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Price-Based Combinatorial Auction Design: Representative Valuations

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  • Hitoshi Matsushima

    (Department of Economics, University of Tokyo)

Abstract

We investigate price-based mechanisms with connectedness in combinatorial auctions, where with restrictions of privacy and complexity, the auctioneer asks a limited number of prices to buyers who provide demand responses. Consistent with the price-based property, several necessary and sufficient conditions are presented for the existence of the VCG mechanism, strategy-proofness with participation constraints, approximate strategy-proofness, Nash equilibrium, efficiency, core, and others. In all cases, the concept of the representative valuation function, which assigns the minimal valuation in both absolute and relative terms to any revealed package, plays the central role in determining whether these conditions are satisfied.

Suggested Citation

  • Hitoshi Matsushima, 2010. "Price-Based Combinatorial Auction Design: Representative Valuations," KIER Working Papers 742, Kyoto University, Institute of Economic Research.
    • Handle: RePEc:kyo:wpaper:742
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    File URL: http://www.kier.kyoto-u.ac.jp/DP/DP742.pdf
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    Cited by:

    1. Hitoshi Matsushima, 2011. "Price-Based Combinatorial Auction: Connectedness and Representative Valuations," CARF F-Series CARF-F-261, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
    2. Hitoshi Matsushima, 2010. "Auctioneer's Discretion in Combinatorial Auctions," CARF F-Series CARF-F-293, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo, revised Sep 2012.

    More about this item

    Keywords

    Combinatorial Auctions; Price-Based Mechanisms; VCG Mechanisms; Connectedness; Representative Valuation Functions;
    All these keywords.

    JEL classification:

    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions
    • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design

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