TY - GEN
T1 - Negotiation-range mechanisms
T2 - 5th ACM Conference on Electronic Commerce,EC 2004
AU - Bartal, Yair
AU - Gonen, Rica
AU - La Mura, Pierfrancesco
PY - 2004/5/17
Y1 - 2004/5/17
N2 - This paper introduces a new class of mechanisms based on negotiation between market participants. This model allows us to circumvent Myerson and Satterthwaite's impossibility result and present a bilateral market mechanism that is efficient, individually rational, incentive compatible and budget balanced in the single-unit heterogeneous setting. The underlying scheme makes this combination of desirable qualities possible by reporting a price range for each buyer-seller pair that defines a zone of possible agreements, while the final price is left open for negotiation.
AB - This paper introduces a new class of mechanisms based on negotiation between market participants. This model allows us to circumvent Myerson and Satterthwaite's impossibility result and present a bilateral market mechanism that is efficient, individually rational, incentive compatible and budget balanced in the single-unit heterogeneous setting. The underlying scheme makes this combination of desirable qualities possible by reporting a price range for each buyer-seller pair that defines a zone of possible agreements, while the final price is left open for negotiation.
KW - Efficient Markets
KW - Mechanism Design
KW - Negotiation-Range Mechanisms
UR - https://www.scopus.com/pages/publications/3242812800
U2 - 10.1145/988772.988775
DO - 10.1145/988772.988775
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AN - SCOPUS:3242812800
SN - 9781581137712
T3 - Proceedings of the ACM Conference on Electronic Commerce
SP - 1
EP - 8
BT - Proceedings of the 5th ACM Conference on Electronic Commerce, EC'04
PB - Association for Computing Machinery
Y2 - 17 May 2004 through 20 May 2004
ER -