A Social-Welfare Optimal Probabilistic Mechanism for Knightian Single-Good Auctions
Author(s)Chiesa, Alessandro; Micali, Silvio; Zhu, Zeyuan Allen
Theory of Computation
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We provide an optimal probabilistic mechanism for maximizing social welfare in single-good auctions when each player does not know his true valuation for the good, but only a set of valuations that is guaranteed to include his true one.
Knightian Auctions, Probabilistic Mechanisms, Social Welfare