ffi cient Mechanism Design ∗

@inproceedings{Krishna1998ffiCM,
  title={ffi cient Mechanism Design ∗},
  author={Vijay Krishna and Motty Perry},
  year={1998}
}
We study Bayesian mechanism design in situations where agents’ information may be multi-dimensional, concentrating on mechanisms that lead to efficient allocations. Our main result is that a generalization of the well-known Vickrey-Clarke-Groves mechanism maximizes the planner’s “revenue” among all efficient mechanisms. This result is then used to study multiple object auctions in situations where bidders have privately known “demand curves” and extended to include situations with… CONTINUE READING
Highly Cited
This paper has 25 citations. REVIEW CITATIONS