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Auction Design with Advised Bidders

Andrey Malenko, Anton Tsoy
2015 Proceedings of the The Third Conference on Auctions, Market Mechanisms and Their Applications  
This paper studies efficient and optimal auction design where bidders do not know their values and solicit advice from informed but biased advisors via a cheap-talk game.  ...  The distinguishing feature of the English auction is that information can be transmitted over time and bidders cannot submit bids below the current price of the auction.  ...  Kos (2012) studies efficient and optimal auction design when bidders can use only a finite set of messages to communicate with the seller.  ... 
doi:10.4108/eai.8-8-2015.2260860 dblp:journals/sg/MalenkoT16 fatcat:ulwxf5tgqberhfifmb7llrdmfa

Using and Abusing Economic Theory

Paul Klemperer
2003 Journal of the European Economic Association  
than good design, while bidders advised by so-called experts in auction theory pursued strategies that cost them billions of euros.  ...  Yet in more than one country auction theorists advising on 3G auction design seemed either unaware of (!)  ... 
doi:10.1162/154247603322390937 fatcat:qdf7wcuqizhxzhrutqrkt6geoa

Implementation in Advised Strategies: Welfare Guarantees from Posted-Price Mechanisms When Demand Queries Are NP-Hard

Linda Cai, Clay Thomas, S. Matthew Weinberg, Michael Wagner
2020 Innovations in Theoretical Computer Science  
State-of-the-art posted-price mechanisms for submodular bidders with m items achieve approximation guarantees of O((log log m) 3 ) [1].  ...  We show that this distinction disappears with a mild relaxation of truthfulness, which we term implementation in advised strategies.  ...  A bidder with valuation v i (·) follows advice A if they use a strategy which is advised under A.  ... 
doi:10.4230/lipics.itcs.2020.61 dblp:conf/innovations/CaiTW20 fatcat:xmkaziuibbhqhjkcn337chhnge

The Biggest Auction Ever: The Sale of the British 3G Telecom Licences

Paul Klemperer, Kenneth Binmore
2002 Social Science Research Network  
So with ®ve licences and only four incumbents, we advised abandoning the Anglo-Dutch design in favour of a modi®ed version of the simultaneous ascending design pioneered by the FCC.  ...  Advising on the ef®ciency implications of this at short notice was the most stressful event in the whole auction design process.  ... 
doi:10.2139/ssrn.297879 fatcat:ifshubkahba45dy5hwwcrrpy3q

Implementation in Advised Strategies: Welfare Guarantees from Posted-Price Mechanisms when Demand Queries are NP-hard [article]

Linda Cai and Clayton Thomas and S. Matthew Weinberg
2020 arXiv   pre-print
State-of-the-art posted-price mechanisms for submodular bidders with m items achieve approximation guarantees of O((loglog m)^3) [Assadi and Singla, 2019].  ...  We show that this distinction disappears with a mild relaxation of truthfulness, which we term implementation in advised strategies, and that has been previously studied in relation to "Implementation  ...  A bidder with valuation v i (•) follows advice A if they use a strategy which is advised under A.  ... 
arXiv:1910.04342v2 fatcat:ifsdqq5qbvdp5auahsyzudej6i

What Really Matters in Auction Design

Paul Klemperer
2000 Social Science Research Network  
Agency, which designed and ran the recent U.K. mobile-phone license auction described here, and have advised several other U.K. government agencies, but the views expressed in this paper are mine alone  ...  advised the U.K. government on several auctions, I have never had anything to do with television licenses!  ...  It would be much better to solve these problems with better auction designs.  ... 
doi:10.2139/ssrn.237114 fatcat:a6tfynvsrfbxll6dczcw4hq57e

What Really Matters in Auction Design

Paul Klemperer
2002 Journal of Economic Perspectives  
Agency, which designed and ran the recent U.K. mobile-phone license auction described here, and have advised several other U.K. government agencies, but the views expressed in this paper are mine alone  ...  advised the U.K. government on several auctions, I have never had anything to do with television licenses!  ...  It would be much better to solve these problems with better auction designs.  ... 
doi:10.1257/0895330027166 fatcat:bsnibxcqjnfj3drnfwzf75x2vu

Britain's Electricity Capacity Auctions: Lessons from Colombia and New England

David Harbord, Marco Pagnozzi
2014 Electricity Journal  
Among alternative auction design options, a sealed-bid auction is a better choice.  ...  When new capacity markets are introduced, however, it is important that they are well designed and take account of existing experience and previous design failures.  ...  to date with this auction design has been mixed at best.  ... 
doi:10.1016/j.tej.2014.05.004 fatcat:a5ohx3vxbbddtle35tl3aqv4fi

Some Observations on the British and German 3G Telecom Auctions

Paul Klemperer
2002 Social Science Research Network  
must be designed with this in mind.  ...  auction theorist advising the Radiocommunications Agency wh ich designed and ran the UK auction, but the views expressed in this paper are mine alone.  ...  ., around 55% of the final UK auction price) the probability of bidder 6 quitting is low, so it probably maximises both firms' expected profits to reduce demand to 2 blocks and end the auction at low prices  ... 
doi:10.2139/ssrn.331682 fatcat:ylwh55dfl5erzfuvcm2kjx7zai

Selling to Advised Buyers

Andrey Malenko, Anton Tsoy
2019 The American Economic Review  
We study auction design when selling to such "advised buyers."  ...  The same outcome is the unique equilibrium of the English auction when bidders can commit to contracts with their advisors. (JEL D44, D82, D83, D86)  ...  Our contribution to the auction theory literature is to study the design of auctions when bidders are advised by informed experts.  ... 
doi:10.1257/aer.20170334 fatcat:ed77vtua6zgzlfhr7gjbh55vry

On the design and implementation of the GSM auction in Nigeria—the world's first ascending clock spectrum auction

Chris Doyle, Paul McShane
2003 Telecommunications Policy  
This paper describes the design of the auction, its implementation, the strategies of the bidders and the auctioneer, and the outcome.  ...  Economic theory played a key role in steering the design of the auction, while political economy constraints impacted significantly on the design selected and on the logistical processes chosen.  ...  3G auctions towards the end of 2000 coincided with the period when the Nigerian auction was designed.  ... 
doi:10.1016/s0308-5961(03)00011-9 fatcat:snsohgtbarg2pfu7v4h4rzspfq

Implications of Auction Theory for New Issues Markets

Lawrence Marc Ausubel
2002 Brookings-Wharton Papers on Financial Services  
The government was advised by Environmental Resources Management, Natsource Tullett Europe, and Market Design. 19 The auction was conducted with a descending price clock, because it was a procurement auction  ...  A clock auction design, where the auctioneer names prices and bidders respond with quantities, is particularly well suited to such circumstances.  ... 
doi:10.1353/pfs.2002.0002 fatcat:eqzshlldbrexziorbp4zcyjevm

Solids: A Combinatorial Auction for Real Estate

Dries R. Goossens, Sander Onderstal, Jan Pijnacker, Frits C. R. Spieksma
2014 Interfaces  
The auction we designed maximized total rent for Stadgenoot while complying with municipal and building regulations.  ...  In May 2011, our collaboration with housing corporation Stadgenoot culminated in the first combinatorial auction for housing space in a newly erected multistory building in Amsterdam in the Netherlands  ...  Design Issues Our discussions with Stadgenoot led to a decision to use a sealed-bid first-price auction with binding bids.  ... 
doi:10.1287/inte.2014.0749 fatcat:jbvfr4tkvnfavif3u3nwltlf7u

On Framework and Hybrid Auction Approach to the Spectrum Licensing Procedure [article]

Devansh Dikshit, Y. Narahari
2009 arXiv   pre-print
We also provide an in depth study of how each of this options impact the overall procedure along with theoretical and practical results from the past.  ...  We have identified the various issues the Governments need to decide upon while designing the licensing procedure and what are the various options available in each issue.  ...  Each auction starts with a base price and then in each round, auctioneer calls for new bids from the bidders in accordance with the increment rule.  ... 
arXiv:0902.3104v1 fatcat:ziisxysd7ncrxdj4jqvqntfi6i

Collusion and Predation in Auction Markets

Paul Klemperer
2001 Social Science Research Network  
Auction design is not "one size Þts all".  ...  The most important issues in auction design are the traditional concerns of competition policy-preventing collusive, predatory, and entry-deterring behaviour.  ...  In auction design, the devil is in the details.  ... 
doi:10.2139/ssrn.260188 fatcat:4fxv3ko6lfbl5euxtp45mxfnfm
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