The Price of Truth: Frugality in Truthful Mechanisms

The celebrated Vickrey-Clarke-Grove(VCG) mechanism induces selfish agents to behave truthfully by paying them a premium. In the process, it may end up paying more than the actual cost to the agents. For the minimum spanning tree problem, if the market is “competitive”, one can show that VCG never pays too much. On the other hand, for the shortest s-t path… CONTINUE READING

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