Incentives in core-selecting auctions with single-minded bidders
AbstractThis paper considers some package auctions with known single-minded bidders. A single-minded bidder is interested in a unique bundle of goods and bids only for that bundle. We examine each bidder's incentive in Ausubel and Milgrom's (2002) ascending proxy auction and every bidder-optimal core-selecting auction. We provide a simple condition for each bidder to report his valuation truthfully, which can be expressed in a single sentence--any "rival" of my "rivals" is my "rival." The Vickrey outcome lies in the core if and only if this condition holds for every bidder; however, it is rarely satisfied.
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Bibliographic InfoArticle provided by Elsevier in its journal Games and Economic Behavior.
Volume (Year): 72 (2011)
Issue (Month): 2 (June)
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Web page: http://www.elsevier.com/locate/inca/622836
Package auction Core-selecting auction Ascending proxy auction Single-minded bidder;
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Bikhchandani, Sushil & Ostroy, Joseph M., 2002. "The Package Assignment Model," Journal of Economic Theory, Elsevier, vol. 107(2), pages 377-406, December.
- Lawrence M. Ausubel & Paul Milgrom, 2002.
"Ascending Auctions with Package Bidding,"
02004, Stanford University, Department of Economics.
- Laurent Lamy, 2007. "The Ausubel-Milgrom Proxy Auction with Final Discounts," Working Papers 2007-25, Centre de Recherche en Economie et Statistique.
- Mishra, Debasis & Parkes, David C., 2007.
"Ascending price Vickrey auctions for general valuations,"
Journal of Economic Theory,
Elsevier, vol. 132(1), pages 335-366, January.
- MISHRA, Debasis & PARKES, David C., 2005. "Ascending price Vickrey auctions for general valuations," CORE Discussion Papers 2005052, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Mu'alem, Ahuva & Nisan, Noam, 2008. "Truthful approximation mechanisms for restricted combinatorial auctions," Games and Economic Behavior, Elsevier, vol. 64(2), pages 612-631, November.
- Robert Day & Paul Milgrom, 2008. "Core-selecting package auctions," International Journal of Game Theory, Springer, vol. 36(3), pages 393-407, March.
- Isa Hafalir & Hadi Yektas, . "Core Deviation Minimizing Auctions," GSIA Working Papers 2012-E23, Carnegie Mellon University, Tepper School of Business.
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