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arXiv · 0909.0892

Price of Anarchy for Greedy Auctions

Brendan Lucier·Allan Borodin
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Abstract

We consider auctions in which greedy algorithms, paired with first-price or critical-price payment rules, are used to resolve multi-parameter combinatorial allocation problems. We study the price of anarchy for social welfare in such auctions. We show for a variety of equilibrium concepts, including Bayes-Nash equilibrium and correlated equilibrium, the resulting price of anarchy bound is close to the approximation factor of the underlying greedy algorithm.

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Brendan Lucier, Allan Borodin. 2009-09-04. Price of Anarchy for Greedy Auctions. https://arxiv.org/abs/0909.0892

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