On Revenue Optimal Combinatorial Auctions - IFP Group at the ...
On Revenue Optimal Combinatorial Auctions - IFP Group at the ...
On Revenue Optimal Combinatorial Auctions - IFP Group at the ...
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Quantifying Efficiency Loss<br />
RSW by an alloc<strong>at</strong>ion rule π:<br />
[ ∑<br />
RSW(π, X; A) = E π A (X) ( ∑ ) ]<br />
X n .<br />
A∈A n∈A<br />
Maximum social welfare (MSW) (by an efficient alloc<strong>at</strong>ion):<br />
[<br />
( ∑ ) ]<br />
MSW(X; A) = E X n .<br />
max<br />
A∈A<br />
n∈A<br />
The RSW by an optimal alloc<strong>at</strong>ion ≤ MSW.
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