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Equilibrium Prices in Bundle Auctions

  • Peter R. Wurman
  • Michael P. Wellman

The allocation of discrete, complementary resources is a fundamental problem in economics and of direct interest to e-commerce applications. In this paper we establish that competitive equilibrium bundle prices always exist that support the efficient allocation in discrete resource allocation problems with free disposal. We believe that this is an important step in the quest for a mechanism that performs well in the face of complementary preferences. We present a family of auctions that use this bundle pricing policy, and make some initial observations on several of its members, including the new Ascending k-Bundle auction.

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Paper provided by Santa Fe Institute in its series Working Papers with number 99-09-064.

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Date of creation: Sep 1999
Date of revision:
Handle: RePEc:wop:safiwp:99-09-064
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  1. John McMillan, 1994. "Selling Spectrum Rights," Journal of Economic Perspectives, American Economic Association, vol. 8(3), pages 145-162, Summer.
  2. Gul, F. & Stacchetti, E., 1997. "Walrasian Equilibrium Without Complementarities," Papers 97-03, Michigan - Center for Research on Economic & Social Theory.
  3. R. Preston McAfee & John McMillan, 1996. "Analyzing the Airwaves Auction," Journal of Economic Perspectives, American Economic Association, vol. 10(1), pages 159-175, Winter.
  4. Leonard, Herman B, 1983. "Elicitation of Honest Preferences for the Assignment of Individuals to Positions," Journal of Political Economy, University of Chicago Press, vol. 91(3), pages 461-79, June.
  5. Groves, Theodore, 1973. "Incentives in Teams," Econometrica, Econometric Society, vol. 41(4), pages 617-31, July.
  6. Demange, Gabrielle & Gale, David & Sotomayor, Marilda, 1986. "Multi-Item Auctions," Journal of Political Economy, University of Chicago Press, vol. 94(4), pages 863-72, August.
  7. Milgrom, Paul, 1989. "Auctions and Bidding: A Primer," Journal of Economic Perspectives, American Economic Association, vol. 3(3), pages 3-22, Summer.
  8. Jeffrey S. Banks & John O. Ledyard & David P. Porter, 1989. "Allocating Uncertain and Unresponsive Resources: An Experimental Approach," RAND Journal of Economics, The RAND Corporation, vol. 20(1), pages 1-25, Spring.
  9. McAfee, R Preston & McMillan, John, 1987. "Auctions and Bidding," Journal of Economic Literature, American Economic Association, vol. 25(2), pages 699-738, June.
  10. 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.
  11. Bikhchandani, Sushil & Ostroy, Joseph M., 2002. "The Package Assignment Model," Journal of Economic Theory, Elsevier, vol. 107(2), pages 377-406, December.
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