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Article review

Article review. A good way of checking your understanding is to give a short speech giving an overview of the article or explaining something interesting you learned from the article. . Designing the Perfect Auction. What did the article say was the inverse of game theory? why?

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Article review

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  1. Article review • A good way of checking your understanding is to give a short speech giving an overview of the article or explaining something interesting you learned from the article.

  2. Designing the Perfect Auction • What did the article say was the inverse of game theory? why? • What is the concern about truthfully revealing preferences? • Explain the auction types: Dutch, English, First price, second price • “the underlying motivation for (ebay) adopting this auction was communication costs”. What are they referring to? • What is general idea of Vickrey Clarke Groves?

  3. Making decision based on the preferences of multiple agents • What is a plurality rule? • Kemeny rule – find an aggregate ranking with minimally disagrees with the input rankings • Voting on individual issues separately can easily lead to undesirable results. Give an example. What is the solution?

  4. Terms • monotonicity assumptions • externalities • envy free • pareto efficient • substitutes/complements • combinatorial auctions • bidding languages • manipulation

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