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You are here: Home Seminars 30.05. BGSE Micro Workshop: Tim Roughgarden

30.05. BGSE Micro Workshop: Tim Roughgarden

BGSE Micro Workshop with Tim Roughgarden (Stanford University) - Please note the different location!

Event details
What
  • BGSE Workshop
When May 30, 2018
from 12:00 to 13:15
Where Lecture Hall F
Contact Name Stephan Lauermann
Contact Email
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Topic

Data-Driven Optimal Auction Theory

 

Abstract


The traditional economic approach to revenue-maximizing auction design posits a known prior distribution over what bidders are willing to pay, and then solves for the auction that maximizes the seller's expected revenue with respect to this distribution.
But where does this distribution come from? One obvious answer is from data, in the form of previous bids by comparable bidders in auctions for comparable items.  We survey recent work that develops theory to help reason about questions such as:
(i) for much data is necessary and sufficient to identify a near-optimal auction?
(ii) what is the optimal way to use data?
(iii) are there fundamental trade-offs between auction complexity and auction optimality?
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