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Deferred-acceptance Auction
A deferred-acceptance auction (DAA) is an auction in which the allocation is chosen by repeatedly rejecting the least attractive bids. It is a truthful mechanism with strategic properties that make it particularly suitable to complex auctions such as the radio spectrum reallocation auction. Example Suppose the government wants to sell broadcasting rights in two areas: North and South. Three agents compete on these rights: * Alice needs both areas, and values them (together) as $3M. * Bob needs only the North, and values it as $1M. * Carl needs only the South, and values it as $1M. The government wants to maximize the social welfare. In this case, there are two feasible allocations: either give all rights to Alice (welfare=3), or give the North to Bob and the South to Carl (welfare=2). Since the valuations are private information of the agents, the government needs to use a truthful mechanism in order to induce the agents to reveal their true valuations. We compare two types of tr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Auction
An auction is usually a process of buying and selling goods or services by offering them up for bids, taking bids, and then selling the item to the highest bidder or buying the item from the lowest bidder. Some exceptions to this definition exist and are described in the section about different types. The branch of economic theory dealing with auction types and participants' behavior in auctions is called auction theory. The open ascending price auction is arguably the most common form of auction and has been used throughout history. Participants bid openly against one another, with each subsequent bid being higher than the previous bid. An auctioneer may announce prices, while bidders submit bids vocally or electronically. Auctions are applied for trade in diverse contexts. These contexts include antiques, paintings, rare collectibles, expensive wines, commodities, livestock, radio spectrum, used cars, real estate, online advertising, vacation packages, emission trading, a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Truthful Mechanism
In game theory, an asymmetric game where players have private information is said to be strategy-proof or strategyproof (SP) if it is a weakly-dominant strategy for every player to reveal his/her private information, i.e. given no information about what the others do, you fare best or at least not worse by being truthful. SP is also called truthful or dominant-strategy-incentive-compatible (DSIC), to distinguish it from other kinds of incentive compatibility. An SP game is not always immune to collusion, but its robust variants are; with group strategyproofness no group of people can collude to misreport their preferences in a way that makes every member better off, and with strong group strategyproofness no group of people can collude to misreport their preferences in a way that makes at least one member of the group better off without making any of the remaining members worse off. Examples Typical examples of SP mechanisms are majority voting between two alternatives, second- ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Radio Spectrum
The radio spectrum is the part of the electromagnetic spectrum with frequencies from 0 Hz to 3,000 GHz (3 THz). Electromagnetic waves in this frequency range, called radio waves, are widely used in modern technology, particularly in telecommunication. To prevent interference between different users, the generation and transmission of radio waves is strictly regulated by national laws, coordinated by an international body, the International Telecommunication Union (ITU). Different parts of the radio spectrum are allocated by the ITU for different radio transmission technologies and applications; some 40 radiocommunication services are defined in the ITU's Radio Regulations (RR). In some cases, parts of the radio spectrum are sold or licensed to operators of private radio transmission services (for example, cellular telephone operators or broadcast television stations). Ranges of allocated frequencies are often referred to by their provisioned use (for example, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Vickrey–Clarke–Groves Auction
A Vickrey–Clarke–Groves (VCG) auction is a type of sealed-bid auction of multiple items. Bidders submit bids that report their valuations for the items, without knowing the bids of the other bidders. The auction system assigns the items in a socially optimal manner: it charges each individual the harm they cause to other bidders. It gives bidders an incentive to bid their true valuations, by ensuring that the optimal strategy for each bidder is to bid their true valuations of the items; it can be undermined by bidder collusion and in particular in some circumstances by a single bidder making multiple bids under different names. It is a generalization of a Vickrey auction for multiple items. The auction is named after William Vickrey, Edward H. Clarke, and Theodore Groves for their papers that successively generalized the idea. The VCG auction is a specific use of the more general VCG mechanism. While the VCG auction tries to make a socially optimal allocation of items, V ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Coalition
A coalition is a group formed when two or more people or groups temporarily work together to achieve a common goal. The term is most frequently used to denote a formation of power in political or economical spaces. Formation According to ''A Guide for Political Parties'' published by National Democratic Institute and The Oslo Center for Peace and Human Rights, there are five steps of coalition-building: # Developing a party strategy: The first step in coalition-building involves developing a party strategy that will prepare for successful negotiation. The more effort parties place on this step, the more likely they are to identify strategic partners, negotiate a good deal and avoid some of the common mistakes associated with coalition-building. # Negotiating a coalition: Based on the strategy that each party has prepared, in step 2 the parties come together to negotiate and hopefully reach agreement on the terms for the coalition. Depending on the context and objectives of the co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Double Auction
A double auction is a process of buying and selling goods with multiple sellers and multiple buyers. Potential buyers submit their bids and potential sellers submit their ask prices to the market institution, and then the market institution chooses some price ''p'' that clears the market: all the sellers who asked less than ''p'' sell and all buyers who bid more than ''p'' buy at this price ''p''. Buyers and sellers that bid or ask for exactly ''p'' are also included. A common example of a double auction is stock exchange. As well as their direct interest, double auctions are reminiscent of Walrasian auction and have been used as a tool to study the determination of prices in ordinary markets. A double auction is also possible without any exchange of currency in barter trade. A barter double auction is an auction where every participant has a demand and an offer consisting of multiple attributes and no money is involved. For the mathematical modelling of satisfaction level Euclid ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tim Roughgarden
Timothy Avelin Roughgarden is an American computer scientist and a professor of Computer Science at Columbia University. Roughgarden's work deals primarily with game theoretic questions in computer science. Roughgarden received his Ph.D. from Cornell University in 2002, under the supervision of Éva Tardos. He did a postdoc at University of California, Berkeley in 2004. From 2004 to 2018, Roughgarden was a professor at the Computer Science department at Stanford University working on algorithms and game theory. Roughgarden teaches a four-part algorithms specialization on Coursera. He received the Danny Lewin award at STOC 2002 for the best student paper. He received the Presidential Early Career Award for Scientists and Engineers in 2007, the Grace Murray Hopper Award in 2009, and the Gödel Prize in 2012 for his work on routing traffic in large-scale communication networks to optimize performance of a congested network. He received a Guggenheim Fellowship in 2017 and the K ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Japanese Auction
A Japanese auction (also called ascending clock auction) is a dynamic auction format. It proceeds in the following way. * An initial price is displayed. This is usually a low price - it may be either 0 or the seller's reserve price. * All buyers that are interested in buying the item at the displayed price enter the auction arena. * The displayed price increases continuously, or by small discrete steps (e.g. one cent per second). * Each buyer may exit the arena at any moment. * No exiting buyer is allowed to re-enter the arena. * When a single buyer remains in the arena, the auction stops. The remaining buyer wins the item and pays the displayed price. Strategies Suppose a buyer believes that the value of the item is ''v''. Then this buyer has a simple dominant strategy: stay in the arena as long as the displayed price is below ''v''; exit the arena whenever the displayed price equals ''v''. This means that the Japanese auction is a truthful mechanism: it is always best to act ac ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
