Inefficiency of equilibria in query auctions with continuous valuations

Grigorieva, Elena; Herings, P. Jean-Jacques; Müller, Rudolf; Vermeulen, Dries

doi:10.4230/DagSemProc.07271.7

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Inefficiency of equilibria in query auctions with continuous valuations

Authors Elena Grigorieva, P. Jean-Jacques Herings, Rudolf Müller, Dries Vermeulen

Part of: Volume: Dagstuhl Seminar Proceedings, Volume 7271
Part of: Series: Dagstuhl Seminar Proceedings (DagSemProc)
License: Creative Commons Attribution 4.0 International license
Publication Date: 2007-10-02

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DOI: 10.4230/DagSemProc.07271.7
URN: urn:nbn:de:0030-drops-11616

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Keywords

Query auctions
ex post equilibrium
efficiency

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Abstract

We show that, when bidders have continuous valuations, any ex post 
equilibrium in an ex post individually rational query auction can only be 
ex post efficient when the running time of the auction is infinite for almost 
all realizations of valuations of the bidders. In contrast we show that, 
when we allow for inefficient allocations with arbitrarily small probability, 
there is a query auction (to be more specific, a bisection auction) that attains this level of approximate efficiency in equilibrium, while additionally the 
running time of the auction in equilibrium is finite for all realizations of 
valuations.

Cite As Get BibTex

Elena Grigorieva, P. Jean-Jacques Herings, Rudolf Müller, and Dries Vermeulen. Inefficiency of equilibria in query auctions with continuous valuations. In Computational Social Systems and the Internet. Dagstuhl Seminar Proceedings, Volume 7271, pp. 1-9, Schloss Dagstuhl – Leibniz-Zentrum für Informatik (2007) https://doi.org/10.4230/DagSemProc.07271.7

Author Details

Elena Grigorieva

P. Jean-Jacques Herings

Rudolf Müller

Dries Vermeulen

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