Maximize Liquid Welfare in Combinatorial Auctions with Monotone Valuations

Jiwen Chen (), Qingqin Nong, Yuanyuan Wang () and Wenjing Liu ()
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Jiwen Chen: School of Mathematical Science, Ocean University of China, Qingdao 266100, Shandong Province, P. R. China
Qingqin Nong: School of Mathematical Science, Ocean University of China, Qingdao 266100, Shandong Province, P. R. China
Yuanyuan Wang: School of Mathematical Science, Ocean University of China, Qingdao 266100, Shandong Province, P. R. China
Wenjing Liu: School of Mathematical Science, Ocean University of China, Qingdao 266100, Shandong Province, P. R. China

Asia-Pacific Journal of Operational Research (APJOR), 2023, vol. 40, issue 04, 1-13

Abstract: In this paper, we consider how to maximize the liquid welfare in a combinatorial auction where bidders have monotone valuations and are budget constrained. We study the setting that budgets are public information and present a universally truthful, budget feasible and computationally-efficient randomized O(mn)-approximate mechanism, where m is the number of items and n is the number of bidders, respectively.

Keywords: Combinatorial auction; truthful; approximation; budget feasible (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1142/S0217595923400109

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