Int J Game Theory DOI 10.1007/s00182-009-0188-z ORIGINAL PAPER

Core-selecting package auctions: a comment on revenue-monotonicity Laurent Lamy

Accepted: 26 September 2009 © Springer-Verlag 2009

Abstract Day and Milgrom (Int J Game Theory 36:393–407, 2008) argue that package auctions that select the seller’s minimum revenue in the Core are revenuemonotone. We show that no bidder-optimal Core-selecting auction can satisfy revenuemonotonicity for general preferences when there are at least three goods for sale, while the property holds for any bidder-optimal Core-selecting auction in environments with only two goods or if the characteristic function is submodular. Keywords Core · Auctions · Core-selecting auctions · Package bidding · Combinatorial bidding JEL Classification

D44

1 Introduction Core-selecting package auctions—or equivalently auctions that implement a Walrasian equilibrium outcome with possibly nonlinear and non-anonymous prices—are an important alternative to the Vickrey auction that have recently received a considerable attention in the combinatorial auction literature, see e.g. Ausubel and Milgrom (2002), Bikhchandani and Ostroy (2002), de Vries et al. (2007) and Parkes (2006). It is well-known that the Vickrey auction—especially with multiple goods—suffer from many robustness issues. Among them, the revenue of the seller fails to be monotonic: additional bidders or higher bids may lower the revenue such that the seller may have incentives to disqualify bids or bidders to increase its revenue. On the contrary, Coreselecting package auctions are perceived as more robust. Furthermore, with regards

L. Lamy (B) Paris School of Economics, 48 Bd Jourdan, 75014 Paris, France e-mail: [email protected]

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L. Lamy

to the revenue monotonicity perspective, Ausubel and Milgrom (2006a) and Day and Milgrom (2008) propose a refinement where the seller selects a Core outcome that minimizes its revenue and argue that it guarantees revenue-monotonicity in addition to giving bidders better incentives to report their true preferences. We show that the revenue-monotonicity property is not satisfied by means of a simple example in Sect. 3.1 More generally we show that there is no revenue-monotone auction that selects a bidder-optimal Core outcome. Restrictions to restore revenue-monotonicity are discussed in Sect. 4. We conclude in Sect. 5. 2 The problem We consider the allocation of a set of goods L among a set of bidders N , whose preferences are characterized by ui : 2L → R+ , i ∈ N , where ui (gi ) for gi ⊂ L (with the normalization ui (∅) = 0) corresponds to the value of bidder i for the bundle of L goods gi which is assumed to be monotone. Let V ⊂ (R+ )2 be the set of possible preferences. We consider package auctions where bidders can report any element in V: the set of possible bids coincides with the set of possible preferences. An assignment, denoted by g = (gi )i∈N where gi ⊂ L corresponds to the bundle of goods assigned to bidder i, is feasible if gi ∩ gj = ∅ for any i, j ∈ N, i = j . Let F denote the set of feasible assignments. The characteristic function associated to this assignment  problem is defined by w(S) = maxg∈F i∈S ui (gi ). We consider two kinds  of auction mechanisms that implement an efficient assignment g ∗ ∈ Arg maxg∈F i∈N ui (gi ). First, the Vickrey auction implements the payoff point π = (πi )i∈N with the pivotal payoffs: πi = w(N) − w(N\{i}) for any i ∈ N . Second, Core-selecting auctions implement a payoff in the Core, where Core outcomes are defined by Core(N, w) =

⎧ ⎨ ⎩

(πi )i∈N |πi ≥ 0, ∀i ∈ N ;

 i∈N \S

πi ≤ w(N ) − w(S), ∀S ⊂ N

⎫ ⎬ ⎭

. (1)

Among Core-selecting auctions, Day and Milgrom (2008) consider those that implement bidder Pareto optima in the Core, i.e. payoff profiles π ∈ Core(N, w) such that there is no π ∈ Core(N, w) with π = π and πi ≥ πi for any i ∈ N . Henceforth, those auctions are labeled BOCS-auctions for “Bidder-Optimal Core-Selecting”. They also propose a further refinement, labeled here RMCS-auctions for “Revenue Minimizing Core-Selecting”, where the seller selects a Core outcome that minimizes its revenue.2 1 The failure of revenue-monotonicity with respect to valuations of the “revenue-minimizing core-selecting” auction proposed by Day and Milgrom (2008) was obtained independently by Marion Ott (graduate student at University of Karlsruhe, Germany) but was not widely circulated. In this note, we consider a milder revenue-monotonicity property by considering monotonicity with respect to the set of bidders. For more details, see the remark at the end of Sect. 4. 2 It is straightforward to see that a Core outcome that minimizes the seller’s revenue is a bidder-optimal Core outcome such that RMCS-auctions are a proper refinement of BOCS-auctions. Ausubel et al. (2006) and Day and Raghavan (2007) also consider this refinement.

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Core-selecting package auctions: a comment on revenue-monotonicity

The revenue in an RMCS-auction solves the following minimization program: R RMCS (N ) = 

min

(πi )i∈N ≥0

w(N) −



πi subject to

i∈N

πi ≤ w(N ) − w(S), ∀S ⊂ N.

(2)

i∈N \S

Note that the revenue in the Vickrey auction solves a similar program (but with a smaller set of constraints): R Vickrey (N ) =

min

(πi )i∈N ≥0

w(N ) −



πi subject to

i∈N

πi ≤ w(N ) − w(N\{i}), ∀i ∈ N.

(3)

Definition 1 An auction format f is revenue-monotone if, for any set of possible bids, the auction revenue R f (N ) is weakly increasing in N the set of bidders. Ausubel and Milgrom (2006a) and Day and Milgrom Day and Milgrom (2008) argue that in contrast to the Vickrey auction, RMCS-auctions are revenue-monotone. 3 A simple example Consider a set of three goods {a, b, c}. Consider first three agents {1, 2, 3} with the preferences displayed in Table 1. E.g. bidders 1 and 2 have identical preferences and have a value of 4 for any bundle that contains at least the good a or b. On the whole it gives the following coalitional value function: w({1, 2, 3}) = w({1, 2}) = 8, w({1, 3}) = w({2, 3}) = 7 and w({1}) = w({2}) = w({3}) = 4. The efficient allocation is to assign one item from the set {a, b} to both agents 1 and 2 while agent 3 receives no valuable good for him and receives thus a null payoff in any Core outcome, i.e. π3 = 0. The minimization program that characterizes the revenue of an RMCS-auction is given by R RMCS ({1, 2, 3}) =

min

(πi )i=1,2 ≥0



 i=1,2

w({1, 2, 3})

πi

⎧ ⎨ π1 ≤ w({1, 2, 3}) − w({2, 3}) = 1 subject to π2 ≤ w({1, 2, 3}) − w({1, 3}) = 1 ⎩ π1 + π2 ≤ w({1, 2, 3}) − w({3}) = 4 (4)

Here, the Vickrey payoff point (πi )i=1,...,3 = (1, 1, 0) is in the Core and the corresponding revenue is equal to R RMCS ({1, 2, 3}) = 6. Consider now an additional agent 4 that values any bundle that contains the good a at 4, while any other bundle is valued at 0. The value of the characteristic function at the sets that contain agent 4 is given by: w({1, 2, 3, 4}) = w({1, 2, 4}) = 11, w({1, 3, 4}) = w({2, 3, 4}) = w({1, 4}) = w({2, 4}) = 8, w({3, 4}) = w({4}) = 4.

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L. Lamy Table 1 Bidders valuations

Valuation ui (h) for bidder i ∈ {1, 2, 3} for the bundle h ⊂ {a, b, c} if:

h=∅ h ∩ {a, b} = {a} h ∩ {a, b} = {b} h ∩ {a, b} = {a, b} h = {c}

1

2

3

0 4 4 4 3

0 4 4 4 3

0 0 0 4 0

The efficient allocation is then to assign good a to bidder 4 while agents 1 and 2 both receive one of the remaining goods. Note that we still have π3 = 0. The minimization program that characterizes the revenue of an RMCS-auction is now given by R RMCS ({1, 2, 3, 4}) =

w({1, 2, 3, 4}) ⎧ π1 , π2 , π4 ≤ 3 ⎪ ⎪ ⎨  π1 + π2 ≤ 7 − π1 subject to π1 + π4 , π2 + π4 ≤ 4 ⎪ ⎪ i=1,2,4 ⎩ π1 + π2 + π4 ≤ 7 min

(πi )i=1,2,4 ≥0

(5)

The point (πi )i=1,...,4 = (3, 3, 0, 1) is in the Core and decreases the revenue by 2 with respect to the environment without bidder 4. Therefore R RMCS ({1, 2, 3, 4}) < R RMCS ({1, 2, 3}), i.e. the revenue strictly falls when the number of bidders increase in any RMCS-auction.3 The intuition is exactly the same as for the Vickrey auction, which is not surprising due to the similarity of the two minimization programs (2) and (3): an additional bidder l may alleviate some constraints if we have w(N ) − w(S) < w(N ∪ {l}) − w(S ∪ {l}) for some coalition S. In our example, agents 1 and 2 pay the Vickrey price 3 to obtain either good a or b under the set {1, 2, 3}. However, the mere presence of bidder 4 relax the ‘Vickrey constraints’ πi ≤ w(N ) − w(N \{i}) for i = 1, 2. Note that the set of bidder-optimal Core outcomes among {1, 2, 3, 4} is not a singleton, e.g. the payoff point (1, 1, 0, 3) is another element which raises the revenue R RMCS ({1, 2, 3}). However, if we duplicate agent 4, i.e. if we consider an additional bidder 5 that has exactly the same preferences as bidder 4, then the set of bidder-optimal Core outcomes is now a singleton with the payoff (πi )i=1,...,5 = (3, 3, 0, 0, 0) and the revenue is equal to 5. We thus obtain that the set of revenues corresponding to some bidder-optimal payoffs may strictly decrease with the set of bidders and thus the following impossibility result: Proposition 3.1 With at least three goods for sale, no BOCS-auction is revenue-monotone. Remark Bernheim and Whinston (1986)’s first price package auction is revenuemonotone since its revenue equals w(N ). In particular, it means that the seller has no incentive to disqualify bidders ex post, i.e. after the bids have been submitted. 3 Indeed, one can verify that R RMCS ({1, 2, 3, 4}) = 4.

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Core-selecting package auctions: a comment on revenue-monotonicity

However, if the perspective on revenue-monotonicity is ex ante, i.e. on the set of potential participants, then this is no longer true as discussed in Sect. 5. 4 Sufficient conditions for revenue-monotonicity Environments with two goods are sufficient to build examples where revenue-monotonicity breaks in the Vickrey auction (see Ausubel and Milgrom 2006b). However, in Sect. 3, the example relies on three goods. Next proposition shows that revenuemonotonicity holds in RMCS-auctions in environments with two goods. Proposition 4.1 If there are only two goods for sale, then every RMCS-auction is revenue-monotone. Proof It is sufficient to show that an additional bidder can only (weakly) increase the revenue. Consider an initial set of bidders N and an additional bidder l. We now consider the various possible events with regards to the efficient assignment among the coalition N ∪ {l}. First, bidder l does not obtain any good such that πl = 0: if the revenue strictly falls from N to N ∪ {l} then it would raise a contradiction with the previous revenue among N minimizing the seller’s revenue in the Core since the payoff that implements the revenue R RMCS (N ∪ {l}) and that belongs to the Core among the agents in N ∪ {l} also belongs to the Core among the restricted set of agent N . Second, bidder l obtains both goods: bidder l has thus to pay at least w(N ) which is greater that the total amount paid in any Core assignment among N . Third, bidder l obtains only one good while bidder k ∈ N obtains the other good. We consider then two cases. First, the efficient allocation among N is to give both goods to a single bidder i who then has to pay w(N\{i}) ≤ w({i}). If i = k [resp. i = k] then the winning bidders under the coalition N ∪ {l} have to pay jointly at least w(N \{i}) [resp. w({i})]. In any case, the revenue does not decrease. Second, the efficient allocation among N is to give one good to two bidders i, j ∈ N. If k = i, j , then the revenue with the coalition N ∪ {l} is at least w({i, j }) which is greater than the revenue with the coalition N since w(N ) = w({i, j }). Now consider without loss of generality that k = i. From the minimization program (2) with the coalition N , we have πk = 0 if k = i, j and we are left with the set of constraints πi ≤ w(N )−w(N \{i}), πj ≤ w(N )−w(N\{j }) and πi +πj ≤ w(N )−w(N \{i, j }). The minimization program requires that for each bidder at least one constraint where he is present is binding. Finally, the revenue of a RMCS-auction under coalition N satisfies either R RMCS ({N }) = w(N \{i, j }) or R RMCS ({N }) = w(N \{i}) + w(N \{j }) − w(N ). On the whole we have R RMCS ({N}) ≤ min {w(N \ {i}), w(N\{j })} while 

R RMCS (N ∪ {l}) ≥ w(N \{k}) = w(N \{i}). We say that the characteristic function is submodular if w(N ) − w(N \ S) ≥ w(N ) − w(N \S) for any S ⊂ N ⊂ N .4 4 Ausubel and Milgrom (2002) show that w is submodular if bidders have substitutes preferences. Note

that only bidder 3 has non-substitutable preferences in our example in Sect. 3.

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L. Lamy

Proposition 4.2 If preferences are restricted such that w is submodular, then every RMCS-auction is revenue-monotone. Proof Consider N ⊂ N . The proof is as follows: R RMCS (N ) ≥

min

(πi )i∈N ≥0

w(N )

⎧ ⎨ i∈N \S πi ≤ w(N ) − w(S), for S = N − πi subject to i∈N \S πi ≤ w(N ) − w(S), ⎩ i∈N for S = (N \N ) ∪ T , ∀T ⊂ N = min w(N ) (πi )i∈N ≥0

  i∈N \T πi ≤ w(N ) − w((N \N ) ∪ T ), − πi subject to ∀T ⊂ N 

i∈N



min w(N )  πi subject to − (πi )i∈N ≥0

i∈N



πi ≤ w(N ) − w(T ), ∀T ⊂ N

i∈N \T

= R RMCS (N ). The first inequality reflects the point that if some constraints are dropped in the minimization program (2) for R RMCS (N ) then the solution can only shrink. Then in the subsequent minimization program, the payoffs πi for i ∈ N \N are involved  in a single constraint, i∈N \N πi ≤ w(N ) − w(N ), such that at any solution this inequality must be binding which gives the first equality. For the second inequality, we use that w is submodular such that the subsequent minimization program corresponds to a relaxation of the constraints. 

Nevertheless, with regards to the comparison between Vickrey and Core-selecting auctions, this latter proposition does not give an argument in favor of RMCS-auctions since a similar argument show that the Vickrey auction is revenue-monotone if the characteristic function is submodular.5 On the whole, we have shown that the benefit of RMCS-auctions over the Vickrey auction with respect to the revenue-monotonicity property is limited to environments with only two goods. Propositions 4.1 and 4.2 hold not solely for RMCS-auctions but also for BOCS-auctions since the two coincide either in environments with two goods or if preferences are restricted such that w is submodular. Under the latter condition, the set of bidder-optimal Core outcomes is a singleton (see footnote 5) such that BOCS-auctions coincide with RMCS-auctions (and also with the Vickrey auction). With two goods, we are done if the bidder-optimal frontier is a singleton. Thus consider the case where the bidder-optimal frontier is not a singleton which occurs only if there are two distinct winning bidders j and k such that πj + πk ≤ w(N ) − w(N \{j, k}) is the binding 5 An alternative view is that RMCS-auctions and the Vickrey auction coincide for any subset of bidders if w is submodular (Theorem 7 in Ausubel and Milgrom (2002) or Theorem 6.1 in Bikhchandani and Ostroy (2002)). In particular, the set of bidder-optimal Core outcomes is a singleton if w is submodular.

123

Core-selecting package auctions: a comment on revenue-monotonicity

 constraint, in particular we have w(N) − w(N\{j, k}) < i=j,k w(N ) − w(N \{i}). Then the set of bidder-optimal Core outcomes is given by {(πi )i∈N |πi = 0 if i = j, k; πj + πk = w(N) − w(N \{j, k}); πi ≤ w(N) − w(N \{i}) if i = j, k} and the revenue is the same in all bidder-optimal Core outcomes such that any BOSC-auction is a RMCS-auction. We finally obtain the following corollary.

Corollary 4.3 If there are only two goods for sale or if preferences are restricted such that w is submodular, then every BOCS-auction is revenue-monotone.

Remark The revenue-monotonicity criterium we have considered is the one with regards to the set of bidders, in particular a milder one than the one according to bids— considered also in Ausubel and Milgrom (2006a) and Day and Milgrom (2008)— because this comment mainly focus on an impossibility result. Revenue-monotonicity with respect to submitted bids fails more generally with at least two goods for sale and even if bidders have substitutes preferences as illustrated by the following example. Consider two goods {a, b} and two agents with the following preferences. Bidder 1 is valuing 1 any bundle that contains the good a, while any other bundle is valued 0. Bidder 2 is valuing 1 any bundle that contains the good a, while the good b alone is valued δ ∈ [0, 1]. On the whole it gives the following (submodular) characteristic function: w({1, 2}) = 1 + δ and w({1}) = w({2}) = 1. The revenue as a function of δ in either BOCS-auctions or the Vickrey auction equals 1 − δ, which is strictly decreasing in bidder 1’s bid δ for the good b.

5 Conclusion Our investigation of the monotonicity of the revenues that correspond to some bidder-optimal Core outcome can be useful for other perspectives as well. The revenue-monotonicity property that we have considered in Definition 1 adopts an ex post perspective, i.e. after bids have been submitted. An alternative perspective would be to adopt an ex ante perspective, i.e. before bids have been submitted. In particular, we can wonder whether the seller has incentives to disqualify some potential participants. Under complete information, bidder-optimal Core outcomes appear to be the equilibrium predictions of some standard combinatorial formats as the first price package auction (see Bernheim and Whinston 1986) or BOCS-auctions (see Ausubel and Milgrom 2002) under some appropriate equilibrium refinement and we can then apply our results. As an example, Theorem 3 in Bernheim and Whinston (1986) establishes that the set of outcomes supported by coalition-proof Nash equilibria coincides with the set of bidder-optimal Core outcomes. Therefore Corollary 4.3 guarantees that if agents are playing coalition-proof Nash equilibria, then the seller has no incentives to disqualify some participants in the first price package auction with two goods or if w is submodular. On the contrary, Proposition 3.1 shows that such incentives may arise under general preferences with at least three goods.

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References Ausubel L, Milgrom P (2002) Ascending auctions with package bidding. Front Theor Econ 1(1):1–45 Ausubel L, Milgrom P (2006a) Combinatorial auctions, chapter 3: Ascending proxy auctions. MIT Press, Cambridge, pp 79–98 Ausubel L, Milgrom P (2006b) Combinatorial Auctions, chapter 1: The lovely but lonely Vickrey auctions. MIT Press, Cambridge, pp 17–40 Ausubel L, Cramton P, Milgrom P (2006) Combinatorial auctions, chapter 5: The clock-proxy auction: a practical combinatorial auction design. MIT Press, Cambridge, pp 115–138 Bernheim DB, Whinston M (1986) Menu auctions, resource allocation and economic influence. Q J Econ 101(1):1–31 Bikhchandani S, Ostroy J (2002) The package assignment model. J Econ Theory 107(2):377–406 Day R, Milgrom P (2008) Core-selecting package auctions. Int J Game Theory 36(3):393–407 Day R, Raghavan S (2007) Fair payments for efficient allocations in public sector combinatorial auctions. Manage Sci 53(9):1389–1406 de Vries S, Schummer J, Vohra R (2007) On ascending Vickrey auctions for heterogenous objects. J Econ Theory 132:95–118 Parkes DC (2006) Combinatorial auctions, chapter 2: Iterative combinatorial auctions. MIT Press, Cambridge, pp 41–78

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Core-selecting package auctions: a comment on ...

Sep 26, 2009 - ... 75014 Paris, France e-mail: [email protected]. 123 .... The minimization program that characterizes the revenue of an. RMCS-auction is given ...

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