Walrasian Dynamics in Multi-unit Markets
AAAI'19/IAAI'19/EAAI'19: Proceedings of the Thirty-Third AAAI Conference on Artificial Intelligence and Thirty-First Innovative Applications of Artificial Intelligence Conference and Ninth AAAI Symposium on Educational Advances in Artificial Intelligence(2018)
摘要
In a multi-unit market, a seller brings multiple units of a good and tries to sell them to a set of buyers that have monetary endowments. While a Walrasian equilibrium does not always exist in this model, natural relaxations of the concept that retain its desirable fairness properties do exist. We study the dynamics of (Walrasian) envy-free pricing mechanisms in this environment, showing that for any such pricing mechanism, the best response dynamic starting from truth-telling converges to a pure Nash equilibrium with small loss in revenue and welfare. Moreover, we generalize these bounds to capture all the Nash equilibria for a large class of (monotone) pricing mechanisms. We also identify a natural mechanism, which selects the minimum Walrasian envy-free price, in which for $n=2$ buyers the best response dynamic converges from any starting profile, and for which we conjecture convergence for any number of buyers.
更多查看译文
AI 理解论文
溯源树
样例
生成溯源树,研究论文发展脉络
Chat Paper
正在生成论文摘要