1 Choosing Wisely : a Multi - Bidding Approach
نویسنده
چکیده
We analyze situations in which a group of agents (and possibly a designer) have to reach a decision that will affect all the agents. Examples of such scenarios include the selection of a candidate, the location of a nuclear reactor or the siting of a major sports event. To address the problem of reaching a decision, we propose a one-stage multi-bidding mechanism in which agents submit bids to determine the winning project. All Nash equilibria of this mechanism are efficient and immune to any coalitional deviations. Moreover, the payoffs attained in equilibrium by the agents satisfy intuitively appealing lower bounds. (JEL D78, D62)
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