Vidal's libraryTitle: | The Lovely but Lonely Vickrey Auction |
Author: | Lawrence M. Ausubel and Paul Milgrom |
Book Tittle: | Combinatorial Auctions |
Pages: | 17--40 |
Year: | 2006 |
Crossref: | cramton06a |
Abstract: | William Vickrey's (1961) inquiry into auctions and “counterspeculation” marked the first serious attempt by an economist to analyze the details of market rules and to design new rules to achieve superior performance. He demonstrated that a particular pricing rule makes it a dominant strategy for bidders to report their values truthfully, even when they know that their reported values will be used to allocate goods efficiently. Vickrey’s discovery was largely ignored for a decade, but the floodgates have since opened. Dozens of studies have extended his design to new environments, developed his associated theory of bidding in auctions, and tested its implications using laboratory experiments and field data. |
Cited by 10 - Google Scholar
@InCollection{ausubel06a,
author = {Lawrence M. Ausubel and Paul Milgrom},
title = {The Lovely but Lonely Vickrey Auction},
booktitle = {Combinatorial Auctions},
crossref = {cramton06a},
pages = {17--40},
year = 2006,
chapter = 1,
abstract = {William Vickrey's (1961) inquiry into auctions and
``counterspeculation'' marked the first serious
attempt by an economist to analyze the details of
market rules and to design new rules to achieve
superior performance. He demonstrated that a
particular pricing rule makes it a dominant strategy
for bidders to report their values truthfully, even
when they know that their reported values will be
used to allocate goods efficiently. Vickrey’s
discovery was largely ignored for a decade, but the
floodgates have since opened. Dozens of studies have
extended his design to new environments, developed
his associated theory of bidding in auctions, and
tested its implications using laboratory experiments
and field data.},
url = {http://jmvidal.cse.sc.edu/library/ausubel06a.pdf},
cluster = {12896215172473684272},
keywords = {combinatorial auctions}
}
Last modified: Wed Mar 9 10:16:37 EST 2011