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Budget-Balanced and Nearly Efficient Randomized Mechanisms: Public Goods and Beyond

Budget-Balanced and Nearly Efficient Randomized Mechanisms: Public Goods and Beyond
Budget-Balanced and Nearly Efficient Randomized Mechanisms: Public Goods and Beyond
Many scenarios where participants hold private information require payments to encourage truthful revelation. Some of these scenarios have no natural residual claimant who would absorb the budget surplus or cover the deficit. Faltings proposed the idea of excluding one agent uniformly at random and making him the residual claimant. Based on this idea, we propose two classes of public good mechanisms and derive optimal ones within each class: Faltings' mechanism is optimal in one of the classes. We then move on to general mechanism design settings, where we prove guarantees on the social welfare achieved by Faltings' mechanism. Finally, we analyze a modification of the mechanism where budget balance is achieved without designating any agent as the residual claimant.
158-169
Guo, Mingyu
f5665ce2-6a3b-474d-b3ad-17973ed1e43f
Naroditskiy, Victor
8881263c-ee85-49f2-b658-99c31b490e1d
Conitzer, Vincent
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Greenwald, Amy
e2e9560f-9feb-4aa8-bce3-7921643fcd8f
Jennings, Nicholas R.
ab3d94cc-247c-4545-9d1e-65873d6cdb30
Guo, Mingyu
f5665ce2-6a3b-474d-b3ad-17973ed1e43f
Naroditskiy, Victor
8881263c-ee85-49f2-b658-99c31b490e1d
Conitzer, Vincent
12b912b3-5ec3-4561-9f4f-a01e47329d3c
Greenwald, Amy
e2e9560f-9feb-4aa8-bce3-7921643fcd8f
Jennings, Nicholas R.
ab3d94cc-247c-4545-9d1e-65873d6cdb30

Guo, Mingyu, Naroditskiy, Victor, Conitzer, Vincent, Greenwald, Amy and Jennings, Nicholas R. (2011) Budget-Balanced and Nearly Efficient Randomized Mechanisms: Public Goods and Beyond. The 7th Workshop on Internet and Network Economics, Singapore. 11 - 14 Dec 2011. pp. 158-169 .

Record type: Conference or Workshop Item (Paper)

Abstract

Many scenarios where participants hold private information require payments to encourage truthful revelation. Some of these scenarios have no natural residual claimant who would absorb the budget surplus or cover the deficit. Faltings proposed the idea of excluding one agent uniformly at random and making him the residual claimant. Based on this idea, we propose two classes of public good mechanisms and derive optimal ones within each class: Faltings' mechanism is optimal in one of the classes. We then move on to general mechanism design settings, where we prove guarantees on the social welfare achieved by Faltings' mechanism. Finally, we analyze a modification of the mechanism where budget balance is achieved without designating any agent as the residual claimant.

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More information

Submitted date: 28 September 2011
Published date: 2011
Additional Information: Event Dates: December 11 - December 14, 2011
Venue - Dates: The 7th Workshop on Internet and Network Economics, Singapore, 2011-12-11 - 2011-12-14
Organisations: Agents, Interactions & Complexity

Identifiers

Local EPrints ID: 272897
URI: http://eprints.soton.ac.uk/id/eprint/272897
PURE UUID: 23eea1a0-a6b7-4905-b92d-afcc57bcbb91

Catalogue record

Date deposited: 30 Sep 2011 10:55
Last modified: 14 Mar 2024 10:12

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Contributors

Author: Mingyu Guo
Author: Victor Naroditskiy
Author: Vincent Conitzer
Author: Amy Greenwald
Author: Nicholas R. Jennings

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