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Allocation in tender auctions with several stakeholders where quality aspects matter

Friday, April 3, 2015
12:00 PM - 1:00 PM
Location: Baxter 125
Thomas Greve, Research Associate, Microeconomic Theory, University of Cambridge

We propose a mechanism consisting of bidding stakeholders and bidders for the sale of heterogeneous objects. The stakeholders and bidders submit offers and bids on vectors of quantities of different varieties. The offers and bids can be on individual objects as well as on packages of objects. The proposed mechanism is efficient, strategy-proof, individually rational and it minimizes stakeholder payments and therefore, ensures that we get as close as possible to the welfare optimum. Our mechanism can be used wherever heterogeneous objects are allocated, and package bidding is needed, including markets for communication spectrums, airport slots, resources and energy, public and construction procurements, network design, among other markets.

Series: Linde Institute/Social and Information Sciences Laboratory Seminar Series (SISL)
For more information, please phone 626-395-6010 or email jenny@caltech.edu

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