Brief announcement: Bayesian auctions with effcient queries

Jing Chen, Bo Li, Yingkai Li, Pinyan Lu

Research output: Chapter in book / Conference proceedingConference article published in proceeding or bookAcademic researchpeer-review

1 Citation (Scopus)

Abstract

Generating good revenue is one of the most important problems in Bayesian auction design, and many (approximately) optimal dominant-strategy incentive compatible (DSIC) Bayesian mechanisms have been constructed for various auction settings. However, most existing studies do not consider the complexity for the seller to carry out the mechanism. It is assumed that the seller knows “each single bit” of the distributions and is able to optimize perfectly based on the entire distributions. Unfortunately this is a strong assumption and may not hold in reality: for example, when the value distributions have exponentially large supports or do not have succinct representations. In this work we consider, for the first time, the query complexity of Bayesian mechanisms. We only allow the seller to have limited oracle accesses to the players' value distributions, via quantile queries and value queries. For a large class of auction settings, we prove logarithmic lower-bounds for the query complexity for any DSIC Bayesian mechanism to be of any constant approximation to the optimal revenue. For single-item auctions and multi-item auctions with unit-demand or additive valuation functions, we prove tight upper-bounds via e cient query schemes, without requiring the distributions to be regular or have monotone hazard rate. Thus, in those auction settings the seller needs to access much less than the full distributions in order to achieve approximately optimal revenue.

Original languageEnglish
Title of host publication45th International Colloquium on Automata, Languages, and Programming, ICALP 2018
EditorsChristos Kaklamanis, Daniel Marx, Ioannis Chatzigiannakis, Donald Sannella
PublisherSchloss Dagstuhl- Leibniz-Zentrum fur Informatik GmbH, Dagstuhl Publishing
Pages1-4
Number of pages4
ISBN (Electronic)9783959770767
DOIs
Publication statusPublished - 1 Jul 2018
Externally publishedYes
Event45th International Colloquium on Automata, Languages, and Programming, ICALP 2018 - Prague, Czech Republic
Duration: 9 Jul 201813 Jul 2018

Publication series

NameLeibniz International Proceedings in Informatics, LIPIcs
Volume107
ISSN (Print)1868-8969

Conference

Conference45th International Colloquium on Automata, Languages, and Programming, ICALP 2018
Country/TerritoryCzech Republic
CityPrague
Period9/07/1813/07/18

Keywords

  • Quantile queries
  • The complexity of Bayesian mechanisms
  • Value queries

ASJC Scopus subject areas

  • Software

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