Mechanism Design A Linear Programming Approach
Mechanism design is an analytical framework for thinking clearly and carefully about what exactly a given institution can achieve when the information necessary to make decisions is dispersed and privately held. This analysis provides an account of the underlying mathematics of mechanism design base...
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| Format: | eBook Book |
| Language: | English |
| Published: |
New York
Cambridge University Press
09.05.2011
Cambridge Univ. Press |
| Edition: | 1 |
| Series: | Econometric Society monographs |
| Subjects: | |
| ISBN: | 9781107004368, 1107004365, 9780521179461, 0521179467 |
| Online Access: | Get full text |
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| Abstract | Mechanism design is an analytical framework for thinking clearly and carefully about what exactly a given institution can achieve when the information necessary to make decisions is dispersed and privately held. This analysis provides an account of the underlying mathematics of mechanism design based on linear programming. Three advantages characterize the approach. The first is simplicity: arguments based on linear programming are both elementary and transparent. The second is unity: the machinery of linear programming provides a way to unify results from disparate areas of mechanism design. The third is reach: the technique offers the ability to solve problems that appear to be beyond solutions offered by traditional methods. No claim is made that the approach advocated should supplant traditional mathematical machinery. Rather, the approach represents an addition to the tools of the economic theorist who proposes to understand economic phenomena through the lens of mechanism design. |
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| AbstractList | Mechanism design is an analytical framework for thinking clearly and carefully about what exactly a given institution can achieve when the information necessary to make decisions is dispersed and privately held. This analysis provides an account of the underlying mathematics of mechanism design based on linear programming. Three advantages characterize the approach. The first is simplicity: arguments based on linear programming are both elementary and transparent. The second is unity: the machinery of linear programming provides a way to unify results from disparate areas of mechanism design. The third is reach: the technique offers the ability to solve problems that appear to be beyond solutions offered by traditional methods. No claim is made that the approach advocated should supplant traditional mathematical machinery. Rather, the approach represents an addition to the tools of the economic theorist who proposes to understand economic phenomena through the lens of mechanism design. Mechanism design is an analytical framework for thinking clearly and carefully about what exactly a given institution can achieve when the information necessary to make decisions is dispersed and privately held. This analysis provides an account of the underlying mathematics of mechanism design based on linear programming. "Mechanism design is an analytical framework for thinking clearly and carefully about what exactly a given institution can achieve when the information necessary to make decisions is dispersed and privately held. This analysis provides an account of the underlying mathematics of mechanism design based on linear programming. Three advantages characterize the approach. The first is simplicity: arguments based on linear programming are both elementary and transparent. The second is unity: the machinery of linear programming provides a way to unify results from disparate areas of mechanism design. The third is reach: the technique offers the ability to solve problems that appear to be beyond solutions offered by traditional methods. No claim is made that the approach advocated should supplant traditional mathematical machinery. Rather, the approach represents an addition to the tools of the economic theorist who proposes to understand economic phenomena through the lens of mechanism design"-- Mechanism design is an analytical framework for thinking clearly and carefully about what exactly a given institution can achieve when the information necessary to make decisions is dispersed and privately held. This analysis provides an account of the underlying mathematics of mechanism design based on linear programming. Three advantages characterize the approach. The first is simplicity: arguments based on linear programming are both elementary and transparent. The second is unity: the machinery of linear programming provides a way to unify results from disparate areas of mechanism design. The third is reach: the technique offers the ability to solve problems that appear to be beyond solutions offered by traditional methods. No claim is made that the approach advocated should supplant traditional mathematical machinery. Rather, the approach represents an addition to the tools of the economic theorist who proposes to understand economic phenomena through the lens of mechanism design. Summary reprinted by permission of Cambridge University Press |
| Author | Vohra, Rakesh V. |
| Author_xml | – sequence: 1 givenname: Rakesh V. surname: Vohra fullname: Vohra, Rakesh V. organization: Northwestern University, Illinois |
| BackLink | http://www.econis.eu/PPNSET?PPN=652963390$$DView this record in ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften |
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| Copyright | Rakesh V. Vohra 2011 |
| Copyright_xml | – notice: Rakesh V. Vohra 2011 |
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| DEWEY | 658.4033 |
| DOI | 10.1017/CBO9780511835216 |
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| Discipline | Economics Business |
| EAN | 9780521179461 |
| EISBN | 9780511835216 0511835213 9781139080750 113908075X 1107714230 9781107714236 1139065890 9781139065894 |
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| Language | English |
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| PublicationDate | 20110509 2011 2013-01-05 2011-05-09 2011-05-30 20110101 |
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| PublicationYear | 2011 2013 |
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| Snippet | Mechanism design is an analytical framework for thinking clearly and carefully about what exactly a given institution can achieve when the information... "Mechanism design is an analytical framework for thinking clearly and carefully about what exactly a given institution can achieve when the information... |
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| SubjectTerms | Decision making Econometrics Entscheidungstheorie Linear programming Machine theory Mathematical models Mathematische Optimierung Organisationsforschung Organizational behavior Organizational behaviour |
| Subtitle | A Linear Programming Approach |
| TableOfContents | Cover -- Half-title -- Series-title -- Title -- Copyright -- Contents -- CHAPTER 1: Introduction -- 1.1 OUTLINE -- Chapter 2 -- Chapter 3 -- Chapter 4 -- Chapter 5 -- Chapter 6 -- Chapter 7 -- CHAPTER 2: Arrow's Theorem and Its Consequences -- 2.1 THE INTEGER PROGRAM -- 2.1.1 General Domains -- 2.2 SOCIAL CHOICE FUNCTIONS -- 2.2.1 Strategic Candidacy -- 2.3 MECHANISMS AND REVELATION -- CHAPTER 3: Network Flow Problem -- 3.2 NETWORK FLOW PROBLEM -- 3.3 FLOW DECOMPOSITION -- 3.4 THE SHORTEST-PATH POLYHEDRON -- 3.4.1 Interpreting the Dual -- 3.4.2 Infinite Networks -- CHAPTER 4: Incentive Compatibility -- 4.1 NOTATION -- 4.2 DOMINANT STRATEGY INCENTIVE COMPATIBILITY -- 4.2.1 2-Cycle Condition -- 4.2.2 Convex Type Spaces -- 4.2.3 Convex Valuations -- 4.3 REVENUE EQUIVALENCE -- 4.3.1 A Demand-Rationing Example -- 4.4 THE CLASSICAL APPROACH -- 4.5 INTERDEPENDENT VALUES -- 4.6 BAYESIAN INCENTIVE COMPATIBILITY -- CHAPTER 5: Efficiency -- 5.1 VICKREY-CLARKE-GROVES MECHANISM -- 5.2 COMBINATORIAL AUCTIONS -- 5.4 ASCENDING AUCTIONS -- 5.4.1 Primal-Dual Algorithm -- 5.4.2 Incentives -- 5.4.3 Subgradient Algorithm -- An Ascending Implementation of the Subgradient Algorithm -- 5.5 GROSS SUBSTITUTES -- 5.6 AN IMPOSSIBILITY -- 5.7 A RECIPE -- CHAPTER 6: Revenue Maximization -- 6.1 WHAT IS A SOLUTION? -- 6.2 ONE-DIMENSIONAL TYPES -- 6.2.1 A Formulation -- 6.2.2 Optimal Mechanism for Sale of a Single Object -- Dominant Strategy -- 6.2.3 Polyhedral Approach -- Polymatroids -- 6.2.4 Ironing and Extreme Points -- 6.2.5 From Expected Allocations to the Allocation Rule -- 6.2.6 Correlated Types -- 6.2.7 The Classical Approach -- From the Discrete to the Continuous -- Interdependent Values -- 6.3 BUDGET CONSTRAINTS -- 6.3.1 The Continuous Type Case -- 6.4 ASYMMETRIC TYPES -- 6.4.1 Bargaining -- 6.5 MULTIDIMENSIONAL TYPES -- 6.5.1 Wilson's Example 6.5.2 Capacity-Constrained Bidders -- The BNIC Constraints -- Simplification of Incentive Constraints -- Optimal Auction Formulation and Solution -- Monotonicity and the Conditional Virtual Values -- CHAPTER 7: Rationalizability -- 7.1 THE QUASILINEAR CASE -- 7.2 THE GENERAL CASE -- References -- Index |
| Title | Mechanism Design |
| URI | http://dx.doi.org/10.1017/CBO9780511835216 https://doi.org/10.1017/CBO9780511835216?locatt=mode:legacy https://ebookcentral.proquest.com/lib/[SITE_ID]/detail.action?docID=691956 http://www.econis.eu/PPNSET?PPN=652963390 https://www.vlebooks.com/vleweb/product/openreader?id=none&isbn=9780511835216 https://www.vlebooks.com/vleweb/product/openreader?id=none&isbn=9781107714236&uid=none https://www.vlebooks.com/vleweb/product/openreader?id=none&isbn=9781139065894&uid=none https://www.proquest.com/docview/928985252 |
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