Economic Efficiency Requires Interaction

@inproceedings{Dobzinski2014EconomicER,
  title={Economic Efficiency Requires Interaction},
  author={Shahar Dobzinski and Noam Nisan and Sigal Oren},
  booktitle={STOC},
  year={2014}
}
We study the necessity of interaction between individuals for obtaining approximately efficient economic allocations. We view this as a formalization of Hayek's classic point of view that focuses on the information transfer advantages that markets have relative to centralized planning. We study two settings: combinatorial auctions with unit demand bidders (bipartite matching) and combinatorial auctions with subadditive bidders. In both settings we prove that non-interactive protocols require… CONTINUE READING
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