Download or read book Robust Mechanism Design written by Dirk Bergemann and published by World Scientific. This book was released on 2012 with total page 471 pages. Available in PDF, EPUB and Kindle. Book excerpt: Foreword by Eric Maskin (Nobel Laureate in Economics, 2007)This volume brings together the collected contributions on the theme of robust mechanism design and robust implementation that Dirk Bergemann and Stephen Morris have been working on for the past decade. The collection is preceded by a comprehensive introductory essay, specifically written for this volume with the aim of providing the readers with an overview of the research agenda pursued in the collected papers.The introduction selectively presents the main results of the papers, and attempts to illustrate many of them in terms of a common and canonical example, namely a single unit auction with interdependent values. It is our hope that the use of this example facilitates the presentation of the results and that it brings the main insights within the context of an important economic mechanism, namely the generalized second price auction.

Download or read book Optimization and Games for Controllable Markov Chains written by Julio B. Clempner and published by Springer Nature. This book was released on 2023-12-13 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book considers a class of ergodic finite controllable Markov's chains. The main idea behind the method, described in this book, is to develop the original discrete optimization problems (or game models) in the space of randomized formulations, where the variables stand in for the distributions (mixed strategies or preferences) of the original discrete (pure) strategies in the use. The following suppositions are made: a finite state space, a limited action space, continuity of the probabilities and rewards associated with the actions, and a necessity for accessibility. These hypotheses lead to the existence of an optimal policy. The best course of action is always stationary. It is either simple (i.e., nonrandomized stationary) or composed of two nonrandomized policies, which is equivalent to randomly selecting one of two simple policies throughout each epoch by tossing a biased coin. As a bonus, the optimization procedure just has to repeatedly solve the time-average dynamic programming equation, making it theoretically feasible to choose the optimum course of action under the global restriction. In the ergodic cases the state distributions, generated by the corresponding transition equations, exponentially quickly converge to their stationary (final) values. This makes it possible to employ all widely used optimization methods (such as Gradient-like procedures, Extra-proximal method, Lagrange's multipliers, Tikhonov's regularization), including the related numerical techniques. In the book we tackle different problems and theoretical Markov models like controllable and ergodic Markov chains, multi-objective Pareto front solutions, partially observable Markov chains, continuous-time Markov chains, Nash equilibrium and Stackelberg equilibrium, Lyapunov-like function in Markov chains, Best-reply strategy, Bayesian incentive-compatible mechanisms, Bayesian Partially Observable Markov Games, bargaining solutions for Nash and Kalai-Smorodinsky formulations, multi-traffic signal-control synchronization problem, Rubinstein's non-cooperative bargaining solutions, the transfer pricing problem as bargaining.

Download or read book Randomization and Computation in Strategic Settings written by Shaddin Faris Dughmi and published by Stanford University. This book was released on 2011 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis considers the following question: In large-scale systems involving many self-interested participants, how can we effectively allocate scarce resources among competing interests despite strategic behavior by the participants, as well as the limited computational power of the system? Work at the interface between computer science and economics has revealed a fundamental tension between the economic objective, that of achieving the goals of the system designer despite strategic behavior, and the computational objective, that of implementing aspects of the system efficiently. In particular, this tension has been most apparent in systems that allocate resources deterministically. The realization that careful use of randomization can reconcile economic and computational goals is the starting point for this thesis. Our contributions are twofold: (1) We design randomized mechanisms for several fundamental problems of resource allocation; our mechanisms perform well even in the presence of strategic behavior, and can be implemented efficiently. (2) En route to our results, we develop new and flexible techniques for exploiting the power of randomization in the design of computationally-efficient mechanisms for resource allocation in strategic settings.

Download or read book Game Theory And Mechanism Design written by Y Narahari and published by World Scientific. This book was released on 2014-03-13 with total page 533 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers a self-sufficient treatment of a key tool, game theory and mechanism design, to model, analyze, and solve centralized as well as decentralized design problems involving multiple autonomous agents that interact strategically in a rational and intelligent way. The contents of the book provide a sound foundation of game theory and mechanism design theory which clearly represent the “science” behind traditional as well as emerging economic applications for the society.The importance of the discipline of game theory has been recognized through numerous Nobel prizes in economic sciences being awarded to game theorists, including the 2005, 2007, and 2012 prizes. The book distills the marvelous contributions of these and other celebrated game theorists and presents it in a way that can be easily understood even by senior undergraduate students.A unique feature of the book is its detailed coverage of mechanism design which is the art of designing a game among strategic agents so that a social goal is realized in an equilibrium of the induced game. Another feature is a large number of illustrative examples that are representative of both classical and modern applications of game theory and mechanism design. The book also includes informative biographical sketches of game theory legends, and is specially customized to a general engineering audience.After a thorough reading of this book, readers would be able to apply game theory and mechanism design in a principled and mature way to solve relevant problems in computer science (esp, artificial intelligence/machine learning), computer engineering, operations research, industrial engineering and microeconomics.

Download or read book Twenty Lectures on Algorithmic Game Theory written by Tim Roughgarden and published by Cambridge University Press. This book was released on 2016-08-30 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt: Computer science and economics have engaged in a lively interaction over the past fifteen years, resulting in the new field of algorithmic game theory. Many problems that are central to modern computer science, ranging from resource allocation in large networks to online advertising, involve interactions between multiple self-interested parties. Economics and game theory offer a host of useful models and definitions to reason about such problems. The flow of ideas also travels in the other direction, and concepts from computer science are increasingly important in economics. This book grew out of the author's Stanford University course on algorithmic game theory, and aims to give students and other newcomers a quick and accessible introduction to many of the most important concepts in the field. The book also includes case studies on online advertising, wireless spectrum auctions, kidney exchange, and network management.

Download or read book Algorithms and Computation written by Kun-Mao Chao and published by Springer Science & Business Media. This book was released on 2012-12-15 with total page 716 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book constitutes the refereed proceedings of the 23rd International Symposium on Algorithms and Computation, ISAAC 2012, held in Taipei, Taiwan, in December 2012. The 68 revised full papers presented together with three invited talks were carefully reviewed and selected from 174 submissions for inclusion in the book. This volume contains topics such as graph algorithms; online and streaming algorithms; combinatorial optimization; computational complexity; computational geometry; string algorithms; approximation algorithms; graph drawing; data structures; randomized algorithms; and algorithmic game theory.

Download or read book Information Incentives and Economic Mechanisms written by Theodore Groves and published by U of Minnesota Press. This book was released on 1987 with total page 410 pages. Available in PDF, EPUB and Kindle. Book excerpt: Printbegrænsninger: Der kan printes 10 sider ad gangen og max. 40 sider pr. session

Download or read book Age of Information written by Yin Sun and published by Morgan & Claypool Publishers. This book was released on 2019-12-12 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt: Information usually has the highest value when it is fresh. For example, real-time knowledge about the location, orientation, and speed of motor vehicles is imperative in autonomous driving, and the access to timely information about stock prices and interest rate movements is essential for developing trading strategies on the stock market. The Age of Information (AoI) concept, together with its recent extensions, provides a means of quantifying the freshness of information and an opportunity to improve the performance of real-time systems and networks. Recent research advances on AoI suggest that many well-known design principles of traditional data networks (for, e.g., providing high throughput and low delay) need to be re-examined for enhancing information freshness in rapidly emerging real-time applications. This book provides a suite of analytical tools and insightful results on the generation of information-update packets at the source nodes and the design of network protocols forwarding the packets to their destinations. The book also points out interesting connections between AoI concept and information theory, signal processing, and control theory, which are worthy of future investigation.

Download or read book Putting Auction Theory to Work written by Paul Milgrom and published by Cambridge University Press. This book was released on 2004-01-12 with total page 378 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a comprehensive introduction to modern auction theory and its important new applications. It is written by a leading economic theorist whose suggestions guided the creation of the new spectrum auction designs. Aimed at graduate students and professionals in economics, the book gives the most up-to-date treatments of both traditional theories of 'optimal auctions' and newer theories of multi-unit auctions and package auctions, and shows by example how these theories are used. The analysis explores the limitations of prominent older designs, such as the Vickrey auction design, and evaluates the practical responses to those limitations. It explores the tension between the traditional theory of auctions with a fixed set of bidders, in which the seller seeks to squeeze as much revenue as possible from the fixed set, and the theory of auctions with endogenous entry, in which bidder profits must be respected to encourage participation.

Download or read book Aggregation and Revelation of Preferences written by Econometric Society and published by Amsterdam ; New York : North-Holland Publishing Company ; New York : sole distributors for the U.S.A. and Canada, Elsevier North-Holland. This book was released on 1979 with total page 472 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Web and Internet Economics written by Yiling Chen and published by Springer. This book was released on 2013-12-09 with total page 450 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book constitutes the thoroughly refereed conference proceedings of the 9th International Conference on Web and Internet Economics, WINE 2013, held in Cambridge, MA, USA, in December 2013. The 36 revised full papers were carefully reviewed and selected from 150 submissions and cover research in theoretical computer science, artificial intelligence and microeconomics.

Download or read book 40th ACM International Symposium on Theory of Computing written by STOC (40, 2008, Victoria, British Columbia) and published by . This book was released on 2008 with total page 832 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Game Theory Alive written by Anna R. Karlin and published by American Mathematical Soc.. This book was released on 2017-04-27 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: We live in a highly connected world with multiple self-interested agents interacting and myriad opportunities for conflict and cooperation. The goal of game theory is to understand these opportunities. This book presents a rigorous introduction to the mathematics of game theory without losing sight of the joy of the subject. This is done by focusing on theoretical highlights (e.g., at least six Nobel Prize winning results are developed from scratch) and by presenting exciting connections of game theory to other fields such as computer science (algorithmic game theory), economics (auctions and matching markets), social choice (voting theory), biology (signaling and evolutionary stability), and learning theory. Both classical topics, such as zero-sum games, and modern topics, such as sponsored search auctions, are covered. Along the way, beautiful mathematical tools used in game theory are introduced, including convexity, fixed-point theorems, and probabilistic arguments. The book is appropriate for a first course in game theory at either the undergraduate or graduate level, whether in mathematics, economics, computer science, or statistics. The importance of game-theoretic thinking transcends the academic setting—for every action we take, we must consider not only its direct effects, but also how it influences the incentives of others.

Download or read book Supermodularity and Complementarity written by Donald M. Topkis and published by Princeton University Press. This book was released on 2011-02-11 with total page 285 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economics literature is replete with examples of monotone comparative statics; that is, scenarios where optimal decisions or equilibria in a parameterized collection of models vary monotonically with the parameter. Most of these examples are manifestations of complementarity, with a common explicit or implicit theoretical basis in properties of a super-modular function on a lattice. Supermodular functions yield a characterization for complementarity and extend the notion of complementarity to a general setting that is a natural mathematical context for studying complementarity and monotone comparative statics. Concepts and results related to supermodularity and monotone comparative statics constitute a new and important formal step in the long line of economics literature on complementarity. This monograph links complementarity to powerful concepts and results involving supermodular functions on lattices and focuses on analyses and issues related to monotone comparative statics. Don Topkis, who is known for his seminal contributions to this area, here presents a self-contained and up-to-date view of this field, including many new results, to scholars interested in economic theory and its applications as well as to those in related disciplines. The emphasis is on methodology. The book systematically develops a comprehensive, integrated theory pertaining to supermodularity, complementarity, and monotone comparative statics. It then applies that theory in the analysis of many diverse economic models formulated as decision problems, noncooperative games, and cooperative games.

Download or read book Designing Economic Mechanisms written by Leonid Hurwicz and published by Cambridge University Press. This book was released on 2006-05-22 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: A mechanism is a mathematical structure that models institutions through which economic activity is guided and coordinated. There are many such institutions; markets are the most familiar ones. Lawmakers, administrators and officers of private companies create institutions in order to achieve desired goals. They seek to do so in ways that economize on the resources needed to operate the institutions, and that provide incentives that induce the required behaviors. This book presents systematic procedures for designing mechanisms that achieve specified performance, and economize on the resources required to operate the mechanism. The systematic design procedures are algorithms for designing informationally efficient mechanisms. Most of the book deals with these procedures of design. When there are finitely many environments to be dealt with, and there is a Nash-implementing mechanism, our algorithms can be used to make that mechanism into an informationally efficient one. Informationally efficient dominant strategy implementation is also studied.

Download or read book Local Electricity Markets written by Tiago Pinto and published by Academic Press. This book was released on 2021-07-03 with total page 474 pages. Available in PDF, EPUB and Kindle. Book excerpt: Local Electricity Markets introduces the fundamental characteristics, needs, and constraints shaping the design and implementation of local electricity markets. It addresses current proposed local market models and lessons from their limited practical implementation. The work discusses relevant decision and informatics tools considered important in the implementation of local electricity markets. It also includes a review on management and trading platforms, including commercially available tools. Aspects of local electricity market infrastructure are identified and discussed, including physical and software infrastructure. It discusses the current regulatory frameworks available for local electricity market development internationally. The work concludes with a discussion of barriers and opportunities for local electricity markets in the future. - Delineates key components shaping the design and implementation of local electricity market structure - Provides a coherent view on the enabling infrastructures and technologies that underpin local market expansion - Explores the current regulatory environment for local electricity markets drawn from a global panel of contributors - Exposes future paths toward widespread implementation of local electricity markets using an empirical review of barriers and opportunities - Reviews relevant local electricity market case studies, pilots and demonstrators already deployed and under implementation

Download or read book Web and Internet Economics written by Tie-Yan Liu and published by Springer. This book was released on 2014-11-25 with total page 512 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book constitutes the thoroughly refereed conference proceedings of the 10th International Conference on Web and Internet Economics, WINE 2014, held in Beijing, China, in December 2014. The 32 regular and 13 short papers were carefully reviewed and selected from 107 submissions and cover results on incentives and computation in theoretical computer science, artificial intelligence, and microeconomics.