zbMATH — the first resource for mathematics

Efficiency levels in sequential auctions with dynamic arrivals. (English) Zbl 1308.91068
Summary: In an environment with dynamic arrivals of players who wish to purchase only one of multiple identical objects for which they have a private value, we analyze a sequential auction mechanism with an activity rule. If the players play undominated strategies then we are able to bound the efficiency loss compared to an optimal mechanism that maximizes the total welfare. We have no assumptions on the underlying distribution from which the players’ arrival times and valuations for the object are drawn. Moreover we have no assumption of a common prior on this distribution.

91B26 Auctions, bargaining, bidding and selling, and other market models
Full Text: DOI
[1] Athey S, Segal I (2007) An efficient dynamic mechanism. Working paper · Zbl 1304.91080
[2] Ausubel, LM, An efficient ascending-bid auction for multiple objects, Am Econ Rev, 94, 1452-1475, (2004)
[3] Babaioff, M; Lavi, R; Pavlov, E, Single-value combinatorial auctions and algorithmic implementation in undominated strategies, J ACM, 56, 1-32, (2009) · Zbl 1325.91023
[4] Bergemann, D; Välimäki, J, The dynamic pivot mechanism, Econometrica, 78, 771-789, (2010) · Zbl 1229.91206
[5] Cavallo R, Parkes DC, Singh S (2009) Efficient mechanisms with dynamic populations and dynamic types. Harvard University, Technical report · Zbl 1229.91206
[6] Cole R, Dobzinski S, Fleischer L (2008) Prompt mechanisms for online auctions. In: Proceeding of the 1st international symposium on algorithmic, game theory (SAGT’08) · Zbl 1136.91399
[7] Cramton, P, Spectrum auction design, Rev Ind Org, 42, 161-190, (2013)
[8] Gallien, J, Dynamic mechanism design for online commerce, Oper Res, 54, 291, (2006) · Zbl 1167.91346
[9] Gershkov, A; Moldovanu, B, Efficient sequential assignment with incomplete information, Games Econ Behav, 68, 144-154, (2010) · Zbl 1197.90277
[10] Hajiaghayi M, Kleinberg R, Mahdian M, Parkes D (2005) Online auctions with re-usable goods. In: Proceeding of the 6th ACM conference on electronic commerce (ACM-EC’05) · Zbl 1141.91565
[11] Lavi, R; Nisan, N, Competitive analysis of incentive compatible on-line auctions, Theor Comput Sci, 310, 159-180, (2004) · Zbl 1098.91044
[12] Lavi R, Nisan N (2005) Online ascending auctions for gradually expiring items. In: Proceeding of the 16th symposium on discrete algorithms (SODA) · Zbl 1297.91083
[13] McAfee, RP, Coarse matching, Econometrica, 70, 2025-2034, (2002) · Zbl 1141.91565
[14] Milgrom, P; Weber, R; Klemperer, P (ed.), A theory of auctions and competitive bidding, II, 179-194, (2000), Cheltnam
[15] Neeman, Z, The effectiveness of English auctions, Games Econ Behav, 43, 214-238, (2003) · Zbl 1048.91051
[16] Pai M, Vohra R (2008) Optimal dynamic auctions. Working paper · Zbl 1325.91023
[17] Parkes DC, Singh S (2003) An MDP-based approach to online mechanism design. In: Proceeding of 17th annual conference on neural information processing systems (NIPS’03)
[18] Said, M, Auctions with dynamic populations: efficiency and revenue maximization, J Econ Theory, 147, 2419-2438, (2012) · Zbl 1260.91113
[19] Vulcano, G; Ryzin, G; Maglaras, C, Optimal dynamic auctions for revenue management, Manage Sci, 48, 1388-1407, (2002) · Zbl 1232.91333
[20] Ye, L, Indicative bidding and a theory of two-stage auctions, Games Econ Behav, 58, 181-207, (2007) · Zbl 1154.91419
This reference list is based on information provided by the publisher or from digital mathematics libraries. Its items are heuristically matched to zbMATH identifiers and may contain data conversion errors. It attempts to reflect the references listed in the original paper as accurately as possible without claiming the completeness or perfect precision of the matching.