Auctions with ex post uncertainty

Characterization of ex post equilibrium in the VCG combinatorial auctions

We prove that when the number of (potential) buyers is at least three, every ex post equilibrium in the Vickrey-Clarke-Groves combinatorial auction mechanisms is a bundling equilibrium and is symmetric. This complements a theorem proved in Holzman, Kfir-Dahav, Monderer, and Tennenholtz [6], according to which, the symmetric bundling equilibria are precisely those defined by a quasi field.

An Impossibility Result for Ex-Post Implementable Multi-Item Auctions with Private Values

We analyze ex-post implementable social choice functions for private-value and quasi-linear settings over restricted domains of preferences, the leading example being multi-item auctions (with either heterogeneous or homogeneous goods). Our work generalizes the characterization of Roberts (1979) who characterized ex-post implementability over unrestricted domains. We show that ex-post implement...

The Ex-post Inefficiency of Optimal Combinatoric Auctions with Single-Minded Bidders

Continuous Double Auctions with Execution Uncertainty

We propose a novel variant of the Continuous Double Auction (CDA), the Trust-based CDA (T-CDA), which we demonstrate to be robust to execution uncertainty. This is desirable in a setting where traders may fail to deliver the goods, services or payments they have promised. Specifically, the T-CDA provides a mechanism that allows agents to commit to trades they believe will maximize their expecte...

Auctions with private uncertainty and resale opportunities

This paper studies auctions held before bidders are sure of the values they place on the object for sale, leaving potential gains to subsequent resale trade. While important insights from models of auctions without resale carry over, equilibrium bidding can be fundamentally altered by the endogeneity of valuations and the informational linkages between primary and secondary markets. As a result...