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Towards An Efficient Market Mediator for Divisible Resources

机译:争取有效的市场调解人,实现可分割的资源

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摘要

Auction-based markets of divisible resources have proliferated over recent years. One fundamental problem facing every market mediator is how to achieve market efficiency for optimal social welfare, especially when a limited number of agents forms a monopolistic or oligopolistic market, because each agent's selfish strategic behavior may leads to serious degradation in efficiency. In general, it is difficult for a market mediator to achieve efficiency since agents' preferences are hidden information that they are unwilling to reveal due to security and privacy concerns. In this paper, we consider a market of divisible resource consisting of agents on both sides of demand and supply. We design an adaptive auction framework for a market mediator to achieve efficient resource allocation and acquisition. Our novel design generalizes demand/supply function bidding mechanisms by introducing price differentiation via tunable parameters. We design algorithms that enable the mediator and agents to jointly run the market in an adaptive fashion: the mediator sends market signals to agents; each agent submits her bid based on the signals in a distributed manner; the mediator adjusts tunable parameters based on bids and update market signals. We also design an adaptive algorithm to dynamically determine the optimal amount of resource that needs to be transacted so as to maximize social welfare, if not known a priori. By utilizing our market mechanisms, the market mediator will be able to reach an efficient market outcome under Nash equilibrium.
机译:近年来,基于拍卖的可分割资源市场激增了。每个市场中介者面临的一个基本问题是如何实现市场效率,以实现最佳的社会福利,尤其是当数量有限的代理商形成垄断或寡头垄断市场时,因为每个代理商的自私策略行为可能会导致效率严重下降。通常,市场中介很难实现效率,因为座席的偏好是隐藏的信息,由于安全和隐私问题,他们不愿透露这些信息。在本文中,我们考虑了由需求和供应双方的代理商组成的可分割资源市场。我们为市场中介者设计了一个自适应拍卖框架,以实现有效的资源分配和获取。我们的新颖设计通过通过可调参数引入价格差异来概括需求/供应功能的投标机制。我们设计的算法使调解员和代理能够以自适应方式共同运行市场:调解员向代理发送市场信号;每个代理商根据信号以分布式方式提交其出价;调解员根据出价调整可调参数并更新市场信号。我们还设计了一种自适应算法,以动态确定需要交易的最佳资源量,以便最大程度地提高社会福利(如果不是先验的话)。通过利用我们的市场机制,市场中介者将能够在纳什均衡下达到有效的市场结果。

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