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Limitations of randomized mechanisms for combinatorial auctions

Author

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  • Dughmi, Shaddin
  • Vondrák, Jan

Abstract

We address the following fundamental question in the area of incentive-compatible mechanism design: Are truthful-in-expectation mechanisms compatible with polynomial-time approximation? In particular, can polynomial-time truthful-in-expectation mechanisms achieve a near-optimal approximation ratio for combinatorial auctions with submodular valuations?

Suggested Citation

  • Dughmi, Shaddin & Vondrák, Jan, 2015. "Limitations of randomized mechanisms for combinatorial auctions," Games and Economic Behavior, Elsevier, vol. 92(C), pages 370-400.
    • Handle: RePEc:eee:gamebe:v:92:y:2015:i:c:p:370-400
    DOI: 10.1016/j.geb.2014.01.007
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    References listed on IDEAS

    as
    1. Milgrom,Paul, 2004. "Putting Auction Theory to Work," Cambridge Books, Cambridge University Press, number 9780521536721, October.
    2. Blumrosen, Liad & Nisan, Noam, 2010. "Informational limitations of ascending combinatorial auctions," Journal of Economic Theory, Elsevier, vol. 145(3), pages 1203-1223, May.
    3. Fisher, M.L. & Nemhauser, G.L. & Wolsey, L.A., 1978. "An analysis of approximations for maximizing submodular set functions," LIDAM Reprints CORE 341, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Huang, Zhiyi & Kim, Anthony, 2019. "Welfare maximization with production costs: A primal dual approach," Games and Economic Behavior, Elsevier, vol. 118(C), pages 648-667.
    2. Tim Roughgarden & Inbal Talgam-Cohen, 2018. "Approximately Optimal Mechanism Design," Papers 1812.11896, arXiv.org, revised Aug 2020.
    3. Daskalakis, Constantinos & Syrgkanis, Vasilis, 2022. "Learning in auctions: Regret is hard, envy is easy," Games and Economic Behavior, Elsevier, vol. 134(C), pages 308-343.
    4. Phuong Le, 2017. "Mechanisms for combinatorial auctions with budget constraints," Review of Economic Design, Springer;Society for Economic Design, vol. 21(1), pages 1-31, March.

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    More about this item

    Keywords

    Algorithmic mechanism design; Combinatorial auctions; Incentive compatibility; Submodular valuations;
    All these keywords.

    JEL classification:

    • C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions

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