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Incentives in core-selecting auctions with single-minded bidders

  • Sano, Ryuji

This paper considers some package auctions with known single-minded bidders. A single-minded bidder is interested in a unique bundle of goods and bids only for that bundle. We examine each bidder's incentive in Ausubel and Milgrom's (2002) ascending proxy auction and every bidder-optimal core-selecting auction. We provide a simple condition for each bidder to report his valuation truthfully, which can be expressed in a single sentence--any "rival" of my "rivals" is my "rival." The Vickrey outcome lies in the core if and only if this condition holds for every bidder; however, it is rarely satisfied.

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File URL: http://www.sciencedirect.com/science/article/pii/S089982561000179X
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Article provided by Elsevier in its journal Games and Economic Behavior.

Volume (Year): 72 (2011)
Issue (Month): 2 (June)
Pages: 602-606

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Handle: RePEc:eee:gamebe:v:72:y:2011:i:2:p:602-606
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/622836

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  1. MISHRA, Debasis & PARKES, David C., 2005. "Ascending price Vickrey auctions for general valuations," CORE Discussion Papers 2005052, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  2. Laurent Lamy, 2007. "The Ausubel-Milgrom Proxy Auction with Final Discounts," Working Papers 2007-25, Centre de Recherche en Economie et Statistique.
  3. Lawrence M. Ausubel & Paul Milgrom, 2002. "Ascending Auctions with Package Bidding," Working Papers 02004, Stanford University, Department of Economics.
  4. Mu'alem, Ahuva & Nisan, Noam, 2008. "Truthful approximation mechanisms for restricted combinatorial auctions," Games and Economic Behavior, Elsevier, vol. 64(2), pages 612-631, November.
  5. Robert Day & Paul Milgrom, 2008. "Core-selecting package auctions," International Journal of Game Theory, Springer, vol. 36(3), pages 393-407, March.
  6. Bikhchandani, Sushil & Ostroy, Joseph M., 2002. "The Package Assignment Model," Journal of Economic Theory, Elsevier, vol. 107(2), pages 377-406, December.
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