Sequential Posted Price Mechanisms with Correlated Valuations.

Workshop on Internet and Network Economics(2015)

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摘要
We study the revenue performance of sequential posted price mechanisms and some natural extensions, for a general setting where the valuations of the buyers are drawn from a correlated distribution. Sequential posted price mechanisms are conceptually simple mechanisms that work by proposing a \"take-it-or-leave-it\" offer to each buyer. We apply sequential posted price mechanisms to single-parameter multi-unit settings in which each buyer demands only one item and the mechanism can assign the service to at most k of the buyers. For standard sequential posted price mechanisms, we prove that with the valuation distribution having finite support, no sequential posted price mechanism can extract a constant fraction of the optimal expected revenue, even with unlimited supply. We extend this result to the case of a continuous valuation distribution when various standard assumptions hold simultaneously. In fact, it turns out that the best fraction of the optimal revenue that is extractable by a sequential posted price mechanism is proportional to the ratio of the highest and lowest possible valuation. We prove that for two simple generalizations of these mechanisms, a better revenue performance can be achieved: if the sequential posted price mechanism has for each buyer the option of either proposing an offer or asking the buyer for its valuation, then a $$\\varOmega 1/\\max \\{1,d\\}$$ fraction of the optimal revenue can be extracted, where d denotes the \"degree of dependence\" of the valuations, ranging from complete independence $$d=0$$ to arbitrary dependence $$d = n-1$$. When we generalize the sequential posted price mechanisms further, such that the mechanism has the ability to make a take-it-or-leave-it offer to the i-th buyer that depends on the valuations of all buyers except i, we prove that a constant fraction $$2 - \\sqrt{e}/4 \\approx 0.088$$ of the optimal revenue can be always extracted.
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关键词
Mechanism design, approximation, correlated values, interdependence, posted pricing
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