Core-selecting package auctions: a comment on revenue-monotonicity
Day and Milgrom (Int J Game Theory 36:393-407, 2008) argue that package auctions that select the seller's minimum revenue in the Core are revenue-monotone. We show that no bidder-optimal Core-selecting auction can satisfy revenue-monotonicity for general preferences when there are at least three goods for sale, while the property holds for any bidder-optimal Core-selecting auction in environments with only two goods or if the characteristic function is submodular.
(This abstract was borrowed from another version of this item.)
Volume (Year): 39 (2010)
Issue (Month): 3 (July)
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