Auctions for Multiple Goods, and Understanding Consumer Preferences

多种商品拍卖，了解消费者偏好

• 批准号: ES/L003058/1
• 负责人: Paul Klemperer
• 金额: $ 55.3万
• 依托单位: University of Oxford
• 依托单位国家: 英国
• 项目类别: Research Grant
• 财政年份: 2014
• 资助国家: 英国
• 起止时间: 2014 至 无数据
• 项目状态: 已结题
• 来源: https://gtr.ukri.org/projects?ref=ES%2FL003058%2F1
• 关键词: Auctions; Multiple; Goods; Understanding; Consumer

In 2007, responding to the Northern Rock bank run--Britain's first bank run since the 1800's-- Klemperer invented the "Product-Mix Auction", to improve the Bank of England's allocation of funds to banks, building societies, etc. (Klemperer, 2008, 2010). An Executive Director of the Bank of England described it as "a world first in central banking" and "potentially a major step forward in practical policies to support financial stability" (Milnes, 2010), and the Governor (Mervyn King) told The Economist (Oct. 19, 2012) that "Klemperer auctions [are] a marvellous application of theoretical economics to a practical problem of vital importance to financial markets". The auctions improve efficiency by simultaneously allocating distinct goods - in this example, funds against different collaterals. This project will further develop the Product-Mix Auction design to make it a practical tool in a broader range of contexts. For example, versions of the auction could be used for batch processing of stock trades to eliminate high-frequency trading problems. They could also be important in achieving the U.K.'s goal "to start auctioning electricity-supply contracts. ... by the 2020s,...across technologies. 'We would be the first country in the world to achieve that', boasts [the U.K. Cabinet Minister for Energy and Climate Change]" (The Economist, Dec. 1, 2012). The theoretical work required to extend the range and flexibility of the auction will also shed light on a much wider range of issues. For example, our work will develop a better characterisation and understanding of consumer preferences when goods are indivisible, yield answers to some deep problems about the existence of economic equilibrium, and have applications to matching theory. We will use recently-developed "tropical geometric", and other geometric, techniques as well as more standard economic tools to develop a better understanding of economic agents' preferences. We will develop our theory of "demand types" which provides a framework to check and compare the properties of agents' demands, and develop ways to depict preferences of different "types". The project will thus have both theoretical and practical outputs: in addition to preparing academic papers for submission to leading economic theory journals, and presenting at academic conferences, we will also discuss our work with potential users of our auction designs, and will develop software implementations of our auction procedures that will be easy to use for demonstration and experimentation purposes and provide a platform on which problem-specific applications can be developed.

2007年，针对北岩银行挤兑--这是自1800年S以来英国的第一次银行挤兑--克伦佩雷尔发明了“产品组合拍卖”，以改善英格兰银行对银行、建房互助会等的资金分配(克伦佩雷尔，2008年、2010年)。英格兰银行的一位执行董事将其描述为“世界上第一个中央银行业务”，并且“在支持金融稳定的实际政策方面可能向前迈出了重要的一步”(Milnes，2010)，行长(Mervyn King)告诉“经济学人”(The Economist)(2012年10月19日)，“Klemperer拍卖[是]理论经济学在一个对金融市场至关重要的实际问题上的奇妙应用”。拍卖通过同时分配不同的商品来提高效率-在本例中，资金针对不同的抵押品。该项目将进一步发展产品组合拍卖设计，使其成为更广泛背景下的实用工具。例如，拍卖的版本可以用于股票交易的批量处理，以消除高频交易问题。它们在实现英国“S”的目标“开始拍卖电力供应合同……到本世纪20年代……在各种技术上……也可能发挥重要作用。我们将成为世界上第一个实现这一目标的国家”(英国能源与气候变化部内阁大臣)(《经济学人》，2012年12月1日)。扩大拍卖范围和灵活性所需的理论工作也将阐明更广泛的问题。例如，我们的工作将更好地描述和理解当商品不可分割时的消费者偏好，回答一些关于经济均衡存在的深层次问题，并将其应用于匹配理论。我们将使用最近开发的“热带几何”和其他几何技术以及更标准的经济工具来更好地理解经济主体的偏好。我们将发展我们的“需求类型”理论，它提供了一个框架来检查和比较代理的需求属性，并开发了描述不同“类型”偏好的方法。因此，该项目将具有理论和实践两方面的成果：除了准备提交给主要经济理论期刊的学术论文，以及在学术会议上发表外，我们还将与我们拍卖设计的潜在用户讨论我们的工作，并将开发我们拍卖程序的软件实现，这些程序将易于用于演示和实验目的，并提供一个平台，在此平台上可以开发针对特定问题的应用程序。

项目成果

Understanding Preferences: 'Demand Types', and The Existence of Equilibrium with Indivisibilities

• DOI: 10.2139/ssrn.2643086
• 发表时间: 2018-10
• 期刊: Microeconomics: General Equilibrium & Disequilibrium Models eJournal
• 作者: E. Baldwin;P. Klemperer

Strong Substitutes: Structural Properties, and a New Algorithm for Competitive Equilibrium Prices

强替代品：结构特性和竞争均衡价格的新算法

• 期刊: Mathematical Programming
• 影响因子: 2.7
• 作者: Baldwin E

Understanding Preferences: "Demand Types", and the Existence of Equilibrium With Indivisibilities

理解偏好：“需求类型”以及不可分割性均衡的存在

• DOI: 10.3982/ecta13693
• 发表时间: 2019
• 期刊: Econometrica
• 影响因子: 6.1
• 作者: Baldwin E