Online Truthful Mechanisms for Multi-sided Markets
Moran Feldman, Rica Gonen

TL;DR
This paper introduces the first online mechanism for multi-sided markets that maximizes trade gains while ensuring truthfulness, voluntary participation, and a novel continuous individual rationality, using a unique dynamic pricing scheme.
Contribution
It presents a novel online mechanism for multi-sided markets that guarantees key economic properties and introduces a new dynamic pricing scheme and a stronger rationality concept.
Findings
First online mechanism with desired economic properties for multi-sided markets.
A new dynamic pricing scheme allowing ongoing payments during execution.
Introduction of continuous individual rationality for online mechanisms.
Abstract
The study of mechanisms for multi-sided markets has received an increasingly growing attention from the research community, and is motivated by the numerous examples of such markets on the web and in electronic commerce. Many of these examples represent dynamic and uncertain environments, and thus, require, in fact, online mechanisms. Unfortunately, as far as we know, no previously published online mechanism for a multi-sided market (or even for a double-sided market) has managed to (approximately) maximize the gain from trade, while guaranteeing desirable economic properties such as incentivizing truthfulness, voluntary participation and avoiding budget deficit. In this work we present the first online mechanism for a multi-sided market which has the above properties. Our mechanism is designed for a market setting suggested by [Feldman and Gonen (2016)]; which is motivated by the…
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Taxonomy
TopicsAuction Theory and Applications · Optimization and Search Problems · Consumer Market Behavior and Pricing
