Timeline for concept of efficiency in auction theory [closed]
Current License: CC BY-SA 3.0
6 events
| when toggle format | what | by | license | comment | |
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| Dec 31, 2014 at 13:00 | history | closed |
Ricardo Andrade Stefan Kohl♦ Lucia Yemon Choi Chris Godsil |
Not suitable for this site | |
| Dec 30, 2014 at 23:23 | review | Close votes | |||
| Dec 31, 2014 at 13:00 | |||||
| Oct 17, 2013 at 16:54 | answer | added | Henrique de Oliveira | timeline score: 3 | |
| Apr 23, 2013 at 18:37 | comment | added | Steven Landsburg | PS --- and of course your example goes away if you assume free disposal (so that the value of A is always greater than or equal to the value of $\{A,B\}$). | |
| Apr 23, 2013 at 16:09 | comment | added | Steven Landsburg | Efficiency means that there is no unexploited opportunity to make everyone better off via some combination of reallocation and side payments. Giving both goods to bidder 3 is inefficient because it misses the opportunity to transfer good A to bidder 1, transfer good B to bidder 2, and have each of bidders 1 and 2 make a $2.75 side payment to bidder 3. That said, this question is clearly off topic here. | |
| Apr 23, 2013 at 15:32 | history | asked | user32387 | CC BY-SA 3.0 |