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Summary: 11/11/2010
1
Bayesian games and their
use in auctionsuse in auctions
Adapted from notes by Vincent ConitzerAdapted from notes by Vincent Conitzer
What is mechanism design?
· In mechanism design, we get to design the
game (or mechanism)
e.g. the rules of the auction, marketplace,
l tielection, ...
· Goal is to obtain good outcomes when agents
behave strategically (game-theoretically)
· Mechanism design is often considered part of
game theory
· 2007 Nobel Prize in Economics!
· Before we get to mechanism design, first we
need to know how to evaluate mechanisms
11/11/2010
2
Which auction generates more revenue?
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