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An Experimental Examination into the Design of Decentralized Methods to Solve the Assignment Problem with and without Money

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  • Olson, Mark
  • Porter, David

Abstract

An experimental examination of the assignment problem, matching individuals to positions or slots, is conducted in which various assignment mechanisms are analyzed. Generalized versions of both the Vicrey and English auctions are designed to solve the assignment problem along with ordinal ranking mechanisms (serial dictator and "funny" money system). The generalized auctions result in efficient allocations. In contrast, the ordinal ranking mechanisms, which require no monetary transfers, are significantly less efficient in their assignments. However, the efficient allocations obtained from the competitive bidding processes are at the expense of consumers' surplus since demanders retain significantly larger profits with the ordinal ranking mechanisms.

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Bibliographic Info

Article provided by Springer in its journal Economic Theory.

Volume (Year): 4 (1994)
Issue (Month): 1 (January)
Pages: 11-40

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Handle: RePEc:spr:joecth:v:4:y:1994:i:1:p:11-40

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Web page: http://link.springer.de/link/service/journals/00199/index.htm

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Cited by:
  1. Arnaud Dellis & Sean D’Evelyn & Katerina Sherstyuk, 2011. "Multiple votes, ballot truncation and the two-party system: an experiment," Social Choice and Welfare, Springer, vol. 37(2), pages 171-200, July.
  2. Ledyard, John O. & Noussair, Charles & Porter, David, . "The Allocation of a Shared Resource Within an Organization," Working Papers 917, California Institute of Technology, Division of the Humanities and Social Sciences.
  3. Andersson, Christer & Andersson, Ola & Andersson, Tommy, 2011. "Sealed Bid Auctions vs. Ascending Bid Auctions: An Experimental Study," Working Paper Series 882, Research Institute of Industrial Economics.
  4. Gallien, Jérémie. & Wein, Lawrence M., 2003. "Design and analysis of a smart market for industrial procurement," Working papers WP 4137-00., Massachusetts Institute of Technology (MIT), Sloan School of Management.
  5. Bolle, Friedel & Breitmoser, Yves & Otto, Philipp E., 2011. "A positive theory of cooperative games: The logit core and its variants," MPRA Paper 32918, University Library of Munich, Germany.
  6. Joana Pais & Ágnes Pintér & Róbert F. Veszteg, 2011. "College Admissions And The Role Of Information: An Experimental Study," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 52(3), pages 713-737, 08.
  7. Joana Pais & Agnes Pinter, 2007. "School Choice and Information. An Experimental Study on Matching Mechanisms," Labsi Experimental Economics Laboratory University of Siena 018, University of Siena.
  8. Goeree, Jacob K. & Offerman, Theo & Schram, Arthur, 2006. "Using first-price auctions to sell heterogeneous licenses," International Journal of Industrial Organization, Elsevier, vol. 24(3), pages 555-581, May.
  9. Yan Chen & Tayfun S�nmez, 2002. "Improving Efficiency of On-Campus Housing: An Experimental Study," American Economic Review, American Economic Association, vol. 92(5), pages 1669-1686, December.
  10. Christer Andersson & Ola Andersson & Tommy Andersson, 2013. "Sealed bid auctions versus ascending bid auctions: an experimental study," Review of Economic Design, Springer, vol. 17(1), pages 1-16, March.

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