Two-Sided Markets: Mapping Social Welfare to Gain from Trade

Rica Gonen, Ozi Egri

פרסום מחקרי: פרק בספר / בדוח / בכנספרסום בספר כנסביקורת עמיתים


Though the definition of gain from trade extends the definition of social welfare from auctions to markets, from a mathematical point of view the additional dimension added by gain from trade makes it much more difficult to design a gain from trade maximizing mechanism. This paper provides a means of understanding when a market designer can choose the easier path of maximizing social welfare rather than maximizing gain from trade. We provide and prove the first formula to convert a social welfare approximation bound to a gain from trade approximation bound that maintains the original order of approximation. This makes it possible to compare algorithms that approximate gain from trade with those that approximate social welfare. We evaluate the performance of our formula by using it to convert known social welfare approximation solutions to gain from trade approximation solutions. The performance of all known two-sided markets solutions (that implement truthfulness, IR, BB, and approximate efficiency) are benchmarked by both their theoretical approximation bound and their performance in practice. Surprisingly, we found that some social welfare solutions achieve a better gain from trade than other solutions designed to approximate gain from trade.

שפה מקוריתאנגלית
כותר פרסום המארחMulti-Agent Systems - 16th European Conference, EUMAS 2018, Revised Selected Papers
עורכיםMarija Slavkovik
מוציא לאורSpringer Verlag
מספר עמודים18
מסת"ב (מודפס)9783030141738
מזהי עצם דיגיטלי (DOIs)
סטטוס פרסוםפורסם - 2019
אירוע16th European Conference on Multi-Agent Systems, EUMAS 2018 - Bergen, נורווגיה
משך הזמן: 6 דצמ׳ 20187 דצמ׳ 2018

סדרות פרסומים

שםLecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics)
כרך11450 LNAI
ISSN (מודפס)0302-9743
ISSN (אלקטרוני)1611-3349


כנס16th European Conference on Multi-Agent Systems, EUMAS 2018

הערה ביבליוגרפית

Publisher Copyright:
© 2019, Springer Nature Switzerland AG.

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