Multi-object Auction Design Beyond Quasi-linearity: Leading Examples

Yu Zhou and Shigehiro Serizawa

ISER Discussion Paper from Institute of Social and Economic Research, The University of Osaka

Abstract: In multi-object auction models with unitary demand agents, if agents' utility functions satisfy quasi-linearity, three auction formats, sealed-bid auction, exact ascending auction, and approximate ascending auction, are known to identify the minimum price equilibrium (MPE), and exhibit elegant efficiency and incentive-compatibility. These auctions are conjured to preserve their properties beyond quasi-linearity. Nevertheless, we exemplify that with general utility functions, these auctions fail to identify the MPEs and are substantially inefficient and manipulatable. The implications of our negative results for multi-object auction models with agents with multi-unit demand, and matching with contracts models are also discussed.

Date: 2021-01, Revised 2022-11
New Economics Papers: this item is included in nep-des and nep-upt
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Journal Article: Multi-object auction design beyond quasi-linearity: Leading examples (2023)
Working Paper: Multi-object Auction Design Beyond Quasi-linearity: Leading Examples (2021)
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