Understanding Mechanism Design-Part 3 of 3: Mechanism Design in the Real World: The VCG Mechanism

Understanding Mechanism Design-Part 3 of 3: Mechanism Design in the Real World: The VCG Mechanism

In the first two parts of this short series, we learned how mechanism design can be used in theory to engineer systems that achieve desirable properties by anticipating how rational agents will act, and then designing the rules accordingly. In particular, we focused on the Vickrey–Clarke–Groves (VCG...

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Veröffentlicht in:IEEE intelligent systems 2022-01, Vol.37 (1), p.108-109
Hauptverfasser: Gautier, Anna, Wooldridge, Michael
Format: Artikel
Sprache:eng
Schlagworte:
Artificial intelligence
Game theory
Intelligent systems
Microeconomics
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Beschreibung
Zusammenfassung:In the first two parts of this short series, we learned how mechanism design can be used in theory to engineer systems that achieve desirable properties by anticipating how rational agents will act, and then designing the rules accordingly. In particular, we focused on the Vickrey–Clarke–Groves (VCG) mechanism that results in a welfare maximizing outcome by incentivizing agents to tell the truth about how much they prefer each outcome. Now, let's explore how the VCG mechanisms may be used to solve real-world problems.
ISSN:1541-1672
1941-1294
DOI:10.1109/MIS.2021.3129085