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Events

Talk given by Prof. Youngsub Chun (Seoul National University)

Begin: Mon, 10. of Feb 2014 ( 1:00 PM)
Location: Warburger Str. 100, Q0.425

On February 10, 2014, Prof. Youngsub Chun will give a talk on "Reordering an Existing Queue".

Abstract:

We investigate the problem of reordering agents starting from an existing queue.
First, we introduce four important axioms of the problem, budget balance (BB),
outcome efficiency (OE), strategyproofness (SP), and individual rationality (IR).
Unfortunately, it is easy to show that these four axioms are incompatible in the
current setup. Given this negative result, we examine the consequences of relaxing
BB, OE and SP, one at a time. Our results are as follows: (i)
There is no mechanism satisfying OE, SP and IR which runs a nonnegative
surplus at all pro les. (ii) When there are two agents, the only
non-trivial mechanisms satisfying BB, SP and IR are fixed price trading
mechanisms but there are additional mechanisms when there are more
than two agents. We identify an intuitive mechanism which we call the
median price exchange mechanism and characterize its maximal level of
inefficiency. (iii) By weakening SP to `one-sided' strategyproofness, we
identify two mechanisms, the buyers' mechanism and the sellers' mech-
anism, and characterize them on the basis of independence axioms.