Efficient Combinatorial Exchanges
We investigate combinatorial exchanges as a generalization of combinatorial auctions and bilateral trades, where the multiple commodities to be traded are possessed by participants and a central planner as endowments. Private values, risk neutrality, and independent types are assumed. Efficiency, Bayesian Incentive Compatibility, and Interim Individual Rationality are required. We characterize the least upper bound of the central planner's expected revenue. We introduce a stability notion, namely, the marginal core, to the assumption that the central planner's endowment is unprotected. We show that the central planner has a deficit in expectation if and only if the marginal core is non-empty.
|Date of creation:||Nov 2011|
|Contact details of provider:|| Postal: Hongo 7-3-1, Bunkyo-ku, Tokyo 113-0033|
Web page: http://www.carf.e.u-tokyo.ac.jp/english/
More information through EDIRC
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.:
- Aytek Erdil & Paul Klemperer, 2010.
"A New Payment Rule for Core-Selecting Package Auctions,"
Journal of the European Economic Association,
MIT Press, vol. 8(2-3), pages 537-547, 04-05.
- Aytek Erdil & Paul Klemperer, 2009. "A New Payment Rule for Core-Selecting Package Auctions," Economics Papers 2009-W11, Economics Group, Nuffield College, University of Oxford.
- Erdil, Aytek & Klemperer, Paul, 2009. "A New Payment Rule for Core-Selecting Package Auctions," CEPR Discussion Papers 7487, C.E.P.R. Discussion Papers.
- Sushil Bikhchandani & Shurojit Chatterji & Ron Lavi & Ahuva Mu'alem & Noam Nisan & Arunava Sen, 2006. "Weak Monotonicity Characterizes Deterministic Dominant-Strategy Implementation," Econometrica, Econometric Society, vol. 74(4), pages 1109-1132, 07.
- Lawrence M. Ausubel, 2006. "An Efficient Dynamic Auction for Heterogeneous Commodities," American Economic Review, American Economic Association, vol. 96(3), pages 602-629, June.
- 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.
- Bikhchandani, Sushil & Mamer, John W., 1997. "Competitive Equilibrium in an Exchange Economy with Indivisibilities," Journal of Economic Theory, Elsevier, vol. 74(2), pages 385-413, June.
- Cremer, Jacques & McLean, Richard P, 1985. "Optimal Selling Strategies under Uncertainty for a Discriminating Monopolist When Demands Are Interdependent," Econometrica, Econometric Society, vol. 53(2), pages 345-361, March.
- Aoyagi, Masaki, 1998. "Correlated Types and Bayesian Incentive Compatible Mechanisms with Budget Balance," Journal of Economic Theory, Elsevier, vol. 79(1), pages 142-151, March.
- 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. Full references (including those not matched with items on IDEAS)
When requesting a correction, please mention this item's handle: RePEc:cfi:fseres:cf258. 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: ()
If references are entirely missing, you can add them using this form.