Mechanism Redesign
نویسندگان
چکیده
This paper develops the theory of mechanism redesign by which an auctioneer can reoptimize an auction based on bid data collected from previous iterations of the auction on bidders from the same market. We give a direct method for estimation of the revenue of a counterfactual auction from the bids in the current auction. The estimator is a simple weighted order statistic of the bids and has the optimal error rate. Two applications of our estimator are A/B testing (a.k.a., randomized controlled trials) and instrumented optimization (i.e., revenue optimization subject to being able to do accurate inference of any counterfactual auction revenue).
منابع مشابه
Mechanism design without commitment ∗ , †
This paper identifies mechanisms that are implementable even when the planner cannot commit to the rules of the mechanism. The standard approach is to require mechanism to be robust against redesign. This often leads nonexistence of acceptable mechanisms. The novelty of this paper to require robustness against redesigns that are themselves robust against redesigns that are themselves robust aga...
متن کاملCase-Based Reasoning as a Technique for Knowledge Management in Business Process Redesign
Business Process Redesign (BPR) helps rethinking a process in order to enhance its performance. Practitioners have been developing methodologies to support BPR implementation. However, most methodologies lack actual guidance on deriving a process design threatening the success of BPR. In this paper, we suggest the use of a case-based reasoning technique (CBR) to support solving new problems by ...
متن کاملBenders decomposition for Supply Chain Network Redesign with Capacity planning and Multi-Period Pricing
Managing income is a considerable dimension in supply chain management in current economic atmosphere. Real world situation makes it inevitable not to design or redesign supply chain. Redesign will take place as costs increase or new services for customers’ new demands should be provided. Pricing is an important fragment of Supply chain due to two reasons: first, represents revenue based ...
متن کاملA Product Redesign Approach on The Basis of DFA Evaluation
A product redesign approach has been developed to facilitate the product modification processes. This approach combines the idea of Function Allocation (FA), Problem Recommendation Driven Mechanism (PRDM) and the Design for Assembly (DFA) methodology to develop an effective redesign approach. The DFA is used to evaluate a product from the viewpoint of assembly and product design. The FA is used...
متن کاملThe redesign of the medical intern assignment mechanism in Israel
A collaboration of medical professionals with economists and computer scientists involved in "market design" had led to the redesign of the clearinghouse assigning medical students to internships in Israel. The new mechanism presents significant efficiency gains relative to the previous one, and almost all students get a better chance of getting what they want. Continued monitoring of the new m...
متن کاملFostering Collaborative Redesign of Work Practice: Challenges for Tools Supporting Reflection at Work
Reflection is a well-known mechanism to learn from experience. Often, it has been investigated from an educational viewpoint or as a formalised procedure such as in project debriefings. Based on an analysis of three case studies, we show that collaborative reflection is much more embedded in daily work and that it supports collaborative, bottom-up redesign of work. We found that processes of wo...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
عنوان ژورنال:
- CoRR
دوره abs/1708.04699 شماره
صفحات -
تاریخ انتشار 2017