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SUMMARY:Analytic Results on a Decentralized Combinatorial Auction - Richar
 d Steinberg (LSE)
DTSTART:20120514T140000Z
DTEND:20120514T150000Z
UID:TALK37439@talks.cam.ac.uk
CONTACT:Felix Fischer
DESCRIPTION:Abstract: Frank Kelly and the speaker proposed a decentralized
  combinatorial auction called PAUSE that allows for all possible combinato
 rial bids\, and yet is computationally tractable for the auctioneer and tr
 ansparent to the bidders.  We examine this auction from an analytic viewpo
 int. Specifically\, we derive a number of results related to the revenue g
 enerated\, including showing that PAUSE generates at least as much revenue
  as the VCG mechanism when there are only two bidders\, and providing lowe
 r bounds on the revenue under various scenarios with an arbitrary number o
 f bidders. We also propose a modification of the auction that has the pote
 ntial to increase revenue while retaining the auction's most desirable fea
 tures.  (Joint work with S. Damla Ahipasaoglu and James B. Orlin).
LOCATION:MR12\, Centre for Mathematical Sciences\, Wilberforce Road\, Camb
 ridge
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