), pages 41-63, October.
  7. Dirk Bergemann & Juuso Valimaki, 2002. "Information Acquisition and Efficient Mechanism Design," Econometrica, Econometric Society, vol. 70(3), pages 1007-1033, May.
  8. Liqun Liu & Guoqiang Tian, 1999. "A characterization of the existenceof optimal dominant strategy mechanisms," Review of Economic Design, Springer, vol. 4(3), pages 205-218.
  9. William Vickrey, 1961. "Counterspeculation, Auctions, And Competitive Sealed Tenders," Journal of Finance, American Finance Association, vol. 16(1), pages 8-37, 03.
  10. Manipushpak Mitra, 2000. "Achieving the First Best in Sequencing Problems," Bonn Econ Discussion Papers bgse11_2001, University of Bonn, Germany.
  11. Groves, Theodore, 1973. "Incentives in Teams," Econometrica, Econometric Society, vol. 41(4), pages 617-31, July.
  12. Partha Dasgupta & Eric Maskin, 2000. "Efficient Auctions," The Quarterly Journal of Economics, MIT Press, vol. 115(2), pages 341-388, May.
  13. Tian, Guoqiang, 1996. "On the existence of optimal truth-dominant mechanisms," Economics Letters, Elsevier, vol. 53(1), pages 17-24, October.
  14. Mitra, Manipushpak, 2005. "Incomplete information and multiple machine queueing problems," European Journal of Operational Research, Elsevier, vol. 165(1), pages 251-266, August.
  15. Motty Perry & Philip J. Reny, 2002. "An Efficient Auction," Econometrica, Econometric Society, vol. 70(3), pages 1199-1212, May.
  16. repec:wop:humbsf:2000-72 is not listed on IDEAS
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Citations

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Cited by:
  1. Herbert Hamers & Flip Klijn & Marco Slikker, 2013. "Price of Anarchy in Sequencing Situations and the Impossibility to Coordinate," Working Papers 709, Barcelona Graduate School of Economics.
  2. Philippe Jehiel & Benny Moldovanu, 2006. "Allocative and Informational Externalities in Auctions and Related Mechanisms," Levine's Bibliography 122247000000001129, UCLA Department of Economics.
  3. Kittsteiner, Thomas & Moldovanu, Benny, 2004. "Priority Auctions and Queue Disciplines that Depend on Processing Time," Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems 5, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
  4. Kazuhiko Hashimoto & Hiroki Saitoh, 2012. "Strategy-proof and anonymous rule in queueing problems: a relationship between equity and efficiency," Social Choice and Welfare, Springer, vol. 38(3), pages 473-480, March.
  5. Moulin, Herve, 2005. "Split-Proof Probabilistic Scheduling," Working Papers 2004-06, Rice University, Department of Economics.
  6. Moulin, Hervé, 2008. "Proportional scheduling, split-proofness, and merge-proofness," Games and Economic Behavior, Elsevier, vol. 63(2), pages 567-587, July.
  7. Alex Gershkov & Paul Schweinzer, 2010. "When queueing is better than push and shove," International Journal of Game Theory, Springer, vol. 39(3), pages 409-430, July.
  8. Kazuhiko Hashimoto & Hiroki Saitoh, 2008. "Strategy-Proof and Anonymous Rule in Queueing Problems: A Relationship between Equity and Efficiency," Discussion Papers in Economics and Business 08-17, Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP).
  9. Moulin, Herve, 2004. "On Scheduling Fees to Prevent Merging, Splitting and Transferring of Jobs," Working Papers 2004-04, Rice University, Department of Economics.

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