A Social-Welfare Optimal Probabilistic Mechanism for Knightian Single-Good Auctions
We provide an optimal probabilistic mechanism for maximizing social welfare in single-good auctions when each player does not know his true valuation for the good, but only a set of valuations that is guaranteed to include his true one.
| Main Authors: | , , |
|---|---|
| Other Authors: | |
| Published: |
2012
|
| Subjects: | |
| Online Access: | http://hdl.handle.net/1721.1/72584 |
| Summary: | We provide an optimal probabilistic mechanism for maximizing social welfare in single-good auctions when each player does not know his true valuation for the good, but only a set of valuations that is guaranteed to include his true one. |
|---|