Efficiency Guarantees in Auctions with Budgets

@article{Dobzinski2014EfficiencyGI,
  title={Efficiency Guarantees in Auctions with Budgets},
  author={Shahar Dobzinski and Renato Paes Leme},
  journal={ArXiv},
  year={2014},
  volume={abs/1304.7048}
}
In settings where players have limited access to liquidity, represented in the form of budget constraints, efficiency maximization has proven to be a challenging goal. In particular, the social welfare cannot be approximated by a better factor than the number of players. Therefore, the literature has mainly resorted to Pareto-efficiency as a way to achieve efficiency in such settings. While successful in some important scenarios, in many settings it is known that either exactly one truthful… Expand
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