{"id":318995,"date":"2016-11-14T14:59:00","date_gmt":"2016-11-14T22:59:00","guid":{"rendered":"https:\/\/www.microsoft.com\/en-us\/research\/?post_type=msr-research-item&#038;p=318995"},"modified":"2018-10-16T20:11:14","modified_gmt":"2018-10-17T03:11:14","slug":"clearing-markets-via-bundles","status":"publish","type":"msr-research-item","link":"https:\/\/www.microsoft.com\/en-us\/research\/publication\/clearing-markets-via-bundles\/","title":{"rendered":"Clearing Markets via Bundles"},"content":{"rendered":"<p>We study algorithms for combinatorial market design problems, where a set of heterogeneous and indivisible objects are priced and sold to potential buyers subject to equilibrium constraints. Extending the CWE notion introduced by Feldman et al. [STOC 2013], we introduce the concept of a <em>Market-Clearing Combinatorial Walrasian Equilibium<\/em> (MC-CWE) as a natural relaxation of the classical Walrasian equilibrium (WE) solution concept. The only difference between a MC-CWE and a WE is the ability for the seller to bundle the items prior to sale. This innocuous and natural bundling operation imposes a plethora of algorithmic and economic challenges and opportunities. Unlike WE, which is guaranteed to exist only for (gross) substitutes valuations, a MC-CWE always exists. The main algorithmic challenge, therefore, is to design computationally efficient mechanisms that generate MC-CWE outcomes that approximately maximize social welfare. For a variety of valuation classes encompassing substitutes and complements (including super-additive, single-minded and budget-additive valuations), we design polynomial-time MC-CWE mechanisms that provide tight welfare approximation results.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>We study algorithms for combinatorial market design problems, where a set of heterogeneous and indivisible objects are priced and sold to potential buyers subject to equilibrium constraints. Extending the CWE notion introduced by Feldman et al. [STOC 2013], we introduce the concept of a Market-Clearing Combinatorial Walrasian Equilibium (MC-CWE) as a natural relaxation of the [&hellip;]<\/p>\n","protected":false},"featured_media":0,"template":"","meta":{"msr-url-field":"","msr-podcast-episode":"","msrModifiedDate":"","msrModifiedDateEnabled":false,"ep_exclude_from_search":false,"_classifai_error":"","footnotes":""},"msr-content-type":[3],"msr-research-highlight":[],"research-area":[13548,13546],"msr-publication-type":[193715],"msr-product-type":[],"msr-focus-area":[],"msr-platform":[],"msr-download-source":[],"msr-locale":[268875],"msr-post-option":[],"msr-field-of-study":[],"msr-conference":[],"msr-journal":[],"msr-impact-theme":[],"msr-pillar":[],"class_list":["post-318995","msr-research-item","type-msr-research-item","status-publish","hentry","msr-research-area-economics","msr-research-area-computational-sciences-mathematics","msr-locale-en_us"],"msr_publishername":"","msr_edition":"","msr_affiliation":"","msr_published_date":"2014-01-20","msr_host":"","msr_duration":"","msr_version":"","msr_speaker":"","msr_other_contributors":"","msr_booktitle":"","msr_pages_string":"","msr_chapter":"","msr_isbn":"","msr_journal":"Symposium 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