Ironing without control
I extend Myersonʼs [R. Myerson, Optimal auction design, Math. Oper. Res. 6 (1981) 58-73] ironing technique to more general objective functions. The approach is based on a generalized notion of virtual surplus which can be maximized pointwise even when the monotonicity constraint implied by incentive...
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| Format: | Article |
| Language: | English |
| Published: |
Elsevier,
2016-08-17T14:40:30Z.
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| Online Access: | Get fulltext |