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Maximizing social welfare in congestion games via redistribution

Maximizing social welfare in congestion games via redistribution
Maximizing social welfare in congestion games via redistribution
It is well known that efficient use of congestible resources can be achieved via marginal pricing; however, payments collected from the agents generate a budget surplus, which reduces social welfare. We show that an asymptotically first-best solution in the number of agents can be achieved by the appropriate redistribution of the budget surplus back to the agents.
redistribution mechanisms, congestion, VCG
0899-8256
24-41
Naroditskiy, Victor
8881263c-ee85-49f2-b658-99c31b490e1d
Steinberg, Richard
e52120b0-a31f-4680-aa8c-d1c0e0f77172
Naroditskiy, Victor
8881263c-ee85-49f2-b658-99c31b490e1d
Steinberg, Richard
e52120b0-a31f-4680-aa8c-d1c0e0f77172

Naroditskiy, Victor and Steinberg, Richard (2015) Maximizing social welfare in congestion games via redistribution. Games and Economic Behavior, 93, 24-41. (doi:10.1016/j.geb.2015.06.010).

Record type: Article

Abstract

It is well known that efficient use of congestible resources can be achieved via marginal pricing; however, payments collected from the agents generate a budget surplus, which reduces social welfare. We show that an asymptotically first-best solution in the number of agents can be achieved by the appropriate redistribution of the budget surplus back to the agents.

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e-pub ahead of print date: 7 July 2015
Published date: September 2015
Keywords: redistribution mechanisms, congestion, VCG
Organisations: Electronics & Computer Science
Learn more about Electronics & Computer Science research

Identifiers

Local EPrints ID: 381934
URI: http://eprints.soton.ac.uk/id/eprint/381934
DOI: doi:10.1016/j.geb.2015.06.010
ISSN: 0899-8256
PURE UUID: 8c39e463-6bc5-488d-8e30-efb19ba48904

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Date deposited: 29 Sep 2015 09:29
Last modified: 14 Mar 2024 21:23

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Contributors

Author: Victor Naroditskiy
Author: Richard Steinberg

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