Approximate Mechanism Design
نویسنده
چکیده
Mechanism Design is concerned with how to implement system wide solutions to problems that involve multiple self-interested agents, each with private information about their preferences. Mechanism Design Optimization Problem is a mechanism design problem where the output specification is given by a positive real valued objective function and a set of feasible outputs, and we require an output that minimizes (or maximizes) the objective function. Classical mechanism design theory assumes that the optimization problem is solved precisely. However, the optimization problem, for most of the interesting computational applications, is infeasible. This means that, we need to use approximate algorithms for solving the optimization problem. However, the properties proved with optimal algorithm, like incentive compatibility, may no longer be satisfied. This calls upon the need for designing alternative mechanisms, like approximate mechanism, randomized mechanism etc. Truthful Approximate Mechanisms are the mechanisms that use approximation algorithms for the underlying algorithmic problem while maintaining the incentive-compatibility property of the mechanism. This paper presents an overview of truthful approximate mechanism design, discuss various techniques available in the literature, and recent advances of the same. We have also briefly discussed certain other mechanisms.
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