Combinatorial Auctions (The MIT Press) - Softcover

Peter Cramton Ed.

Softcover

ISBN 10: 0262514133 ISBN 13: 9780262514132

Publisher: MIT Press, 2010

Synopsis

With a foreword by Vernon L. Smith, recipient of the 2002 Nobel Prize in Economics. The study of combinatorial auctions--auctions in which bidders can bid on combinations of items or "packages"--draws on the disciplines of economics, operations research, and computer science. This landmark collection integrates these three perspectives, offering a state-of-the art survey of developments in combinatorial auction theory and practice by leaders in the field. Combinatorial auctions (CAs), by allowing bidders to express their preferences more fully, can lead to improved economic efficiency and greater auction revenues. However, challenges arise in both design and implementation. Combinatorial Auctions addresses each of these challenges. After describing and analyzing various CA mechanisms, the book addresses bidding languages and questions of efficiency. Possible strategies for solving the computationally intractable problem of how to compute the objective-maximizing allocation (known as the winner determination problem) are considered, as are questions of how to test alternative algorithms. The book discusses five important applications of CAs: spectrum auctions, airport takeoff and landing slots, procurement of freight transportation services, the London bus routes market, and industrial procurement. This unique collection makes recent work in CAs available to a broad audience of researchers and practitioners. The integration of work from the three disciplines underlying CAs, using a common language throughout, serves to advance the field in theory and practice. Contributors: Lawrence M. Ausubel, Michael Ball, Martin Bichler, Sushil Bikhchandani, Craig Boutilier, Estelle Cantillon, Chris Caplice, Peter Cramton, Andrew Davenport, George Donohue, Karla Hoffman, Gail Hohner, Jayant R. Kalagnanam, Ailsa Land, Daniel Lehmann, Kevin Leyton-Brown, Dinesh Menon, Paul Milgrom, Rudolf Muller, Noam Nisan, Eugene Nudelman, Joseph M. Ostroy, David Parkes, Aleksandar Sasa Pekec, Martin Pesendorfer, Susan Powell, Amir Ronen, Michael H. Rothkopf, Tuomas Sandholm, Ilya Segal, Yossi Sheffi, Yoav Shoham, Vernon L. Smith, Richard Steinberg, Susara van den Heever, Thomas Wilson, Makoto Yokoo

About this title

About the Author

Peter Cramton is Professor of Economics at the University of Maryland. Yoav Shoham is Professor of Computer Science at Stanford University. Richard Steinberg is Chair in Operations Management, London School of Economics.

Edition details

• Publisher: MIT Press
• Publication date: 2010
• Language: English
• ISBN 10: 0262514133
• ISBN 13: 9780262514132
• Binding: Paperback
• Number of pages: 672