Designing an auction protocol under asymmetric information on nature's selection

Takayuki Ito, Makoto Yokoo, Shigeo Matsubara

研究成果: 会議への寄与タイプ論文

12 引用 (Scopus)

抜粋

Internet auctions are becoming an especially popular part of Electronic Commerce and auction protocols have been studied very widely in the field of multi-agent systems and AI. However, correctly judging the quality of auctioned goods is often difficult for non-experts (amateurs), in particular, on the Internet auctions. In this paper, we formalize such a situation so that Nature selects the quality of the auctioned good. Experts can observe Nature's selection (i.e., the quality of the good) correctly, while amateurs including the auctioneer cannot. In other words, the information on Nature's selection is asymmetric between experts and amateurs. In this situation, it is difficult to attain an efficient allocation, since experts have a clear advantage over amateurs and they would not reveal their valuable information without some reward. Thus, in this paper, we develop a new auction protocol in which truth-telling is a dominant strategy for each expert. This can be done by putting these experts in a situation similar to Prisoner's Dilemma. If they cooperate and tell lies, they can exclude amateurs, but betraying is a dominant strategy. By making experts to elicit their information on the quality of the good, the protocol can achieve a socially desirable, i.e., Pareto efficient allocation if certain assumptions are satisfied.

元の言語英語
ページ61-68
ページ数8
出版物ステータス出版済み - 1 1 2002
外部発表Yes
イベントProceedings of the 1st International Joint Conference on: Autonomous Agents adn Multiagent Systems - Bologna, イタリア
継続期間: 7 15 20027 19 2002

その他

その他Proceedings of the 1st International Joint Conference on: Autonomous Agents adn Multiagent Systems
イタリア
Bologna
期間7/15/027/19/02

    フィンガープリント

All Science Journal Classification (ASJC) codes

  • Engineering(all)

これを引用

Ito, T., Yokoo, M., & Matsubara, S. (2002). Designing an auction protocol under asymmetric information on nature's selection. 61-68. 論文発表場所 Proceedings of the 1st International Joint Conference on: Autonomous Agents adn Multiagent Systems, Bologna, イタリア.