In whose backyard? A generalized bidding approach
We analyze situations in which a group of agents (and possibly a designer) have to reach a decision that will affect all the agents. Examples of such scenarios are the location of a nuclear reactor or the siting of a major sport event. To address the problem of reaching a decision, we propose a one-stage multi-bidding mechanism where agents compete for the project by submitting bids. All Nash equilibria of this mechanism are efficient. Moreover, the payoffs attained in equilibrium by the agents satisfy intuitively appealing lower bounds..
|Date of creation:||10 Nov 2000|
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- Perez-Castrillo, David & Wettstein, David, 2001.
"Bidding for the Surplus : A Non-cooperative Approach to the Shapley Value,"
Journal of Economic Theory,
Elsevier, vol. 100(2), pages 274-294, October.
- David Pérez-Castrillo & David Wettstein, "undated". "Bidding For The Surplus: A Non-Cooperative Approach To The Shapley Value," UFAE and IAE Working Papers 461.00, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
- Rob, Rafael, 1989. "Pollution claim settlements under private information," Journal of Economic Theory, Elsevier, vol. 47(2), pages 307-333, April.
- Rob, R., 1988. "Pollution Claim Settlements Under Private Information," Papers 19-88, Tel Aviv.
- Jehiel, Philippe & Moldovanu, Benny & Stacchetti, Ennio, 1996. "How (Not) to Sell Nuclear Weapons," American Economic Review, American Economic Association, vol. 86(4), pages 814-829, September.
- Ingberman Daniel E., 1995. "Siting Noxious Facilities: Are Markets Efficient?," Journal of Environmental Economics and Management, Elsevier, vol. 29(3), pages 20-33, November.
- O'Sullivan Arthur, 1993. "Voluntary Auctions for Noxious Facilities: Incentives to Participate and the Efficiency of Siting Decisions," Journal of Environmental Economics and Management, Elsevier, vol. 25(1), pages 12-26, July.
- William Samuelson, 1980. "The Object Distribution Problem Revisited," The Quarterly Journal of Economics, Oxford University Press, vol. 94(1), pages 85-98. Full references (including those not matched with items on IDEAS)
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