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Communication and efficiency in auctions

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  • Kos, Nenad
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    Abstract

    We study auctions under restricted communication. Agents have valuations distributed over an interval but can only report one of a finite number of messages. We provide necessary conditions for welfare as well as revenue maximizing auctions in the independent private values case when bidders report simultaneously. We also show that the seller who chooses how to allocate a fixed number of messages allocates them evenly over all agents.

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    Bibliographic Info

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

    Volume (Year): 75 (2012)
    Issue (Month): 1 ()
    Pages: 233-249

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    Handle: RePEc:eee:gamebe:v:75:y:2012:i:1:p:233-249

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

    Related research

    Keywords: Mechanism design; Message space; Communication complexity;

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    1. Wilson, Robert B, 1989. "Efficient and Competitive Rationing," Econometrica, Econometric Society, vol. 57(1), pages 1-40, January.
    2. Myerson, Roger B, 1979. "Incentive Compatibility and the Bargaining Problem," Econometrica, Econometric Society, vol. 47(1), pages 61-73, January.
    3. Bergemann, Dirk & Pesendorfer, Martin, 2001. "Information Structures in Optimal Auctions," CEPR Discussion Papers 2991, C.E.P.R. Discussion Papers.
    4. Mount, Kenneth & Reiter, Stanley, 1974. "The informational size of message spaces," Journal of Economic Theory, Elsevier, vol. 8(2), pages 161-192, June.
    5. R. Preston McAfee, 2002. "Coarse Matching," Econometrica, Econometric Society, vol. 70(5), pages 2025-2034, September.
    6. Milgrom, Paul, 2010. "Simplified mechanisms with an application to sponsored-search auctions," Games and Economic Behavior, Elsevier, vol. 70(1), pages 62-70, September.
    7. Rothkopf, Michael H. & Harstad, Ronald M., 1994. "On the role of discrete bid levels in oral auctions," European Journal of Operational Research, Elsevier, vol. 74(3), pages 572-581, May.
    8. Athey, S., 1997. "Sigle Crossing Properties and the Existence of Pure Strategy Equilibria in Games of Incomplete Information," Working papers 97-11, Massachusetts Institute of Technology (MIT), Department of Economics.
    9. Fadel, Ronald & Segal, Ilya, 2009. "The communication cost of selfishness," Journal of Economic Theory, Elsevier, vol. 144(5), pages 1895-1920, September.
    10. Nenad Kos, 2011. "Asking Questions," Working Papers 405, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
    11. Pierpaolo Battigalli & Giovanni Maggi, 2002. "Rigidity, Discretion, and the Costs of Writing Contracts," American Economic Review, American Economic Association, vol. 92(4), pages 798-817, September.
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    Cited by:
    1. Blumrosen, Liad & Feldman, Michal, 2013. "Mechanism design with a restricted action space," Games and Economic Behavior, Elsevier, vol. 82(C), pages 424-443.
    2. Sher, Itai & Vohra, Rakesh, 0. "Price discrimination through communication," Theoretical Economics, Econometric Society.

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