{"title":"Optimal Deterministic Mechanism Design: Type-Independent Preference Orderings","authors":"Hitoshi Matsushima","doi":"10.1111/jere.12176","DOIUrl":null,"url":null,"abstract":"<p>We investigate revenue maximisation in general allocation problems with incomplete information, where we assume quasi-linearity, private values, independent type distributions and single-dimensionality of type spaces. We require a mechanism to be deterministic, strategy-proof and ex-post individually rational. We assume that each player has a type-independent preference ordering over deterministic allocations. We show that the Myerson's technique to solve the incentive-constrained revenue maximisation problem in single-unit auctions can be applied to general allocation problems, where the incentive-constrained revenue maximisation problem can be reduced to the simple maximisation problem of the sum of players’ virtual valuations without imposing any incentive constraint.</p>","PeriodicalId":1,"journal":{"name":"Accounts of Chemical Research","volume":null,"pages":null},"PeriodicalIF":16.4000,"publicationDate":"2018-01-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/jere.12176","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Accounts of Chemical Research","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/jere.12176","RegionNum":1,"RegionCategory":"化学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"CHEMISTRY, MULTIDISCIPLINARY","Score":null,"Total":0}
引用次数: 0
Abstract
We investigate revenue maximisation in general allocation problems with incomplete information, where we assume quasi-linearity, private values, independent type distributions and single-dimensionality of type spaces. We require a mechanism to be deterministic, strategy-proof and ex-post individually rational. We assume that each player has a type-independent preference ordering over deterministic allocations. We show that the Myerson's technique to solve the incentive-constrained revenue maximisation problem in single-unit auctions can be applied to general allocation problems, where the incentive-constrained revenue maximisation problem can be reduced to the simple maximisation problem of the sum of players’ virtual valuations without imposing any incentive constraint.
期刊介绍：
Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance.
Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.
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