AbstractThe study of combinatorial auctions -- auctions in which bidders can bid on combinations of items or "packages" -- draws on the disciplines of economics, operations research, and computer science. This landmark collection integrates these three perspectives, offering a state-of-the art survey of developments in combinatorial auction theory and practice by leaders in the field. Combinatorial auctions (CAs), by allowing bidders to express their preferences more fully, can lead to improved economic efficiency and greater auction revenues. However, challenges arise in both design and implementation. Combinatorial Auctions addresses each of these challenges. After describing and analyzing various CA mechanisms, the book addresses bidding languages and questions of efficiency. Possible strategies for solving the computationally intractable problem of how to compute the objective-maximizing allocation (known as the winner determination problem) are considered, as are questions of how to test alternative algorithms. The book discusses five important applications of CAs: spectrum auctions, airport takeoff and landing slots, procurement of freight transportation services, the London bus routes market, and industrial procurement. This unique collection makes recent work in CAs available to a broad audience of researchers and practitioners. The integration of work from the three disciplines underlying CAs, using a common language throughout, serves to advance the field in theory and practice.
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Bibliographic InfoThis book is provided by The MIT Press in its series MIT Press Books with number 0262033429 and published in 2006.
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combinatorial auctions; spectrum auctions; transportation; bidding languages;
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- D44 - Microeconomics - - Market Structure and Pricing - - - Auctions
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- Paul Milgrom, 2009.
"Assignment Messages and Exchanges,"
American Economic Journal: Microeconomics,
American Economic Association, vol. 1(2), pages 95-113, August.
- Jeremy Bulow & Jonathan Levin & Paul Milgrom, 2009.
"Winning Play in Spectrum Auctions,"
NBER Working Papers
14765, National Bureau of Economic Research, Inc.
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