Multi-item Vickrey–English–Dutch auctions
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.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
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.:
- Tommy Andersson & Christer Andersson, 2012. "Properties of the DGS-Auction Algorithm," Computational Economics, Springer;Society for Computational Economics, vol. 39(2), pages 113-133, February.
- 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.
- Debasis Mishra & Dolf Talman, 2008.
"Characterization of the walrasian equilibria of the assignment model,"
Indian Statistical Institute, Planning Unit, New Delhi Discussion Papers
08-07, Indian Statistical Institute, New Delhi, India.
- Mishra, Debasis & Talman, Dolf, 2010. "Characterization of the Walrasian equilibria of the assignment model," Journal of Mathematical Economics, Elsevier, vol. 46(1), pages 6-20, January.
- 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.
- Sven de Vries & James Schummer, 2005.
"On Ascending Vickrey Auctions for Heterogeneous Objects,"
2005 Meeting Papers
389, Society for Economic Dynamics.
- 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.
- Demange, Gabrielle & Gale, David, 1985.
"The Strategy Structure of Two-sided Matching Markets,"
Econometric Society, vol. 53(4), pages 873-888, July.
- Gabrielle Demange & David Gale, 1985. "The Strategy Structure of Two Sided Matching Markets," Post-Print halshs-00670994, HAL.
- 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.
- Lawrence M. Ausubel & Paul Milgrom, 2002.
"Ascending Auctions with Package Bidding,"
02004, Stanford University, Department of Economics.
- Peter Cramton, 1998.
Papers of Peter Cramton
98eer, University of Maryland, Department of Economics - Peter Cramton, revised 28 Jul 1998.
- Bikhchandani, Sushil & Ostroy, Joseph M., 2002. "The Package Assignment Model," Journal of Economic Theory, Elsevier, vol. 107(2), pages 377-406, December.
- Gul, Faruk & Stacchetti, Ennio, 2000. "The English Auction with Differentiated Commodities," Journal of Economic Theory, Elsevier, vol. 92(1), pages 66-95, May.
- Andersson, Tommy & Andersson, Christer & Talman, Adolphus Johannes Jan, 2010.
"Sets in Excess Demand in Ascending Auctions with Unit-Demand Bidders,"
2010:15, Lund University, Department of Economics, revised 28 Jun 2012.
- Andersson, T.D. & Andersson, C. & Talman, A.J.J., 2010. "Sets in Excess Demand in Ascending Auctions with Unit-Demand Bidders," Discussion Paper 2010-51, Tilburg University, Center for Economic Research.
- Edward Clarke, 1971. "Multipart pricing of public goods," Public Choice, Springer, vol. 11(1), pages 17-33, September.
- 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.
- 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).
- Engelbrecht-Wiggans, Richard & Kahn, Charles M., 1991.
"Protecting the winner : Second-price versus oral auctions,"
Elsevier, vol. 35(3), pages 243-248, March.
- Engelbrecht-Wiggans, R. & Kahn, C.M., 1990. "Protecting the Wnner: Second-price Versus Oral Auctions," University of Chicago - Economics Research Center 90-8, Chicago - Economics Research Center.
- Gabrielle Demange & Gale David & Marilda Sotomayor, 1986.
- 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.
- William Vickrey, 1961. "Counterspeculation, Auctions, And Competitive Sealed Tenders," Journal of Finance, American Finance Association, vol. 16(1), pages 8-37, 03.
- Sushil Bikhchandani & Sven de Vries & James Schummer & Rakesh V. Vohra, 2005.
"An Ascending Vickrey Auction for Selling Bases of a Matroid,"
784828000000000133, UCLA Department of Economics.
- Sushil Bikhchandani & Sven de Vries & James Schummer & Rakesh V. Vohra, 2011. "An Ascending Vickrey Auction for Selling Bases of a Matroid," Operations Research, INFORMS, vol. 59(2), pages 400-413, April.
- 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.
- Elena Grigorieva & P. Herings & Rudolf Müller & Dries Vermeulen, 2007.
"The private value single item bisection auction,"
Springer;Society for the Advancement of Economic Theory (SAET), vol. 30(1), pages 107-118, January.
- 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 461-479, June.
- Groves, Theodore, 1973. "Incentives in Teams," Econometrica, Econometric Society, vol. 41(4), pages 617-631, July.
- 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.
When requesting a correction, please mention this item's handle: RePEc:eee:gamebe:v:81:y:2013:i:c:p:116-129. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Dana Niculescu)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.