(4)Resource Allocation. Consider a combinatorial auction with three items{a,b,c} and three players (I, II, III. The valuations each player has for each subset ofa b с ab bс ас abcI1 2 16411II3 5 335III| 4 5 0757the items is shown below.What is the allocation produced under the VCG (Vickrey-Clarke-Groves)mechanism and what are the VCG payments of the players?

The Vickrey-Clarke-Groves (VCG) mechanism is a way to allocate items in a combinatorial auction…

Answered: What is the allocation produced under…

What is the allocation produced under the VCG (Vickrey-Clarke-Groves) mechanism and what are the VCG payments of the players?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

(4)
Resource Allocation. Consider a combinatorial auction with three items
{a,b,c} and three players (I, II, III. The valuations each player has for each subset of
a b с ab bс ас abc
I
1 2 1
6
4
11
II
3 5 3
3
5
III| 4 5 0
7
5
7
the items is shown below.
What is the allocation produced under the VCG (Vickrey-Clarke-Groves)
mechanism and what are the VCG payments of the players?

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