Approximation of Walrasian equilibrium in single-minded auctions

Li Sha Huang; Minming Li; Bo Zhang

doi:10.1016/j.tcs.2005.03.008

Approximation of Walrasian equilibrium in single-minded auctions

Li Sha Huang^*
, Minming Li
, Bo Zhang

^*Corresponding author for this work

Tsinghua University

Research output: Contribution to journal › Article › peer-review

4 Scopus citations

Abstract

We consider a social optimization model of pricing scheme in single-minded auctions, in cases where Walrasian equilibrium does not exist. We are interested in the maximization of the ratio, R, of happy bidders over all agents, in a feasible allocation-pricing scheme. We show NP-hardness of the optimization problem, establish lower and upper bounds of R, as well as develop greedy algorithms to approximate the optimal value of R.

Original language	English
Pages (from-to)	390-398
Number of pages	9
Journal	Theoretical Computer Science
Volume	337
Issue number	1-3
DOIs	https://doi.org/10.1016/j.tcs.2005.03.008
State	Published - 9 Jun 2005
Externally published	Yes

Keywords

Combinatorial auction
Walrasian equilibrium

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10.1016/j.tcs.2005.03.008

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title = "Approximation of Walrasian equilibrium in single-minded auctions",

abstract = "We consider a social optimization model of pricing scheme in single-minded auctions, in cases where Walrasian equilibrium does not exist. We are interested in the maximization of the ratio, R, of happy bidders over all agents, in a feasible allocation-pricing scheme. We show NP-hardness of the optimization problem, establish lower and upper bounds of R, as well as develop greedy algorithms to approximate the optimal value of R.",

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AU - Li, Minming

AU - Zhang, Bo

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N2 - We consider a social optimization model of pricing scheme in single-minded auctions, in cases where Walrasian equilibrium does not exist. We are interested in the maximization of the ratio, R, of happy bidders over all agents, in a feasible allocation-pricing scheme. We show NP-hardness of the optimization problem, establish lower and upper bounds of R, as well as develop greedy algorithms to approximate the optimal value of R.

AB - We consider a social optimization model of pricing scheme in single-minded auctions, in cases where Walrasian equilibrium does not exist. We are interested in the maximization of the ratio, R, of happy bidders over all agents, in a feasible allocation-pricing scheme. We show NP-hardness of the optimization problem, establish lower and upper bounds of R, as well as develop greedy algorithms to approximate the optimal value of R.

KW - Combinatorial auction

KW - Walrasian equilibrium

UR - https://www.scopus.com/pages/publications/18444412581

U2 - 10.1016/j.tcs.2005.03.008

DO - 10.1016/j.tcs.2005.03.008

M3 - 文章

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VL - 337

SP - 390

EP - 398

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JF - Theoretical Computer Science

IS - 1-3

ER -

Approximation of Walrasian equilibrium in single-minded auctions

Abstract

Keywords

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