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We introduce a new family of dynamic mechanisms that restricts sellers from using future distributional knowledge. Since the allocation and pricing of each auction period do not depend on the type distributions of future periods, we call this family of dynamic mechanisms non-clairvoyant.We...
Persistent link: https://www.econbiz.de/10012854936
Dynamic mechanism design expands the scope of allocations that can be implemented and the performance that can be attained compared to static mechanisms. Even under stringent participation constraints and restrictions on transfers, recent work demonstrated that it is possible for a designer to...
Persistent link: https://www.econbiz.de/10014091674
Persistent link: https://www.econbiz.de/10011947131
Dynamic mechanisms offer powerful techniques to improve on both revenue and efficiency by linking sequential auctions using state information, but these techniques rely on exact distributional information of the buyers' valuations (present and future), which limits their use in learning...
Persistent link: https://www.econbiz.de/10012868691