Economic Efficiency Requires Interaction

  title={Economic Efficiency Requires Interaction},
  author={Shahar Dobzinski and Noam Nisan and Sigal Oren},
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
Highly Cited
This paper has 32 citations. REVIEW CITATIONS

From This Paper

Figures, tables, results, connections, and topics extracted from this paper.
23 Extracted Citations
1 Extracted References
Similar Papers

Referenced Papers

Publications referenced by this paper.

On the Economic Theory of Socialism

  • O. Lange, F. Taylor
  • 1938
Highly Influential
3 Excerpts

Similar Papers

Loading similar papers…