An Efficient and Incentive Compatible Dynamic Auction for Multiple Complements

• 成果类型: Article
• 署名作者: Sun, Ning; Yang, Zaifu
• 署名单位: Shanghai University of Finance & Economics; University of York - UK
• 刊物名称: JOURNAL OF POLITICAL ECONOMY
• ISSN/ISSBN: 0022-3808
• DOI: 10.1086/674550
• 发表日期: 2014
• 页码: 422-466
• 关键词: Gross substitutes; STABILITY; core; equilibrium; mechanism; MARKETS; DESIGN

摘要

This article proposes an efficient and incentive compatible dynamic auction for selling multiple complementary goods. The seller has reserve prices. The auctioneer announces a current price for every bundle of goods and a supply set of goods, every bidder responds with a set of goods demanded at these prices, and the auctioneer adjusts prices. We prove that even when bidders can exercise their market power strategically, this dynamic auction always induces them to bid truthfully, resulting in an efficient allocation, its supporting Walrasian equilibrium price for every bundle of goods, and a generalized Vickrey-Clarke-Groves payment for every bidder.