We analyze economic efficiency and equilibrium properties in decentralized task allocation problems involving hierarchical dependencies and resource contention. We bound the inefficiency of a type of approximate equilibrium in proportion to the number of agents and the bidding parameters in a particular market protocol. This protocol converges to an approximate equilibrium with respect to all agents, except those which may acquire unneeded inputs. We introduce a decommitment phase to allow such agents to decommit from their input contracts. Experiments indicate that the augmented market protocol produces highly efficient allocations on average.
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Paper provided by Santa Fe Institute in its series Working Papers with number
99-07-049.
References listed on IDEAS 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.:
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.
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