Negotiation-range mechanisms: Exploring the limits of truthful efficient markets

Yair Bartal; Rica Gonen; Pierfrancesco La Mura

doi:10.1145/988772.988775

Negotiation-range mechanisms: Exploring the limits of truthful efficient markets

Yair Bartal, Rica Gonen, Pierfrancesco La Mura

Research output: Contribution to conference › Paper › peer-review

Abstract

This paper introduces a new class of mechanisms based on negotiation between market participants. This model allows us to circumvent Myerson and Satterthwaite's impossibility result and present a bilateral market mechanism that is efficient, individually rational, incentive compatible and budget balanced in the single-unit heterogeneous setting. The underlying scheme makes this combination of desirable qualities possible by reporting a price range for each buyer-seller pair that defines a zone of possible agreements, while the final price is left open for negotiation.

Original language	English
Pages	1-8
Number of pages	8
DOIs	https://doi.org/10.1145/988772.988775
State	Published - 2004
Externally published	Yes
Event	Proceedings of the 5th ACM Conference on Electronic Commerce,EC'04 - New York, NY, United States Duration: 17 May 2004 → 20 May 2004

Conference

Conference	Proceedings of the 5th ACM Conference on Electronic Commerce,EC'04
Country/Territory	United States
City	New York, NY
Period	17/05/04 → 20/05/04

Keywords

Efficient Markets
Mechanism Design
Negotiation-Range Mechanisms

Access to Document

10.1145/988772.988775

Cite this

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KW - Negotiation-Range Mechanisms

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Negotiation-range mechanisms: Exploring the limits of truthful efficient markets

Abstract

Conference

Keywords

Access to Document

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