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## Beyond VCG: Frugality of truthful mechanisms (2005)

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Venue: | In Proceedings of the 46th Annual IEEE Symposium on Foundations of Computer Science |

Citations: | 55 - 5 self |

### Citations

2404 |
Microeconomic Theory
- Mas-Colell, Whinston, et al.
- 1995
(Show Context)
Citation Context ...ver action benefits them most. In particular, they may report a value different from their true cost ci to the auctioneer, in order to increase the payments they receive. The area of mechanism design =-=[17, 22, 25]-=- studies the design of auctions so that no agent, motivated only by self-interest, has an incentive to cheat. A desirable property for mechanisms is that it be in each agent’s best interest to report ... |

1759 | Counterspeculation, Auctions, and Competitive Sealed Tenders - Vickrey - 1961 |

985 |
Auction Theory
- Krishna
- 2002
(Show Context)
Citation Context ...auctioneer, who then chooses one or more winners and purchases their services (or sells them resources). The case of buying or selling a single item at a time has a long history of study in economics =-=[15, 14]-=-, and is well understood. The problem becomes more intriguing, however, when the auctioneer is trying to buy or sell a set of items, interacting with multiple parties. Several recent papers have studi... |

976 |
Multipart Pricing of Public Goods
- Clarke
- 1971
(Show Context)
Citation Context ...n which the lowest bidder is awarded the contract and is paid the second-lowest bid; 1 its generalization to the problem of hiring a team of agents and many other problems is called the VCG mechanism =-=[28, 6, 12]-=-. In the VCG mechanism, the feasible set S selected is always the one with lowest total cost b(S) according to the agents’ bids; each agent is then paid the highest amount it could have bid to still b... |

778 |
Incentives in teams,”
- Groves
- 1973
(Show Context)
Citation Context ...n which the lowest bidder is awarded the contract and is paid the second-lowest bid; 1 its generalization to the problem of hiring a team of agents and many other problems is called the VCG mechanism =-=[28, 6, 12]-=-. In the VCG mechanism, the feasible set S selected is always the one with lowest total cost b(S) according to the agents’ bids; each agent is then paid the highest amount it could have bid to still b... |

662 | Algorithmic mechanism design.
- Nisan, Ronen
- 2001
(Show Context)
Citation Context ...osts and bids, the problem is therefore defined entirely by the set system of feasible sets. Two special cases of this general setting have been studied extensively in the past: (i) In a path auction =-=[22, 4, 8]-=-, the agents own edges of a known graph, and the auctioneer wants to purchase a path between two given nodes s, t. (ii) In a minimum spanning tree (MST) auction [27, 5, 10], the agents again own edges... |

657 | How bad is selfish routing?
- Roughgarden, Tardos
- 2002
(Show Context)
Citation Context ...fs between agents’ incentives and computational complexity. The loss of efficiency in network games due to selfish user behavior has been studied in the contexts of the “price of anarchy” (see, e.g., =-=[25, 26]-=-), and the “price of stability” (see [2]). The problem of hiring a team of agents in complex settings, at minimum total cost, has been shown to have many practical economic applications (see [9, 1, 23... |

534 | Auction Theory: A Guide to the Literature,”
- Klemperer
- 1999
(Show Context)
Citation Context ...auctioneer, who then chooses one or more winners and purchases their services (or sells them resources). The case of buying or selling a single item at a time has a long history of study in economics =-=[15, 14]-=-, and is well understood. The problem becomes more intriguing, however, when the auctioneer is trying to buy or sell a set of items, interacting with multiple parties. Several recent papers have studi... |

324 |
Microeconomic Theory.
- Mas-Collel, Whinston, et al.
- 1995
(Show Context)
Citation Context ...ver action benefits them most. In particular, they may report a value different from their true cost ci to the auctioneer, in order to increase the payments they receive. The area of mechanism design =-=[17, 22, 25]-=- studies the design of auctions so that no agent, motivated only by self-interest, has an incentive to cheat. A desirable property for mechanisms is that it be in each agent’s best interest to report ... |

280 | The price of stability for network design with fair cost allocation
- Anshelevich, Dasgupta, et al.
- 2004
(Show Context)
Citation Context ...al complexity. The loss of efficiency in network games due to selfish user behavior has been studied in the contexts of the “price of anarchy” (see, e.g., [25, 26]), and the “price of stability” (see =-=[2]-=-). The problem of hiring a team of agents in complex settings, at minimum total cost, has been shown to have many practical economic applications (see [9, 1, 23, 16, 21] for examples). In particular, ... |

268 | A bgp-based mechanism for lowest-cost routing,”
- Feigenbaum, Papadimitriou, et al.
- 2005
(Show Context)
Citation Context ...ity ratio in all monopoly-free settings, this settles the worst-case frugality ratio of shortest-path auctions on worst-case graphs. However, this worst case in no way applies to all graphs (see e.g. =-=[18, 9]-=-). The frugality ratio of a mechanism should therefore be bounded in terms of properties of the specific set system under consideration (in this case, the specific graph), rather than by the worst cas... |

232 | Truthful mechanisms for one-parameter agents.
- Archer, Tardos
- 2001
(Show Context)
Citation Context ...s are: • Howdowedesigntruthfulmechanisms that are as frugal as possible? • How costly is the restriction to truthfulness? Here, we build on research initiated by Archer and Tardos, Talwar, and others =-=[3, 4, 27, 10, 22, 8, 5, 11]-=-, and study the frugality of mechanisms for several classes of the “hiring a team” problem. 1 We assume here and in the sequel that there actually is a second-lowest bid. If there is only one bidder, ... |

201 | Strategyproof sharing of submodular costs: budget balance versus efficiency 18
- Moulin, Shenker, et al.
- 1999
(Show Context)
Citation Context ...ion of cost at most αB for some α<1. Our goal would then be to find a mechanism achieving large α. For the case of s-t path auctions, for instance, it may be possible to adapt cost-sharing techniques =-=[19]-=- to achieve α =Ω( 1 log k ),wherek is the length of the cheapest path; on the other hand, we conjecture that it is not possible to achieve larger values of α. Finally, as we mentioned above, the value... |

160 | Algorithms, games, and the Internet,” in
- Papadimitriou
- 2001
(Show Context)
Citation Context ...ver action benefits them most. In particular, they may report a value different from their true cost ci to the auctioneer, in order to increase the payments they receive. The area of mechanism design =-=[17, 22, 25]-=- studies the design of auctions so that no agent, motivated only by self-interest, has an incentive to cheat. A desirable property for mechanisms is that it be in each agent’s best interest to report ... |

139 | Competitive auctions and digital goods,” - Goldberg, Hartline, et al. - 2001 |

119 | Frugal path mechanisms.
- Archer, Tardos
- 2002
(Show Context)
Citation Context ... sell a set of items, interacting with multiple parties. Several recent papers have studied the resulting auctions and their properties. We adopt here the general framework of hiring a team of agents =-=[4, 27, 10]-=-: The auctioneer is intent on hiring a team of agents to perform a complex task. Each agent i can perform a simple task at some cost ci known only to himself. Based on the agents’ bids bi, the auction... |

100 |
Globally distributed computation over the internet. the popcorn project.
- Nisan, London, et al.
- 1998
(Show Context)
Citation Context ... [25, 26]), and the “price of stability” (see [2]). The problem of hiring a team of agents in complex settings, at minimum total cost, has been shown to have many practical economic applications (see =-=[9, 1, 23, 16, 21]-=- for examples). In particular, the path auction problem we study 3 here has been the subject of a significant amount of prior research. The traditional economics approach to payment minimization (or p... |

85 | On certain connectivity properties of the internet topology
- Mihail, Papadimitriou, et al.
(Show Context)
Citation Context ...ity ratio in all monopoly-free settings, this settles the worst-case frugality ratio of shortest-path auctions on worst-case graphs. However, this worst case in no way applies to all graphs (see e.g. =-=[18, 9]-=-). The frugality ratio of a mechanism should therefore be bounded in terms of properties of the specific set system under consideration (in this case, the specific graph), rather than by the worst cas... |

84 | QoS and fairness constrained convex optimization of resource allocation for wireless cellular and ad hoc networks,
- Julian, Chiang, et al.
- 2002
(Show Context)
Citation Context ... [25, 26]), and the “price of stability” (see [2]). The problem of hiring a team of agents in complex settings, at minimum total cost, has been shown to have many practical economic applications (see =-=[9, 1, 23, 16, 21]-=- for examples). In particular, the path auction problem we study 3 here has been the subject of a significant amount of prior research. The traditional economics approach to payment minimization (or p... |

63 | Frugality in path auctions.
- Elkind, Sahai, et al.
- 2004
(Show Context)
Citation Context ...osts and bids, the problem is therefore defined entirely by the set system of feasible sets. Two special cases of this general setting have been studied extensively in the past: (i) In a path auction =-=[22, 4, 8]-=-, the agents own edges of a known graph, and the auctioneer wants to purchase a path between two given nodes s, t. (ii) In a minimum spanning tree (MST) auction [27, 5, 10], the agents again own edges... |

62 |
Matroid theory. Oxford Science Publications
- Oxley
- 1992
(Show Context)
Citation Context ...d only if the feasible sets F are the bases of a monopoly-free matroid. The proof is quite similar to the one in [27] for frugoids. It depends on the following well-known characterization of matroids =-=[24]-=-: Proposition 6 A collection F of sets forms the bases of a matroid if and only if for every two sets S, T ∈F,thereisa bijection f between S\T and T \S such that S\{e}∪{f(e)} is in F for every e ∈ S \... |

59 | Linear programming and Vickrey auctions.
- Vries, Bikhchandani, et al.
- 2002
(Show Context)
Citation Context ...ndeed, path auctions and similar problems have been studied recently from the Bayesian perspective in [8, 7]. By way of contrast, we follow the approach pioneered by Archer, Tardos, Talwar and others =-=[4, 27, 5]-=-, and study the problem of hiring a team from a worst-case perspective. As we have repeatedly seen in computer science, significant insight can be gained from an understanding of worst-case performanc... |

45 |
The price of truth: Frugality in truthful mechanisms,
- Talwar
- 2003
(Show Context)
Citation Context ... sell a set of items, interacting with multiple parties. Several recent papers have studied the resulting auctions and their properties. We adopt here the general framework of hiring a team of agents =-=[4, 27, 10]-=-: The auctioneer is intent on hiring a team of agents to perform a complex task. Each agent i can perform a simple task at some cost ci known only to himself. Based on the agents’ bids bi, the auction... |

41 | Virtual path bandwidth allocation in multiuser networks
- Lazar, Orda, et al.
- 1997
(Show Context)
Citation Context ... [25, 26]), and the “price of stability” (see [2]). The problem of hiring a team of agents in complex settings, at minimum total cost, has been shown to have many practical economic applications (see =-=[9, 1, 23, 16, 21]-=- for examples). In particular, the path auction problem we study 3 here has been the subject of a significant amount of prior research. The traditional economics approach to payment minimization (or p... |

38 | Algorithms for Selfish Agents: Mechanism Design for Distributed Computation,”
- Nisan
- 1999
(Show Context)
Citation Context ...deal with selfish users, in particular in network settings, there has been a large body of recent work at the intersection of game theory, economic theory and theoretical computer science (see, e.g., =-=[20, 25]-=-). For instance, the seminal paper of Nisan and Ronen [22], which introduced mechanism design to the theoretical computer science community, studied the tradeoffs between agents’ incentives and comput... |

29 | First-price path auctions
- Immorlica, Karger, et al.
- 2005
(Show Context)
Citation Context ...unds. As we are interested in a lower bound, we wish to define the cheapest Nash value ν(c) to be the minimum payments by N over all of its Nash Equilibria. Unluckily, as observed by Immorlica et al. =-=[13]-=-, Nash Equilibria often do not exist for first-price auctions. We will discuss this issue in more detail below; however, we can still define the quantity ν(c) analytically based on the intuition we ga... |

19 | A Contract and Balancing Mechanism for Sharing Capacity in a Communication Network.‖ Computing and Markets, Dagstuhl Seminar Proceedings. Schloss Dagstuhl, Germany, March-July 2005. Lehman, Muller & Sandholm (eds). Internationales Begegnungs- und Forschun
- Anderson, Kelly, et al.
- 2004
(Show Context)
Citation Context |

19 | On the Expected Payment of Mechanisms for Task Allocation
- Czumaj, Ronen
(Show Context)
Citation Context ...imal Bayesian auction given the prior distributions from which agents’ private values are drawn. Indeed, path auctions and similar problems have been studied recently from the Bayesian perspective in =-=[8, 7]-=-. By way of contrast, we follow the approach pioneered by Archer, Tardos, Talwar and others [4, 27, 5], and study the problem of hiring a team from a worst-case perspective. As we have repeatedly seen... |

14 | Coalitional games on graphs: core structure, substitutes and frugality,
- Garg, Kumar, et al.
- 2003
(Show Context)
Citation Context ... sell a set of items, interacting with multiple parties. Several recent papers have studied the resulting auctions and their properties. We adopt here the general framework of hiring a team of agents =-=[4, 27, 10]-=-: The auctioneer is intent on hiring a team of agents to perform a complex task. Each agent i can perform a simple task at some cost ci known only to himself. Based on the agents’ bids bi, the auction... |