Brânzei, S, Filos-Ratsikas, A 
ORCID: 0000-0001-7868-8114, Miltersen, PB and Zeng, Y
(2017)
Walrasian pricing in multi-unit auctions.
In: MFCS, Denmark.
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Abstract
Multi-unit auctions are a paradigmatic model, where a seller brings multiple units of a good, while several buyers bring monetary endowments. It is well known that Walrasian equilibria do not always exist in this model, however compelling relaxations such asWalrasian envy-free pricing do. In this paper we design an optimal envy-free mechanism for multi-unit auctions with budgets. When the market is even mildly competitive, the approximation ratios of this mechanism are small constants for both the revenue and welfare objectives, and in fact for welfare the approximation converges to 1 as the market becomes fully competitive. We also give an impossibility theorem, showing that truthfulness requires discarding resources, and in particular, is incompatible with (Pareto) efficiency.
| Item Type: | Conference or Workshop Item (Unspecified) |
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| Additional Information: | ## TULIP Type: Conference Proceedings (contribution) ## |
| Divisions: | Faculty of Science and Engineering > School of Electrical Engineering, Electronics and Computer Science |
| Depositing User: | Symplectic Admin |
| Date Deposited: | 24 Jun 2021 10:18 |
| Last Modified: | 29 Nov 2023 07:52 |
| DOI: | 10.4230/LIPIcs.MFCS.2017.80 |
| Related URLs: | |
| URI: | https://livrepository.liverpool.ac.uk/id/eprint/3127559 |
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