RESEARCH ON MULTI-ITEM AUCTIONS

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Prof.Miyake (the head investigator) studies the applicability of the partial equilibrium analysis on which the multi-item auction theory is based, and he derives the necessary and sufficient conditions on the agents' characteristics (utility functions and initial incomes) under which the partial-equilibrium analysis is applicable for the multi-item auction market, assuming that the items are normal goods. This result is summarized in a paper which will be published in an international journal : Mathematical Social Sciences. By this result, we can apply the consumer surplus measure to evaluate some alternative auction rules such as English, Dutch or Japanese auction rules and we can easily compute the equilibria of multi-item auctions.Prof.Serizawa (the investigator) studies the axiomatic characterization of multi-item auctions with Prof.Cew Soo Hong.