On The Fastest Vickrey Algorithm
AbstractWe investigate the algorithmic performance of Vickrey-Clarke-Groves mechanisms in the single item case. We provide a formal definition of a Vickrey algorithm for this framework, and give a number of examples of Vickrey algorithms. We consider three performance criteria, one corresponding to a Pareto criterion, one corresponding to worst case analysis, and a third criterion related to first-order stochastic dominance. We show that Pareto optimal Vickrey algorithms do not exist and that worst case analysis is of no use in discriminating between Vickrey algorithms. For the case of two bidders, we show the bisection auction to be optimal according to the third criterion. The bisection auction istherefore optimal in a very strong sense.
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Bibliographic InfoPaper provided by Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization in its series Research Memoranda with number 013.
Date of creation: 2007
Date of revision:
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Web page: http://www.maastrichtuniversity.nl/web/UMPublications.htm
operations research and management science;
This paper has been announced in the following NEP Reports:
- NEP-ALL-2007-08-27 (All new papers)
- NEP-BEC-2007-08-27 (Business Economics)
- NEP-GTH-2007-08-27 (Game Theory)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Grigorieva,Elena & Herings,P. Jean-Jacques & Müller,Rudolf & Vermeulen,Dries, 2002.
"The private value single item bisection auction,"
051, Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization.
- Grigorieva, Elena & Herings, P. Jean-Jacques & Muller, Rudolf & Vermeulen, Dries, 2007. "The private value single item bisection auction," Open Access publications from Maastricht University urn:nbn:nl:ui:27-12149, Maastricht University.
- Green, Jerry & Laffont, Jean-Jacques, 1977. "Characterization of Satisfactory Mechanisms for the Revelation of Preferences for Public Goods," Econometrica, Econometric Society, vol. 45(2), pages 427-38, March.
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