TRUTH

Algorithmic Foundations of Large Markets

Coordinatore	WEIZMANN INSTITUTE OF SCIENCE    more  Organization address address: HERZL STREET 234 city: REHOVOT postcode: 7610001 contact info Titolo: Ms. Nome: Gabi Cognome: Bernstein Email: send email Telefono: +972 8 934 4026
Nazionalità Coordinatore	Israel [IL]
Totale costo	100˙000 €
EC contributo	100˙000 €
Programma	FP7-PEOPLE Specific programme "People" implementing the Seventh Framework Programme of the European Community for research, technological development and demonstration activities (2007 to 2013)
Code Call	FP7-PEOPLE-2013-CIG
Funding Scheme	MC-CIG
Anno di inizio	2013
Periodo (anno-mese-giorno)	2013-09-01   -   2017-08-31

 Partecipanti

#	participant	country	role	EC contrib. [€]
1	WEIZMANN INSTITUTE OF SCIENCE  Organization address address: HERZL STREET 234 city: REHOVOT postcode: 7610001 contact info Titolo: Ms. Nome: Gabi Cognome: Bernstein Email: send email Telefono: +972 8 934 4026	IL (REHOVOT)	coordinator	100˙000.00

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 Obiettivo del progetto (Objective)

'The goal of this proposal is to study the theoretical foundations of computationally efficient large markets. Market Design is a task that is traditionally carried out by economists and game theorists. However, as markets are becoming larger one must take into account computational considerations as well. The field that integrates methodologies from classic mechanism design and computer science is called Algorithmic Mechanism Design.

Specifically, Game Theory and Mechanism Design study how selfish players interact. A traditional example is an auction for a single item, where mechanism design studies how to achieve a certain goal, e.g., social welfare or revenue maximization. However, when there are multiple heterogeneous items that may exhibit complementarities and substitutabilities, designing mechanisms becomes much more challenging. While classic mechanism design does offer some solutions, these solutions usually do not scale well, as they are not computationally efficient. The goal of this proposal is to understand whether this gap can be bridged.

Most research in Algorithmic Mechanism Design focuses on dominant-strategy auctions, where every bidder always has a bid that is at least as good as any other possible bid. This proposal has two related objectives: (1) prove that in some settings there are no computationally efficient dominant-strategy mechanisms, and (2) develop techniques that will allow characterizing the set of dominant-strategy mechanisms in important auction domains, and design new families of dominant-strategy mechanisms.

The proposal is expected to advance the state of the art in problems that are at the heart of Algorithmic Mechanism Design (and, more generally, at the heart of Algorithmic Game Theory).'