The FedEx Problem (Working Paper)
نویسندگان
چکیده
Remember that Time is Money” — Benjamin Franklin in Advice to a Young Tradesman (1748) Consider the following setting: a customer has a package and is willing to pay up to some value v to ship it, but needs it to be shipped by some deadline d. Given the joint prior distribution from which (v, d) pairs are drawn, we characterize the auction that yields optimal revenue, contributing to the limited understanding of optimal auctions beyond single-parameter settings. Our work requires a new way of combining and ironing revenue curves which illustrate why randomization is necessary to achieve optimal revenue. Finally, we strengthen the emerging understanding that duality is useful for both the design and analysis of optimal auctions in multi-parameter settings.
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تاریخ انتشار 2016