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- 2015
- Working Paper
Strategy-Proofness, Investment Efficiency, and Marginal Returns: An Equivalence
By: John William Hatfield, Fuhito Kojima and Scott Duke Kominers
We show that a mechanism induces an agent to make efficient ex ante investment choices if and only if it rewards that agent with his marginal surplus; additionally, for an ex post efficient mechanism, these properties are equivalent to strategy-proofness for the agent.... View Details
Keywords: Strategy-proofness; Investment Efficiency; Providing Marginal Rewards; Vickrey-Clarke-Groves Mechanisms; Mechanism Design; Market Design; Human Capital
Hatfield, John William, Fuhito Kojima, and Scott Duke Kominers. "Strategy-Proofness, Investment Efficiency, and Marginal Returns: An Equivalence." Working Paper, January 2015.
- March 2007
- Article
Internet Advertising and the Generalized Second Price Auction: Selling Billions of Dollars Worth of Keywords
By: Benjamin Edelman, Michael Ostrovsky and Michael Schwarz
We investigate the "generalized second-price" auction (GSP), a new mechanism used by search engines to sell online advertising. Although GSP looks similar to the Vickrey-Clarke-Groves (VCG) mechanism, its properties are very different. Unlike the VCG mechanism, GSP... View Details
Edelman, Benjamin, Michael Ostrovsky, and Michael Schwarz. "Internet Advertising and the Generalized Second Price Auction: Selling Billions of Dollars Worth of Keywords." American Economic Review 97, no. 1 (March 2007): 242–259. (Winner of the 2013 Prize in Game Theory and Computer Science from the Game Theory Society - for "the best paper at the interface of game theory and computer science in the last decade." Winner of the 2018 SIGecom Test of Time Award from the ACM Special Interest Group on E-Commerce - for "an influential paper or series of papers published between ten and twenty-five years ago that has significantly impacted research or applications exemplifying the interplay of economics and computation.")
- 08 May 2007
- First Look
First Look: May 8, 2007
Economic Review 97, no. 1 (March 2007): 242-259 Abstract We investigate the "generalized second-price" auction (GSP), a new mechanism used by search engines to sell online advertising. Although GSP looks similar to the View Details
Keywords: Martha Lagace