An Auction with Approximated Bidder Preferences - When an Auction has to be Quick
(2016) In Working Papers- Abstract
- This paper presents a combinatorial auction which is of particular interest when short completion times are of importance. It is based on a method for approximating the bidders' preferences over two types of items when complementarity between the two may exist. The resulting approximated preference relation is shown to be complete and transitive at any given price vector. It is shown that an approximated Walrasian equilibrium always exists if the approximated preferences of the bidders comply with the gross substitutes condition. This condition also ensures that the set of approximated equilibrium prices forms a complete lattice. A process is proposed which is shown to always reach the smallest approximated Walrasian price vector.
Please use this url to cite or link to this publication:
https://lup.lub.lu.se/record/a0fbe109-b3f6-4446-8e65-c8806835006f
- author
- Ingebretsen Carlson, Jim LU
- organization
- publishing date
- 2016
- type
- Working paper/Preprint
- publication status
- published
- subject
- keywords
- Approximate auction, approximated preferences, non-quasi-linear preferences, D44
- in
- Working Papers
- issue
- 2016:12
- pages
- 29 pages
- language
- English
- LU publication?
- yes
- id
- a0fbe109-b3f6-4446-8e65-c8806835006f
- date added to LUP
- 2016-06-23 10:33:38
- date last changed
- 2024-10-14 13:08:21
@misc{a0fbe109-b3f6-4446-8e65-c8806835006f, abstract = {{This paper presents a combinatorial auction which is of particular interest when short completion times are of importance. It is based on a method for approximating the bidders' preferences over two types of items when complementarity between the two may exist. The resulting approximated preference relation is shown to be complete and transitive at any given price vector. It is shown that an approximated Walrasian equilibrium always exists if the approximated preferences of the bidders comply with the gross substitutes condition. This condition also ensures that the set of approximated equilibrium prices forms a complete lattice. A process is proposed which is shown to always reach the smallest approximated Walrasian price vector.}}, author = {{Ingebretsen Carlson, Jim}}, keywords = {{Approximate auction; approximated preferences; non-quasi-linear preferences; D44}}, language = {{eng}}, note = {{Working Paper}}, number = {{2016:12}}, series = {{Working Papers}}, title = {{An Auction with Approximated Bidder Preferences - When an Auction has to be Quick}}, url = {{https://lup.lub.lu.se/search/files/194593530/WP16_12.pdf}}, year = {{2016}}, }