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Combinatorial Auctions



A comprehensive book on combinatorial auctions?auctions in which bidders can bid on packages of items. The book consists of original material intended for researchers, students, and practitioners of auction design. It includes a foreword by Vernon Smith, an introduction to combinatorial auctions, and twenty-three cross-referenced chapters in five parts. Part I covers mechanisms, such as the Vickrey auction and the ascending proxy auction. Part II is on bidding and efficiency issues. Part III examines computational issues and algorithmic considerations, especially the winner determination problem?how to identify the (tentative) winning set of bids that maximizes revenue. Part IV discusses implementation and methods of testing the performance of combinatorial auctions, including simulation and experiment. Part V considers four important applications: airport runway access, trucking, bus routes, and industrial procurement. The chapters develop and apply a unified language, integrating ideas from economics, operations research, and computer science. A glossary defines the central terms. The contributors are Lawrence Ausubel, Michael Ball, Martin Bichler, Sushil Bikhchandani, Craig Boutilier, Estelle Cantillon, Chris Caplice, Peter Cramton, Andrew Davenport, George Donohue, Karla Hoffman, Gail Hohner, Jayant Kalagnanam, Ailsa Land, Daniel Lehmann, Kevin Leyton-Brown, Dinesh Menon, Paul Milgrom, Rudolf Müller, Noam Nisan, Eugene Nudelman, Joseph Ostroy, David Parkes, Aleksandar Pekec, Martin Pesendorfer, Susan Powell, Amir Ronen, Michael Rothkopf, Tuomas Sandholm, Ilya Segal, Yossi Sheffi, Yoav Shoham, Richard Steinberg, Susara van den Heever, Thomas Wilson, and Makoto Yokoo.

Suggested Citation

  • Peter Cramton & Yoav Shoham & Richard Steinberg, 2004. "Combinatorial Auctions," Papers of Peter Cramton 04mit, University of Maryland, Department of Economics - Peter Cramton, revised 2004.
  • Handle: RePEc:pcc:pccumd:04mit

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    References listed on IDEAS

    1. Peter Cramton, 2000. "Review of the Reserves and Operable Capability Markets: New England's Experience in the First Four Months," Papers of Peter Cramton 99reserves, University of Maryland, Department of Economics - Peter Cramton, revised 03 Jan 2000.
    2. Besser, Janet Gail & Farr, John G. & Tierney, Susan F., 2002. "The Political Economy of Long-Term Generation Adequacy: Why an ICAP Mechanism is Needed as Part of Standard Market Design," The Electricity Journal, Elsevier, vol. 15(7), pages 53-62.
    3. Hobbs, Benjamin F. & Iñón, Javier & Stoft, Steven E., 2001. "Installed Capacity Requirements and Price Caps: Oil on the Water, or Fuel on the Fire?," The Electricity Journal, Elsevier, vol. 14(6), pages 23-34, July.
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    More about this item


    Auctions; Combinatorial Auctions; Market Design;

    JEL classification:

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

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