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Sets in Excess Demand in Ascending Auctions with Unit-Demand Bidders

Tommy Andersson, Christer Andersson and Dolf Talman ()
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Christer Andersson: Department of Economics, Lund University, Postal: Department of Economics, School of Economics and Management, Lund University, Box 7082, S-220 07 Lund, Sweden

No 2010:15, Working Papers from Lund University, Department of Economics

Abstract: This paper analyzes the problem of selecting a set of items whose prices are to be updated in the next iteration in so called simple ascending auctions with unit-demand bidders. A family of sets called "sets in excess demand" is introduced, and the main results demonstrate that a simple ascending auction always terminates at the minimum Walrasian equilibrium prices if and only if the selection belongs to this family. The paper also specifies a number of properties of the family of sets in excess demand and relate previously proposed selections to it.

Keywords: Multi-item auctions; unit-demand; excess demand; algorithms (search for similar items in EconPapers)
JEL-codes: C62 D44 D50 (search for similar items in EconPapers)
Date: 2010-12-17, Revised 2012-06-28
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Forthcoming as Andersson, Tommy, Christer Andersson and Adolphus Johannes Jan Talman, 'Sets in Excess Demand in Ascending Auctions with Unit-Demand Bidders' in Annals of Operations Research, 2013.

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