Dictatorial Mechanisms in Constrained Combinatorial Auctions

Anat Lerner () and Gonen Rica ()
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Gonen Rica: The Open University of Israel, Raanana, Israel

The B.E. Journal of Theoretical Economics, 2013, vol. 13, issue 1, 363-380

Abstract: We study the possibility space of deterministic, dominant-strategy incentive compatible, individually rational, and Pareto efficient combinatorial auctions in a model with two players and two nonidentical items (four outcomes). Our model has multidimensional types, private values, nonnegative prices, and quasilinear preferences for the players with one relaxation – the players are subject to publicly known budget constraints. We show that the space we study essentially includes one type of mechanisms: autocratic mechanisms (a form of dictatorship). Furthermore, we prove that there are families of autocratic mechanisms that uniquely fulfill the basic properties of deterministic, dominant-strategy incentive compatible, individually rational, and Pareto efficient. The mechanisms in the autocratic families are identical except for two to three price parameters that differentiate them.

Date: 2013
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DOI: 10.1515/bejte-2013-0006

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