Multi-Unit Auctions with Budget Constraints

Motivated by sponsored search auctions, we study multi-unit auctions with budget constraints. In the mechanism we propose, Sort-Cut, understating budgets or values is weakly dominated. Since Sort-Cut's revenue is increasing in budgets and values, all kinds of equilibrium deviations from true valuations turn out to be beneficial to the auctioneer. We show that the revenue of Sort-Cut can be an order of magnitude greater than that of the natural Market Clearing Price mechanism, and we discuss the efficiency properties of its ex-post Nash equilibrium

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Year of publication:	2011
Authors:	Hafalir, Isa Emin
Other Persons:	Ravi, R. (contributor) ; Sayedi, Amin (contributor)
Publisher:	[2011]: [S.l.] : SSRN
Subject:	Auktionstheorie \| Auction theory \| Auktion \| Auction \| Budgetrestriktion \| Budget constraint

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