{"title":"具有财务约束的买方分配市场的核心稳定性","authors":"Eleni Batziou, M. Bichler, Maximilian Fichtl","doi":"10.1145/3490486.3538262","DOIUrl":null,"url":null,"abstract":"We study markets where a set of indivisible items is sold to bidders with unit-demand valuations, subject to a hard budget limit. Without financial constraints and pure quasilinear bidders, this assignment model allows for a simple ascending auction format that maximizes welfare and is incentive-compatible and core-stable. Introducing budget constraints, the ascending auction requires strong additional conditions on the unit-demand preferences to maintain its properties. We show that, without these conditions, we cannot hope for an incentive-compatible and core-stable mechanism. We design an iterative algorithm that depends solely on a trivially verifiable ex-post condition and demand queries, and with appropriate decisions made by an auctioneer, always yields a welfare-maximizing and core-stable outcome. If these conditions do not hold, we cannot hope for incentive-compatibility and computing welfare-maximizing assignments and core-stable prices is hard: Even in the presence of value queries, where bidders reveal their valuations and budgets truthfully, we prove that the problem becomes NP-complete for the assignment market model. The analysis complements complexity results for markets with more complex valuations and shows that even with simple unit-demand bidders the problem becomes intractable. This raises doubts on the efficiency of simple auction designs as they are used in high-stakes markets, where budget constraints typically play a role.","PeriodicalId":209859,"journal":{"name":"Proceedings of the 23rd ACM Conference on Economics and Computation","volume":null,"pages":null},"PeriodicalIF":0.0000,"publicationDate":"2022-05-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":"{\"title\":\"Core-Stability in Assignment Markets with Financially Constrained Buyers\",\"authors\":\"Eleni Batziou, M. Bichler, Maximilian Fichtl\",\"doi\":\"10.1145/3490486.3538262\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"We study markets where a set of indivisible items is sold to bidders with unit-demand valuations, subject to a hard budget limit. Without financial constraints and pure quasilinear bidders, this assignment model allows for a simple ascending auction format that maximizes welfare and is incentive-compatible and core-stable. Introducing budget constraints, the ascending auction requires strong additional conditions on the unit-demand preferences to maintain its properties. We show that, without these conditions, we cannot hope for an incentive-compatible and core-stable mechanism. We design an iterative algorithm that depends solely on a trivially verifiable ex-post condition and demand queries, and with appropriate decisions made by an auctioneer, always yields a welfare-maximizing and core-stable outcome. If these conditions do not hold, we cannot hope for incentive-compatibility and computing welfare-maximizing assignments and core-stable prices is hard: Even in the presence of value queries, where bidders reveal their valuations and budgets truthfully, we prove that the problem becomes NP-complete for the assignment market model. The analysis complements complexity results for markets with more complex valuations and shows that even with simple unit-demand bidders the problem becomes intractable. This raises doubts on the efficiency of simple auction designs as they are used in high-stakes markets, where budget constraints typically play a role.\",\"PeriodicalId\":209859,\"journal\":{\"name\":\"Proceedings of the 23rd ACM Conference on Economics and Computation\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2022-05-12\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Proceedings of the 23rd ACM Conference on Economics and Computation\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1145/3490486.3538262\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Proceedings of the 23rd ACM Conference on Economics and Computation","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1145/3490486.3538262","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
Core-Stability in Assignment Markets with Financially Constrained Buyers
We study markets where a set of indivisible items is sold to bidders with unit-demand valuations, subject to a hard budget limit. Without financial constraints and pure quasilinear bidders, this assignment model allows for a simple ascending auction format that maximizes welfare and is incentive-compatible and core-stable. Introducing budget constraints, the ascending auction requires strong additional conditions on the unit-demand preferences to maintain its properties. We show that, without these conditions, we cannot hope for an incentive-compatible and core-stable mechanism. We design an iterative algorithm that depends solely on a trivially verifiable ex-post condition and demand queries, and with appropriate decisions made by an auctioneer, always yields a welfare-maximizing and core-stable outcome. If these conditions do not hold, we cannot hope for incentive-compatibility and computing welfare-maximizing assignments and core-stable prices is hard: Even in the presence of value queries, where bidders reveal their valuations and budgets truthfully, we prove that the problem becomes NP-complete for the assignment market model. The analysis complements complexity results for markets with more complex valuations and shows that even with simple unit-demand bidders the problem becomes intractable. This raises doubts on the efficiency of simple auction designs as they are used in high-stakes markets, where budget constraints typically play a role.