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  4. Walrasian Dynamics in Multi-unit Markets
 
conference paper

Walrasian Dynamics in Multi-unit Markets

Branzei, Simina
•
Filos-Ratsikas, Aris
2019
The 33rd AAAI Conference on Artificial Intelligence (AAAI '19)
33rd AAAI Conference on Artificial Intelligence / 31st Innovative Applications of Artificial Intelligence Conference / 9th AAAI Symposium on Educational Advances in Artificial Intelligence

In a multi-unit market, a seller brings multiple units of a good and tries to sell them to a set of buyers that have monetary endowments. While a Walrasian equilibrium does not always exist in this model, natural relaxations of the concept that retain its desirable fairness properties do exist. We study the dynamics of (Walrasian) envy-free pricing mechanisms in this environment, showing that for any such pricing mechanism, the best response dynamic starting from truth-telling converges to a pure Nash equilibrium with small loss in revenue and welfare. Moreover, we generalize these bounds to capture all the (reasonable) Nash equilibria for a large class of (monotone) pricing mechanisms. We also identify a natural mechanism, which selects the minimum Walrasian envy-free price, in which for n=2 buyers the best response dynamic con- verges from any starting profile. We conjecture convergence of the mechanism for any number of buyers and provide simulation results to support our conjecture.

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Type
conference paper
DOI
10.1609/aaai.v33i01.33011812
Web of Science ID

WOS:000485292601101

ArXiv ID

1712.08910

Author(s)
Branzei, Simina
Filos-Ratsikas, Aris
Date Issued

2019

Publisher

AAAI Press

Published in
The 33rd AAAI Conference on Artificial Intelligence (AAAI '19)
ISBN of the book

978-1-57735-809-1

Start page

1812

End page

1819

Subjects

ml-ai

Editorial or Peer reviewed

REVIEWED

Written at

EPFL

EPFL units
LIA  
Event nameEvent placeEvent date
33rd AAAI Conference on Artificial Intelligence / 31st Innovative Applications of Artificial Intelligence Conference / 9th AAAI Symposium on Educational Advances in Artificial Intelligence

Honolulu, HI

Jan 27-Feb 01, 2019

Available on Infoscience
August 14, 2019
Use this identifier to reference this record
https://infoscience.epfl.ch/handle/20.500.14299/159901
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