G2TT
来源类型Discussion paper
规范类型论文
来源IDDP14976
DP14976 Solving Strong-Substitutes Product-Mix Auctions
Elizabeth Baldwin; Paul Goldberg; Paul Klemperer; Edwin Lock
发表日期2020-06-30
出版年2020
语种英语
摘要This paper develops algorithms to solve strong-substitutes product-mix auctions: it finds competitive equilibrium prices and quantities for agents who use this auction’s bidding language to truthfully express their strong-substitutes preferences over an arbitrary number of goods, each of which is available in multiple discrete units. Our use of the bidding language, and the information it provides, contrasts with existing algorithms that rely on access to a valuation or demand oracle. We compute market-clearing prices using algorithms that apply existing submodular minimisation methods. Allocating the supply among the bidders at these prices then requires solving a novel constrained matching problem. Our algorithm iteratively simplifies the allocation problem, perturbing bids and prices in a way that resolves tie-breaking choices created by bids that can be accepted on more than one good. We provide practical running time bounds on both price-finding and allocation, and illustrate experimentally that our allocation mechanism is practical.
主题Financial Economics ; Industrial Organization
关键词Bidding language Product-mix auction Competitive equilibrium Walrasian equilibrium Convex optimisation Strong substitutes Submodular minimisation
URLhttps://cepr.org/publications/dp14976
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/543920
推荐引用方式
GB/T 7714
Elizabeth Baldwin,Paul Goldberg,Paul Klemperer,et al. DP14976 Solving Strong-Substitutes Product-Mix Auctions. 2020.
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