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Characterization of maxmed mechanisms for multiple objects

Author

Listed:
  • Ranojoy Basu

    (Indian Institute of Management Udaipur)

  • Conan Mukherjee

    (Indian Institute of Management Calcutta)

Abstract

This paper presents an extension of maxmed mechanisms introduced by Sprumont (J Econ Theory 148:1102–1121, 2013) to the multiple homogeneous object setting. To address the complexities of the multiple objects setting, we consider special families of mechanisms, which contain a mechanism for each possible number of available objects. We interpret these families as ex-ante sale procedures, which specify different mechanisms to allocate different quantities of objects. We identify and completely characterize the maxmed families, which use the (extended) maxmed mechanisms to allocate any number of available objects while using the same non-negative reserve price. The maxmed families turn out to be the only families that are Pareto optimal among well-behaved families comprising mechanisms that satisfy a set of desirable axioms including the ones used by Sprumont (J Econ Theory 148:1102–1121, 2013) : anonymity, strategyproofness, no-envy, feasibility and individual rationality.

Suggested Citation

  • Ranojoy Basu & Conan Mukherjee, 2024. "Characterization of maxmed mechanisms for multiple objects," Review of Economic Design, Springer;Society for Economic Design, vol. 28(2), pages 313-330, June.
    • Handle: RePEc:spr:reecde:v:28:y:2024:i:2:d:10.1007_s10058-023-00341-x
    DOI: 10.1007/s10058-023-00341-x
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    References listed on IDEAS

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    More about this item

    Keywords

    Maxmed mechanism; Strategyproof mechanism; Multiple object allocation;
    All these keywords.

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • C78 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Bargaining Theory; Matching Theory
    • D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement

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