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Limitations of randomized mechanisms for combinatorial auctions

Author

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  • Dughmi, Shaddin
  • Vondrák, Jan

Abstract

We address the following fundamental question in the area of incentive-compatible mechanism design: Are truthful-in-expectation mechanisms compatible with polynomial-time approximation? In particular, can polynomial-time truthful-in-expectation mechanisms achieve a near-optimal approximation ratio for combinatorial auctions with submodular valuations?

Suggested Citation

  • Dughmi, Shaddin & Vondrák, Jan, 2015. "Limitations of randomized mechanisms for combinatorial auctions," Games and Economic Behavior, Elsevier, vol. 92(C), pages 370-400.
    • Handle: RePEc:eee:gamebe:v:92:y:2015:i:c:p:370-400
    DOI: 10.1016/j.geb.2014.01.007
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    References listed on IDEAS

    as
    1. Milgrom,Paul, 2004. "Putting Auction Theory to Work," Cambridge Books, Cambridge University Press, number 9780521536721.
    2. Fisher, M.L. & Nemhauser, G.L. & Wolsey, L.A., 1978. "An analysis of approximations for maximizing submodular set functions - 1," LIDAM Reprints CORE 334, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    3. Blumrosen, Liad & Nisan, Noam, 2010. "Informational limitations of ascending combinatorial auctions," Journal of Economic Theory, Elsevier, vol. 145(3), pages 1203-1223, May.
    4. Fisher, M.L. & Nemhauser, G.L. & Wolsey, L.A., 1978. "An analysis of approximations for maximizing submodular set functions," LIDAM Reprints CORE 341, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
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    Cited by:

    1. Huang, Zhiyi & Kim, Anthony, 2019. "Welfare maximization with production costs: A primal dual approach," Games and Economic Behavior, Elsevier, vol. 118(C), pages 648-667.
    2. Tim Roughgarden & Inbal Talgam-Cohen, 2018. "Approximately Optimal Mechanism Design," Papers 1812.11896, arXiv.org, revised Aug 2020.
    3. Daskalakis, Constantinos & Syrgkanis, Vasilis, 2022. "Learning in auctions: Regret is hard, envy is easy," Games and Economic Behavior, Elsevier, vol. 134(C), pages 308-343.
    4. Phuong Le, 2017. "Mechanisms for combinatorial auctions with budget constraints," Review of Economic Design, Springer;Society for Economic Design, vol. 21(1), pages 1-31, March.

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    More about this item

    Keywords

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    JEL classification:

    • C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions

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