Assignment Messages and Exchanges

Paul Milgrom

No 08-014, Discussion Papers from Stanford Institute for Economic Policy Research

Abstract: “Assignment messages” are messages that parameterize substitutable preferences using a particular linear program. An “assignment exchange” is a simplified Walrasian exchange in which participants are restricted to report only assignment messages. Any pure Nash or e-Nash equilibrium of the simplified mechanism is a Nash or e-Nash equilibrium of the Walrasian mechanism before simplification. With a further restriction to basic assignment messages, the exchange yields integer-valued allocations, thus generalizing the Shapley-Shubik assignment mechanism. Connections are reported between assignment exchanges and ascending multi-product clock auctions, double auctions for a single product, and Vickrey auctions. Applications include some cases of Leontieff complements.

Keywords: mechanism design; market design; auctions; Shapley-Shubik (search for similar items in EconPapers)
JEL-codes: C78 D44 (search for similar items in EconPapers)
Date: 2008-12
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Citations: View citations in EconPapers (3)

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Journal Article: Assignment Messages and Exchanges (2009)
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