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Multi-item Vickrey–English–Dutch auctions

  • Andersson, Tommy
  • Erlanson, Albin

Assuming that bidders wish to acquire at most one item, this paper defines a polynomial time multi-item auction that locates the VCG prices in a finite number of iterations for any given starting prices. This auction is called the Vickrey–English–Dutch auction and it contains the Vickrey–English auction [Sankaran, J.K., 1994. On a dynamic auction mechanism for a bilateral assignment problem. Math. Soc. Sci. 28, 143–150] and the Vickrey–Dutch auction [Mishra, D., Parkes, D., 2009. Multi-item Vickrey–Dutch auctions. Games Econ. Behav. 66, 326–347] as special cases. By means of numerical experiments, it is showed that when the auctioneer knows the biddersʼ value distributions, the Vickrey–English–Dutch auction is weakly faster than the Vickrey–English auction and the Vickrey–Dutch auction in 89 percent and 99 percent, respectively, of the investigated problems. A greedy version of the Vickrey–English–Dutch auction is demonstrated to perform even better in the simulation studies.

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Article provided by Elsevier in its journal Games and Economic Behavior.

Volume (Year): 81 (2013)
Issue (Month): C ()
Pages: 116-129

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Handle: RePEc:eee:gamebe:v:81:y:2013:i:c:p:116-129
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/622836

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  1. de Vries, Sven & Schummer, James & Vohra, Rakesh V., 2007. "On ascending Vickrey auctions for heterogeneous objects," Journal of Economic Theory, Elsevier, vol. 132(1), pages 95-118, January.
  2. Sushil Bikhchandani & Sven de Vries & James Schummer & Rakesh V. Vohra, 2005. "An Ascending Vickrey Auction for Selling Bases of a Matroid," Levine's Bibliography 784828000000000133, UCLA Department of Economics.
  3. Ausubel Lawrence M & Milgrom Paul R, 2002. "Ascending Auctions with Package Bidding," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 1(1), pages 1-44, August.
  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. Grigorieva,Elena & Herings,P. Jean-Jacques & Müller,Rudolf & Vermeulen,Dries, 2002. "The private value single item bisection auction," Research Memorandum 051, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
  6. Edward Clarke, 1971. "Multipart pricing of public goods," Public Choice, Springer, vol. 11(1), pages 17-33, September.
  7. Lawrence M. Ausubel, 2004. "An Efficient Ascending-Bid Auction for Multiple Objects," American Economic Review, American Economic Association, vol. 94(5), pages 1452-1475, December.
  8. Mishra, D. & Talman, A.J.J., 2010. "Characterization of the Walrasian equilibria of the assignment model," Other publications TiSEM 3e249b02-c0f4-4ccf-bd37-f, Tilburg University, School of Economics and Management.
  9. Andersson, Tommy & Andersson, Christer & Talman, Adolphus Johannes Jan, 2010. "Sets in Excess Demand in Ascending Auctions with Unit-Demand Bidders," Working Papers 2010:15, Lund University, Department of Economics, revised 28 Jun 2012.
  10. Engelbrecht-Wiggans, Richard & Kahn, Charles M., 1991. "Protecting the winner : Second-price versus oral auctions," Economics Letters, Elsevier, vol. 35(3), pages 243-248, March.
  11. Leonard, Herman B, 1983. "Elicitation of Honest Preferences for the Assignment of Individuals to Positions," Journal of Political Economy, University of Chicago Press, vol. 91(3), pages 461-79, June.
  12. Demange, Gabrielle & Gale, David, 1985. "The Strategy Structure of Two-sided Matching Markets," Econometrica, Econometric Society, vol. 53(4), pages 873-88, July.
  13. Sankaran, Jayaram K., 1994. "On a dynamic auction mechanism for a bilateral assignment problem," Mathematical Social Sciences, Elsevier, vol. 28(2), pages 143-150, October.
  14. William Vickrey, 1961. "Counterspeculation, Auctions, And Competitive Sealed Tenders," Journal of Finance, American Finance Association, vol. 16(1), pages 8-37, 03.
  15. 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.
  16. Tommy Andersson & Christer Andersson, 2012. "Properties of the DGS-Auction Algorithm," Computational Economics, Society for Computational Economics, vol. 39(2), pages 113-133, February.
  17. 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.
  18. Motty Perry & Philip J. Reny, 2005. "An Efficient Multi-Unit Ascending Auction," Review of Economic Studies, Oxford University Press, vol. 72(2), pages 567-592.
  19. Cramton, Peter, 1998. "Ascending auctions," European Economic Review, Elsevier, vol. 42(3-5), pages 745-756, May.
  20. 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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  22. Groves, Theodore, 1973. "Incentives in Teams," Econometrica, Econometric Society, vol. 41(4), pages 617-31, July.
  23. Ning Sun & Zaifu Yang, 2009. "Strategy Proof And Privacy Preserving Fair Allocation Mechanism," The Japanese Economic Review, Japanese Economic Association, vol. 60(2), pages 143-151.
  24. Gul, Faruk & Stacchetti, Ennio, 2000. "The English Auction with Differentiated Commodities," Journal of Economic Theory, Elsevier, vol. 92(1), pages 66-95, May.
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