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Core-selecting package auctions: a comment on revenue-monotonicity

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  • Laurent Lamy

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Abstract

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.
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Suggested Citation

  • Laurent Lamy, 2010. "Core-selecting package auctions: a comment on revenue-monotonicity," International Journal of Game Theory, Springer;Game Theory Society, vol. 39(3), pages 503-510, July.
  • Handle: RePEc:spr:jogath:v:39:y:2010:i:3:p:503-510
    DOI: 10.1007/s00182-009-0188-z
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    References listed on IDEAS

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    1. 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.
    2. Robert Day & Paul Milgrom, 2008. "Core-selecting package auctions," International Journal of Game Theory, Springer;Game Theory Society, vol. 36(3), pages 393-407, March.
    3. Lawrence M. Ausubel & Peter Cramton & Paul Milgrom, 2004. "The Clock-Proxy Auction: A Practical Combinatorial Auction Design," Papers of Peter Cramton 04mit5, University of Maryland, Department of Economics - Peter Cramton, revised 2004.
    4. Bikhchandani, Sushil & Ostroy, Joseph M., 2002. "The Package Assignment Model," Journal of Economic Theory, Elsevier, vol. 107(2), pages 377-406, December.
    5. Robert W. Day & S. Raghavan, 2007. "Fair Payments for Efficient Allocations in Public Sector Combinatorial Auctions," Management Science, INFORMS, vol. 53(9), pages 1389-1406, September.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Vohra, Rakesh V., 2015. "Combinatorial Auctions," Handbook of Game Theory with Economic Applications, Elsevier.
    2. Isa Hafalir & Hadi Yektaş, 2015. "Core deviation minimizing auctions," International Journal of Game Theory, Springer;Game Theory Society, vol. 44(2), pages 367-376, May.
    3. Muto, Nozomu & Yasuhiro, Shirata, 2013. "Goods Revenue Monotonicity in Combinatorial Auctions," Discussion Papers 2013-13, Graduate School of Economics, Hitotsubashi University.
    4. Laurent Lamy, 2009. "Ascending auctions: some impossibility results and their resolutions with final price discounts," PSE Working Papers halshs-00575076, HAL.
    5. Sano, Ryuji, 2013. "Vickrey-reserve auctions and an equilibrium equivalence," Mathematical Social Sciences, Elsevier, vol. 65(2), pages 112-117.
    6. repec:eee:matsoc:v:87:y:2017:i:c:p:75-84 is not listed on IDEAS
    7. Ott, Marion & Beck, Marissa, 2013. "Incentives for Overbidding in Minimum-Revenue Core-Selecting Auctions," Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order 79946, Verein für Socialpolitik / German Economic Association.
    8. Laurent Lamy, 2009. "Ascending auctions: some impossibility results and their resolutions with final price discounts," Working Papers halshs-00575076, HAL.

    More about this item

    Keywords

    Core; Auctions; Core-selecting auctions; Package bidding; Combinatorial bidding; D44;

    JEL classification:

    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions

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