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On minimal ascending auctions with payment discounts

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  • Lamy, Laurent

Abstract

The literature on ascending combinatorial auctions yields conflicting insights regarding the possibility to implement the Vickrey payoffs for general valuations. We introduce the class of minimal ascending auctions, a class which allows one to disconnect the final payments from the final bids but which prohibits the raising of the price vector of a provisionally winning bidder. We first establish the impossibility of implementing the Vickrey payoffs for general valuations. Second, we propose a minimal ascending auction that yields a bidder-optimal competitive equilibrium thanks to payment discounts.

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Bibliographic Info

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

Volume (Year): 75 (2012)
Issue (Month): 2 ()
Pages: 990-999

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Handle: RePEc:eee:gamebe:v:75:y:2012:i:2:p:990-999

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

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Keywords: Ascending auctions; Combinatorial auctions; Bidder-optimal competitive equilibrium; Core-selecting auctions; Vickrey payoffs;

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References

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  1. Claudio Mezzetti, 2004. "Mechanism Design with Interdependent Valuations: Efficiency," Econometrica, Econometric Society, vol. 72(5), pages 1617-1626, 09.
  2. Robert Day & Paul Milgrom, 2008. "Core-selecting package auctions," International Journal of Game Theory, Springer, vol. 36(3), pages 393-407, March.
  3. Erdil, Aytek & Klemperer, Paul, 2009. "A New Payment Rule for Core-Selecting Package Auctions," CEPR Discussion Papers 7487, C.E.P.R. Discussion Papers.
  4. Vijay Krishna & Robert Rosenthal, 1995. "Simultaneous Auctions with Synergies," Game Theory and Information 9503004, EconWPA.
  5. Rosenthal, Robert W. & Wang, Ruqu, 1996. "Simultaneous Auctions with Synergies and Common Values," Games and Economic Behavior, Elsevier, vol. 17(1), pages 32-55, November.
  6. de Vries, Sven & Schummer, James & Vohra, Rakesh V., 2007. "On ascending Vickrey auctions for heterogeneous objects," Journal of Economic Theory, Elsevier, vol. 132(1), pages 95-118, January.
  7. Olivier Compte & Philippe Jehiel, 2005. "Auctions and Information acquisition: Sealed-bid or Dynamic Formats?," Levine's Bibliography 784828000000000495, UCLA Department of Economics.
  8. Motty Perry & Philip J. Reny, 2005. "An Efficient Multi-Unit Ascending Auction," Review of Economic Studies, Oxford University Press, vol. 72(2), pages 567-592.
  9. Rothkopf, Michael H & Teisberg, Thomas J & Kahn, Edward P, 1990. "Why Are Vickrey Auctions Rare?," Journal of Political Economy, University of Chicago Press, vol. 98(1), pages 94-109, February.
  10. Gul, Faruk & Stacchetti, Ennio, 2000. "The English Auction with Differentiated Commodities," Journal of Economic Theory, Elsevier, vol. 92(1), pages 66-95, May.
  11. 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.
  12. Bikhchandani, Sushil & Ostroy, Joseph M., 2002. "The Package Assignment Model," Journal of Economic Theory, Elsevier, vol. 107(2), pages 377-406, December.
  13. Jehiel, Philippe & Moldovanu, Benny, 2005. "Allocative and Informational Externalities in Auctions and Related Mechanisms," Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems 142, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
  14. Debasis Mishra & David C. Parkes, 2007. "Multi-item Vickrey-Dutch auctions," Indian Statistical Institute, Planning Unit, New Delhi Discussion Papers 07-04, Indian Statistical Institute, New Delhi, India.
  15. Krishna, Vijay, 2003. "Asymmetric English auctions," Journal of Economic Theory, Elsevier, vol. 112(2), pages 261-288, October.
  16. repec:hal:wpaper:halshs-00575076 is not listed on IDEAS
  17. Laurent Lamy, 2009. "Ascending auctions: some impossibility results and their resolutions with final price discounts," PSE Working Papers halshs-00575076, HAL.
  18. Ausubel Lawrence M & Milgrom Paul R, 2002. "Ascending Auctions with Package Bidding," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 1(1), pages 1-44, August.
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