Abstract
We study the existence and the properties of Walrasian equilibrium (WEQ) in combinatorial auctions, under two natural classes of valuation functions. The first class is based on additive capacities or weights, and the second on the influence in a social network. While neither class holds the gross substitutes condition, we show that in both classes the existence of WEQ is guaranteed under certain restrictions, and in particular when there are only two competing buyers.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
References
Ben-Zwi, O., Lavi, R., Newman, I.: Ascending auctions and walrasian equilibrium. ArXiv preprint ArXiv:1301.1153 (2013)
Bikhchandani, S., Mamer, J.W.: Competitive equilibrium in an exchange economy with indivisibilities. Journal of Economic Theory 74(2), 385–413 (1997)
Blumrosen, L., Nisan, N.: Combinatorial auctions. In: Nisan, N., Roughgarden, T., Tardos, É., Vazirani, V.V. (eds.) Algorithmic Game Theory. Cambridge University Press (2007)
Boal, W.M., Ransom, M.R.: Monopsony in the labor market. Journal of Economic Literature 35(1), 86–112 (1997)
Dobzinski, S., Schapira, M.: An improved approximation algorithm for combinatorial auctions with submodular bidders. In: SODA 2006, pp. 1064–1073. ACM (2006)
Farkas, I.J., Derényi, I., Barabási, A.-L., Vicsek, T.: Spectra of real-world graphs: Beyond the semicircle law. Physical Review E 64(2), 026704 (2001)
Goldenberg, J., Libai, B., Muller, E.: Talk of the network: A complex systems look at the underlying process of word-of-mouth. Marketing Letters 12(3), 211–223 (2001)
Gul, F., Stacchetti, E.: Walrasian equilibrium with gross substitutes. Journal of Economic Theory 87(1), 95–124 (1999)
He, X., Kempe, D.: Price of anarchy for the n-player competitive cascade game with submodular activation functions. In: Chen, Y., Immorlica, N. (eds.) WINE 2013. LNCS, vol. 8289, pp. 232–248. Springer, Heidelberg (2013)
Kelso Jr., A.S., Crawford, V.P.: Job matching, coalition formation, and gross substitutes. Econometrica 50(6), 1483–1504 (1982)
Kempe, D., Kleinberg, J., Tardos, É.: Maximizing the spread of influence through a social network. In: KDD 2003, pp. 137–146 (2003)
Lehmann, B., Lehmann, D., Nisan, N.: Combinatorial auctions with decreasing marginal utilities. Games and Economic Behavior 55(2), 270–296 (2006)
Leskovec, J., Lang, K.J., Dasgupta, A., Mahoney, M.W.: Statistical properties of community structure in large social and information networks. In: WWW 2008, pp. 695–704. ACM (2008)
Meir, R., Tennenholtz, M.: Equilibrium in Labor Markets with Few Firms. Tech. Rep. ArXiv: 1306.5855 [cs.GT]. ACM Comp. Research Repository (2013)
Sun, N., Yang, Z.: Equilibria and indivisibilities: Gross substitutes and complements. Econometrica 74(5), 1385–1402 (2006)
Author information
Authors and Affiliations
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2014 Springer-Verlag Berlin Heidelberg
About this paper
Cite this paper
Meir, R., Tennenholtz, M. (2014). Walrasian Equilibrium with Few Buyers. In: Lavi, R. (eds) Algorithmic Game Theory. SAGT 2014. Lecture Notes in Computer Science, vol 8768. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-662-44803-8_15
Download citation
DOI: https://doi.org/10.1007/978-3-662-44803-8_15
Publisher Name: Springer, Berlin, Heidelberg
Print ISBN: 978-3-662-44802-1
Online ISBN: 978-3-662-44803-8
eBook Packages: Computer ScienceComputer Science (R0)