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Journals ACM SIGecom Exchanges Volume 7 Issue 1

Auctioning or assigning an object: some remarkable VCG mechanisms ´ HERVE MOULIN Rice University 1. AUCTIONING A GOOD A second price Vickrey auction is a simple mechanism to transfer a valuable object (a good) between a seller and n potential buyers. It treats buyers fairly, elicits their truthful valuations for the good, and allocates the good e ƒciently. But the division of the surplus between the seller and the buyers is hardly compelling. Writing a —k for the k-th highest valuation among buyers, and setting without loss of generality the seller ™s valuation at zero, of the total surplus a —1 the seller gets a —2 and the buyers a —1 ’ a —2 , thus either share can be arbitrarily large or small, depending on the distribution of valuations. Moreover at most one buyer gets any surplus at all. The familiar Vickrey-Clarke-Groves (thereafter VCG, see [Green and La €ont 1979]) mechanisms preserve the incentives and e ƒciency properties of the Vickrey auction, but allow more ‚exibility in the division of the surplus. Suppose that explicit guidelines regulate the division of surplus: the seller should get a —1 , the buyers (1 ’ )a —1 . We construct

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Auctioning or assigning an object: some remarkable VCG mechanisms

Moulin, Hervé
ACM SIGecom Exchanges , Volume 7 (1)
Association for Computing Machinery – Dec 1, 2007

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