New Resiliency in Truly Combinatorial Auctions (and Implementation in Surviving Strategies)

Abstract

Following Micali and Valiant [MV07.a], a mechanism is resilient if it achieves its objective without any problem of (1) equilibrium selection and (2) player collusion. To advance resilient mechanism design,We put forward a new meaningful benchmark for the COMBINED social welfare-revenue performance of any mechanism in truly combinatorial auctions.We put forward a NEW notion of implementation, much more general than the ones used so far, which we believe to be of independent interest.We put forward a new RESILIENT mechanism that, by leveraging the knowledge that the players have about each other, guarantees at least one half of our benchmark under a very general collusion model.