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Agent Competition Double-Auction Mechanism

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Author Info

  • Leon Yang Chu

    ()
    (Marshall School of Business, University of Southern California, Los Angeles, California 90089)

  • Zuo-Jun Max Shen

    ()
    (Department of Industrial Engineering and Operations Research, University of California, Berkeley, California 94720)

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    Abstract

    This paper proposes an agent competition double-auction mechanism to simplify decision making and promote transactions for the customer-to-customer marketplaces. Under the proposed double-auction mechanism, bidding one's true valuation (private information) is the best strategy for each individual buyer and seller even when shipping costs and sales taxes are different across various possible transactions. The proposed mechanism also achieves budget balance and asymptotic efficiency. Furthermore, these results not only hold for an environment where buyers and sellers exchange identical commodities, but also can be extended to an environment with multiple substitutable commodities.

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    File URL: http://dx.doi.org/10.1287/mnsc.1060.0528
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    Bibliographic Info

    Article provided by INFORMS in its journal Management Science.

    Volume (Year): 52 (2006)
    Issue (Month): 8 (August)
    Pages: 1215-1222

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    Handle: RePEc:inm:ormnsc:v:52:y:2006:i:8:p:1215-1222

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    Related research

    Keywords: mechanism design; double auction; strategyproof mechanism;

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    Cited by:
    1. Babaioff, Moshe & Nisan, Noam & Pavlov, Elan, 2009. "Mechanisms for a spatially distributed market," Games and Economic Behavior, Elsevier, vol. 66(2), pages 660-684, July.
    2. Blume, Lawrence E. & Easley, David & Kleinberg, Jon & Tardos, √Čva, 2009. "Trading networks with price-setting agents," Games and Economic Behavior, Elsevier, vol. 67(1), pages 36-50, September.

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