Thirteen Reasons Why the Vickrey-Clarke-Groves Process Is Not Practical

Michael H. Rothkopf ()
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Michael H. Rothkopf: MSIS Department and RUTCOR, Rutgers University, 640 Bartholomew Road, Piscataway, New Jersey 08854-8003

Operations Research, 2007, vol. 55, issue 2, 191-197

Abstract: In theory, the mathematically elegant Vickrey-Clarke-Groves process offers perfect efficiency with dominant truth-revealing strategies. However, it has many serious practical problems. This paper describes these problems and argues that research that aims to maintain the dominant truth-revealing strategies while compromising on the other practical issues is of limited practical value.

Keywords: auctions; mechanism design; truth-revealing strategies (search for similar items in EconPapers)
Date: 2007
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Citations: View citations in EconPapers (68)

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Persistent link: https://EconPapers.repec.org/RePEc:inm:oropre:v:55:y:2007:i:2:p:191-197

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