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Price-Based Combinatorial Auction: Connectedness and Representative Valuations

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  • Hitoshi Matsushima

    (Faculty of Economics, University of Tokyo)

Abstract

We investigate combinatorial auctions from a practical perspective. The auctioneer gathers information according to a dynamical protocol termed ask price procedure. We demonstrate a method for elucidating whether a procedure gathers sufficient information for deriving a VCG mechanism. We calculate representative valuation functions in a history-contingent manner, and show that it is necessary and sufficient to examine whether efficient allocations with and without any buyer associated with the profile of representative valuation functions were revealed. This method is tractable, and can be applied to general procedures with connectedness. The representative valuation functions could be the sufficient statistics for privacy preservation.

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File URL: http://www.cirje.e.u-tokyo.ac.jp/research/dp/2011/2011cf806.pdf
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Bibliographic Info

Paper provided by CIRJE, Faculty of Economics, University of Tokyo in its series CIRJE F-Series with number CIRJE-F-806.

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Length: 37 pages
Date of creation: Jul 2011
Date of revision:
Handle: RePEc:tky:fseres:2011cf806

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  1. Milgrom,Paul, 2004. "Putting Auction Theory to Work," Cambridge Books, Cambridge University Press, number 9780521551847, October.
  2. Lawrence M. Ausubel, 2006. "An Efficient Dynamic Auction for Heterogeneous Commodities," American Economic Review, American Economic Association, vol. 96(3), pages 602-629, June.
  3. Roger B. Myerson, 1977. "Incentive Compatability and the Bargaining Problem," Discussion Papers 284, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  4. Hitoshi Matsushima, 2010. "Price-Based Combinatorial Auction Design: Representative Valuations," KIER Working Papers 742, Kyoto University, Institute of Economic Research.
  5. Jean Tirole, 1999. "Incomplete Contracts: Where Do We Stand?," Econometrica, Econometric Society, vol. 67(4), pages 741-782, July.
  6. Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680.
  7. 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.
  8. Kelso, Alexander S, Jr & Crawford, Vincent P, 1982. "Job Matching, Coalition Formation, and Gross Substitutes," Econometrica, Econometric Society, vol. 50(6), pages 1483-1504, November.
  9. William Vickrey, 1961. "Counterspeculation, Auctions, And Competitive Sealed Tenders," Journal of Finance, American Finance Association, vol. 16(1), pages 8-37, 03.
  10. Bikhchandani, Sushil & Ostroy, Joseph M., 2002. "The Package Assignment Model," Journal of Economic Theory, Elsevier, vol. 107(2), pages 377-406, December.
  11. Mishra, Debasis & Parkes, David C., 2007. "Ascending price Vickrey auctions for general valuations," Journal of Economic Theory, Elsevier, vol. 132(1), pages 335-366, January.
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Cited by:
  1. Hitoshi Matsushima, 2010. "Auctioneer's Discretion in Combinatorial Auctions," CARF F-Series CARF-F-293, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo, revised Sep 2012.

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