Jie Zhang gets paper accepted at ICALP 2012
Title: Incentive Ratios of Fisher Markets. Jie Zhang has got his paper accepted at The 39th International Colloquium on Automata, Languages and Programming (ICALP 2012). The paper is accepted in the category for Foundation of Networked Computations.
Abstract
We consider a Fisher market where agents submit their own utility functions and money endowments to the market maker, who, upon receiving every agent‘s report, derives market equilibrium prices and allocations of the items.
While agents may benefit by misreporting their private information, we show that the percentage of improvement by a unilateral strategic play, called incentive ratio, is rather limited - it is less than 2 for linear markets and at most 1.445 for Cobb-Douglas markets. We further prove that both ratios are tight.