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Large Auction Design in Dominance

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Author Info
Hitoshi Matsushima (Faculty of Economics, The University of Tokyo)

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Abstract

This paper shows a detail-free idea of multi-object large double auction design in general trading environments, where the auctioneer randomly divides agents into two groups, and agents in each group trade at the market-clearing price vector in the other group. With private values, any dominant strategy profile mimics price-taking behavior, and the auctioneer achieves approximate efficiency. With interdependent values, any twice iteratively undominated strategy profile mimics fully revealing rational expectations equilibrium, and the auctioneer approximately achieves ex post efficiency. We need only a very weak common knowledge assumption on rationality.

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File URL: http://www.e.u-tokyo.ac.jp/cirje/research/dp/2004/2004cf282.pdf
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Publisher Info
Paper provided by CIRJE, Faculty of Economics, University of Tokyo in its series CIRJE F-Series with number CIRJE-F-282.

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Length: 32 pages
Date of creation: Jun 2004
Date of revision:
Handle: RePEc:tky:fseres:2004cf282

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  1. Jackson, Matthew O. & Jeroen Swinkels, 2004. "Existence of Equilibrium in Single and Double Private Value Auctions," Working Papers 1192, California Institute of Technology, Division of the Humanities and Social Sciences. [Downloadable!]
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  2. Drew Fudenberg & Markus M. Mobius & Adam Szeidl, 2004. "Existence of Equilibrium in Large Double Auctions," Harvard Institute of Economic Research Working Papers 2033, Harvard - Institute of Economic Research. [Downloadable!]
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  3. Groves, Theodore, 1973. "Incentives in Teams," Econometrica, Econometric Society, vol. 41(4), pages 617-31, July. [Downloadable!] (restricted)
  4. McAfee, R. Preston, 1992. "A dominant strategy double auction," Journal of Economic Theory, Elsevier, vol. 56(2), pages 434-450, April. [Downloadable!] (restricted)
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  5. Rustichini, Aldo & Satterthwaite, Mark A & Williams, Steven R, 1994. "Convergence to Efficiency in a Simple Market with Incomplete Information," Econometrica, Econometric Society, vol. 62(5), pages 1041-63, September. [Downloadable!] (restricted)
  6. Barbera, Salvador & Jackson, Matthew O, 1995. "Strategy-Proof Exchange," Econometrica, Econometric Society, vol. 63(1), pages 51-87, January. [Downloadable!] (restricted)
    Other versions:
    • Salvador Barbera & Matthew O. Jackson, 1993. "Strategy-Proof Exchange," Discussion Papers 1021, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
  7. Lucas, Robert Jr., 1972. "Expectations and the neutrality of money," Journal of Economic Theory, Elsevier, vol. 4(2), pages 103-124, April. [Downloadable!] (restricted)
  8. Wilson, Robert, 1977. "A Bidding Model of Perfect Competition," Review of Economic Studies, Blackwell Publishing, vol. 44(3), pages 511-18, October. [Downloadable!] (restricted)
  9. Gibbard, Allan, 1977. "Manipulation of Schemes That Mix Voting with Chance," Econometrica, Econometric Society, vol. 45(3), pages 665-81, April. [Downloadable!] (restricted)
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