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Do prices coordinate markets?
STOC '16: Proceedings of the forty-eighth annual ACM symposium on Theory of ComputingWalrasian equilibrium prices have a remarkable property: they allow each buyer to purchase a bundle of goods that she finds the most desirable, while guaranteeing that the induced allocation over all buyers will globally maximize social welfare. ...
Competing sellers in online markets: reserve prices, shill bidding, and auction fees
AAMAS '06: Proceedings of the fifth international joint conference on Autonomous agents and multiagent systemsIn this paper, we consider competition between sellers offering similar items in concurrent online auctions, where each seller must set its individual auction parameters (such as the reserve price) in such a way as to attract buyers. We show that there ...
Do prices coordinate markets?
A Walrasian equilibrium outcome has a remarkable property: the induced allocation maximizes social welfare while each buyer receives a bundle that maximizes her individual surplus at the given prices. There are, however, two caveats. First, minimal ...
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