Loading [a11y]/accessibility-menu.js
Understanding Mechanism Design—Part 3 of 3: Mechanism Design in the Real World: The VCG Mechanism | IEEE Journals & Magazine | IEEE Xplore

Understanding Mechanism Design—Part 3 of 3: Mechanism Design in the Real World: The VCG Mechanism


Abstract:

In the first two parts of this short series, we learned how mechanism design can be used in theory to engineer systems that achieve desirable properties by anticipating h...Show More

Abstract:

In the first two parts of this short series, we learned how mechanism design can be used in theory to engineer systems that achieve desirable properties by anticipating how rational agents will act, and then designing the rules accordingly. In particular, we focused on the Vickrey–Clarke–Groves (VCG) mechanism that results in a welfare maximizing outcome by incentivizing agents to tell the truth about how much they prefer each outcome. Now, let's explore how the VCG mechanisms may be used to solve real-world problems.
Published in: IEEE Intelligent Systems ( Volume: 37, Issue: 1, 01 Jan.-Feb. 2022)
Page(s): 108 - 109
Date of Publication: 12 April 2022

ISSN Information:


Contact IEEE to Subscribe

References

References is not available for this document.