Showing 1 - 10 of 1,469
Computer automation has the potential, just starting to be realized, of transforming the design and operation of markets, and the behaviors of agents trading in them. We discuss the possibilities for automating markets, presenting a broad conceptual framework covering resource allocation as well...
Persistent link: https://www.econbiz.de/10014024377
This paper tries to connect the theory of genetic algorithm (GA) learning to evolutionary game theory. It is shown that economic learning via genetic algorithms can be described as a specific form of evolutionary game. It will be pointed out that GA learning results in a series of near Nash...
Persistent link: https://www.econbiz.de/10011526540
A principal who values an object allocates it to one or more agents. Agents learn private information (signals) from an information designer about the allocation payoff to the principal. Monetary transfer is not available but the principal can costly verify agents' private signals. The...
Persistent link: https://www.econbiz.de/10014243581
I study a mechanism design problem in which a designer allocates a single good to one of several agents, and the mechanism is followed by an aftermarket -- a post-mechanism game played between the agent who acquired the good and third-party market participants. The designer has preferences over...
Persistent link: https://www.econbiz.de/10012855036
I study a mechanism design problem of allocating a single good to an agent when the mechanism is followed by a post-mechanism game (aftermarket) played between the agent and a third-party. The aftermarket is beyond the direct control of the designer. However, she can influence the information...
Persistent link: https://www.econbiz.de/10011865063
In a centralized marketplace that was designed to be simple, we identify participants whose choices are dominated. Using administrative data from Hungary, we show that college applicants make obvious mistakes: they forgo the free opportunity to receive a tuition waiver worth thousands of...
Persistent link: https://www.econbiz.de/10011772987
A budget-constrained buyer wants to purchase items from a shortlisted set. Items are differentiated by quality and sellers have private reserve prices for their items. Sellers quote prices strategically, inducing a knapsack game. The buyer's problem is to select a subset of maximal quality. We...
Persistent link: https://www.econbiz.de/10003848830
We introduce a general class of simplicity standards that vary the foresight abilities required of agents in extensive-form games. Rather than planning for the entire future of a game, agents are presumed to be able to plan only for those histories they view as simple from their current...
Persistent link: https://www.econbiz.de/10012584083
Agents with reciprocal preferences prefer to be matched to a partner who also likes to collaborate with them. In this paper, we introduce and formalize reciprocal preferences, apply them to matching markets, and analyze the implications for mechanism design. Formally, the preferences of an agent...
Persistent link: https://www.econbiz.de/10014478421
Wholesale electricity markets use different market designs to handle congestion in the transmission network. We compare nodal, zonal and discriminatory pricing in general networks with transmission constraints and loop flows. We conclude that in large games with many producers who are allowed to...
Persistent link: https://www.econbiz.de/10010320370