The Multi-item Bisection Auction
This paper proposes an iterative sealed-bid auction for selling multiple heterogeneous items with unit-demand agents. It generalizes the single item bisection auction (Grigorieva Et. al, 2007) to the environment with multiple heterogeneous items. We show that it elicits a minimal amount of information on preferences required to find the Vickrey-Clark-Groves outcome (Clarke, 1971, Groves, 1973, Vickrey, 1961), when there are two items for sale and an arbitrary number of agents.
|Date of creation:||07 Oct 2011|
|Publication status:||Published as Erlanson, Albin, 'The Dou-Item Bisection Auction' in Computational Economics, 2014, pages 15-31.|
|Contact details of provider:|| Postal: Department of Economics, School of Economics and Management, Lund University, Box 7082, S-220 07 Lund,Sweden|
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Web page: http://www.nek.lu.se/en
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- Mishra, Debasis & Parkes, David C., 2009.
"Multi-item Vickrey-Dutch auctions,"
Games and Economic Behavior,
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- Debasis Mishra & David C. Parkes, 2007. "Multi-item Vickrey-Dutch auctions," Indian Statistical Institute, Planning Unit, New Delhi Discussion Papers 07-04, Indian Statistical Institute, New Delhi, India.
- Elena Grigorieva & P. Herings & Rudolf Müller & Dries Vermeulen, 2007.
"The private value single item bisection auction,"
Springer;Society for the Advancement of Economic Theory (SAET), vol. 30(1), pages 107-118, January.
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- Demange, Gabrielle & Gale, David & Sotomayor, Marilda, 1986.
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University of Chicago Press, vol. 94(4), pages 863-872, August.
- Groves, Theodore, 1973. "Incentives in Teams," Econometrica, Econometric Society, vol. 41(4), pages 617-631, July.
- Tommy Andersson & Christer Andersson, 2012. "Properties of the DGS-Auction Algorithm," Computational Economics, Springer;Society for Computational Economics, vol. 39(2), pages 113-133, February.
- Engelbrecht-Wiggans, Richard & Kahn, Charles M., 1991.
"Protecting the winner : Second-price versus oral auctions,"
Elsevier, vol. 35(3), pages 243-248, March.
- Engelbrecht-Wiggans, R. & Kahn, C.M., 1990. "Protecting the Wnner: Second-price Versus Oral Auctions," University of Chicago - Economics Research Center 90-8, Chicago - Economics Research Center.
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