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Reports tagged with auctions:
TR06-074 | 24th April 2006
Shahar Dobzinski, Noam Nisan

#### Approximations by Computationally-Efficient VCG-Based Mechanisms

We consider computationally-efficient incentive-compatible
mechanisms that use the VCG payment scheme, and study how well they
can approximate the social welfare in auction settings. We obtain a
$2$-approximation for multi-unit auctions, and show that this is
best possible, even though from a purely computational perspective
an FPTAS exists. For combinatorial ... more >>>

TR09-068 | 1st September 2009
Dave Buchfuhrer, Chris Umans

#### Limits on the Social Welfare of Maximal-In-Range Auction Mechanisms

Many commonly-used auction mechanisms are maximal-in-range''. We show that any maximal-in-range mechanism for $n$ bidders and $m$ items cannot both approximate the social welfare with a ratio better than $\min(n, m^\eta)$ for any constant $\eta < 1/2$ and run in polynomial time, unless $NP \subseteq P/poly$. This significantly improves upon ... more >>>

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