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The Multi-item Bisection Auction

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  • Erlanson, Albin

    ()
    (Department of Economics, Lund University)

Abstract

This paper proposes an iterative sealed-bid auction for selling multiple heterogeneous items with unit-demand agents. It generalizes the single item bisection auction (Grigorieva Et. al, 2007) to the environment with multiple heterogeneous items. We show that it elicits a minimal amount of information on preferences required to find the Vickrey-Clark-Groves outcome (Clarke, 1971, Groves, 1973, Vickrey, 1961), when there are two items for sale and an arbitrary number of agents.

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File URL: http://project.nek.lu.se/publications/workpap/papers/WP11_31.pdf
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Bibliographic Info

Paper provided by Lund University, Department of Economics in its series Working Papers with number 2011:31.

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Length: 22 pages
Date of creation: 07 Oct 2011
Date of revision:
Publication status: Published as Erlanson, Albin, 'The Dou-Item Bisection Auction' in Computational Economics, 2014, pages 15-31.
Handle: RePEc:hhs:lunewp:2011_031

Contact details of provider:
Postal: Department of Economics, School of Economics and Management, Lund University, Box 7082, S-220 07 Lund,Sweden
Phone: +46 +46 222 0000
Fax: +46 +46 2224613
Web page: http://www.nek.lu.se/en
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Related research

Keywords: Bisection Auction; Multi-item; Unit-demand; Sealed-bid;

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  1. Demange, Gabrielle & Gale, David & Sotomayor, Marilda, 1986. "Multi-Item Auctions," Journal of Political Economy, University of Chicago Press, vol. 94(4), pages 863-72, August.
  2. 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.
  3. Tommy Andersson & Christer Andersson, 2012. "Properties of the DGS-Auction Algorithm," Computational Economics, Society for Computational Economics, vol. 39(2), pages 113-133, February.
  4. Debasis Mishra & David C. Parkes, 2007. "Multi-item Vickrey-Dutch auctions," Indian Statistical Institute, Planning Unit, New Delhi Discussion Papers 07-04, Indian Statistical Institute, New Delhi, India.
  5. Engelbrecht-Wiggans, R. & Kahn, C.M., 1990. "Protecting the Wnner: Second-price Versus Oral Auctions," University of Chicago - Economics Research Center 90-8, Chicago - Economics Research Center.
  6. Groves, Theodore, 1973. "Incentives in Teams," Econometrica, Econometric Society, vol. 41(4), pages 617-31, July.
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