Abstract
Multi-unit auctions are a paradigmatic model of resource allocation, where a seller brings multiple units of a good to a set of buyers equipped with monetary budgets. It is well known that Walrasian equilibria do not always exist in this model, however compelling relaxations such as Walrasian envy-free pricing do.We design a best possible envy-free and prior-free mechanism for multi-unit auctions with budgets. When the market is even mildly competitive, the approximation ratios of this mechanism are small constants for both the revenue and welfare objectives, and in fact for welfare the approximation converges to 1 as the market becomes fully competitive. We also give an impossibility theorem, showing that truthfulness requires discarding resources and is thus incompatible with (Pareto) efficiency.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
