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Fraction auctions: the tradeoff between effciency and running time

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Author Info
Grigorieva Elena
Herings P. Jean-Jacques
Müller Rudolf
Vermeulen Dries (METEOR)

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Abstract

This paper studies the sales of a single indivisible object where bidders have continuous valuations. In Grigorieva et al. [13] it was shown that, in this setting, query auctions necessarily allocate inefficiently in equilibrium. In this paper we propose a new sequential auction, called the c-fraction auction. We show c-fraction auctions guarantee approximate efficiency at any desired level of accuracy, independent of the number of bidders. We discuss the running time and the efficiency in the ex-post equilibrium of the auction. We show that by changing the parameter c of the auction we can trade off efficiency against running time.

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Paper provided by Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization in its series Research Memoranda with number 045.

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Date of creation: 2009
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Handle: RePEc:dgr:umamet:2009045

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Keywords: operations research and management science;

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  1. Elena Grigorieva & P. Herings & Rudolf Müller & Dries Vermeulen, 2007. "The private value single item bisection auction," Economic Theory, Springer, vol. 30(1), pages 107-118, January. [Downloadable!] (restricted)
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  2. Nisan, Noam & Segal, Ilya, 2006. "The communication requirements of efficient allocations and supporting prices," Journal of Economic Theory, Elsevier, vol. 129(1), pages 192-224, July. [Downloadable!] (restricted)
  3. Grigorieva Elena & Herings P. Jean-Jacques & Müller Rudolf & Vermeulen Dries, 2009. "Inefficiency of equilibria in query auctions with continuous valuations," Research Memoranda 023, Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization. [Downloadable!]
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  4. Rothkopf, Michael H & Teisberg, Thomas J & Kahn, Edward P, 1990. "Why Are Vickrey Auctions Rare?," Journal of Political Economy, University of Chicago Press, vol. 98(1), pages 94-109, February. [Downloadable!] (restricted)
  5. Chwe, Michael Suk-Young, 1989. "The discrete bid first auction," Economics Letters, Elsevier, vol. 31(4), pages 303-306, December. [Downloadable!] (restricted)
  6. Rothkopf, Michael H. & Harstad, Ronald M., 1994. "On the role of discrete bid levels in oral auctions," European Journal of Operational Research, Elsevier, vol. 74(3), pages 572-581, May. [Downloadable!] (restricted)
  7. Engelbrecht-Wiggans, Richard & Kahn, Charles M., 1991. "Protecting the winner : Second-price versus oral auctions," Economics Letters, Elsevier, vol. 35(3), pages 243-248, March. [Downloadable!] (restricted)
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