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Efficient Auctions

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Author Info
Partha Dasgupta
Eric Maskin

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Abstract

We exhibit an efficient auction (an auction that maximizes surplus conditional on all available information). For private values, the Vickrey auction (for one good) or its Groves-Clarke extension (for multiple goods) is efficient. We show that the Vickrey and Groves-Clarke auctions can be generalized to attain efficiency when there are common values, if each buyer's information can be represented as a one-dimensional signal. When a buyer's information is multidimensional, no auction is generally efficient. Nevertheless, in a broad class of cases, our auction is constrained-efficient in the sense of being efficient subject to incentive constraints. © 2000 the President and Fellows of Harvard College and the Massachusetts Institute of Technology

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Publisher Info
Article provided by MIT Press in its journal The Quarterly Journal of Economics.

Volume (Year): 115 (2000)
Issue (Month): 2 (May)
Pages: 341-388
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Handle: RePEc:tpr:qjecon:v:115:y:2000:i:2:p:341-388

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This page was last updated on 2009-11-16.

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