{"id":"https://openalex.org/W2095206799","doi":"https://doi.org/10.1145/2600057.2602850","title":"On the efficiency of the walrasian mechanism","display_name":"On the efficiency of the walrasian mechanism","publication_year":2014,"publication_date":"2014-05-30","ids":{"openalex":"https://openalex.org/W2095206799","doi":"https://doi.org/10.1145/2600057.2602850","mag":"2095206799"},"language":"en","primary_location":{"id":"doi:10.1145/2600057.2602850","is_oa":false,"landing_page_url":"https://doi.org/10.1145/2600057.2602850","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Proceedings of the fifteenth ACM conference on Economics and computation","raw_type":"proceedings-article"},"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5090426330","display_name":"Moshe Babaioff","orcid":"https://orcid.org/0000-0002-7066-2005"},"institutions":[{"id":"https://openalex.org/I1290206253","display_name":"Microsoft (United States)","ror":"https://ror.org/00d0nc645","country_code":"US","type":"company","lineage":["https://openalex.org/I1290206253"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Moshe Babaioff","raw_affiliation_strings":["Microsoft Research, Mountain View, CA, USA","Microsoft Research, Mountain View, CA, USA#TAB#"],"affiliations":[{"raw_affiliation_string":"Microsoft Research, Mountain View, CA, USA","institution_ids":["https://openalex.org/I1290206253"]},{"raw_affiliation_string":"Microsoft Research, Mountain View, CA, USA#TAB#","institution_ids":["https://openalex.org/I1290206253"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5082964830","display_name":"Brendan Lucier","orcid":"https://orcid.org/0009-0006-3497-0875"},"institutions":[{"id":"https://openalex.org/I1290206253","display_name":"Microsoft (United States)","ror":"https://ror.org/00d0nc645","country_code":"US","type":"company","lineage":["https://openalex.org/I1290206253"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Brendan Lucier","raw_affiliation_strings":["Microsoft Research, Cambridge, MA, USA"],"affiliations":[{"raw_affiliation_string":"Microsoft Research, Cambridge, MA, USA","institution_ids":["https://openalex.org/I1290206253"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5081416898","display_name":"Noam Nisan","orcid":"https://orcid.org/0000-0003-3106-6304"},"institutions":[{"id":"https://openalex.org/I4210125051","display_name":"Microsoft (Israel)","ror":"https://ror.org/03819cc96","country_code":"IL","type":"company","lineage":["https://openalex.org/I1290206253","https://openalex.org/I4210125051"]}],"countries":["IL"],"is_corresponding":false,"raw_author_name":"Noam Nisan","raw_affiliation_strings":["Microsoft Research and Hebrew University, Jerusalem, Israel"],"affiliations":[{"raw_affiliation_string":"Microsoft Research and Hebrew University, Jerusalem, Israel","institution_ids":["https://openalex.org/I4210125051"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5019999334","display_name":"Renato Paes Leme","orcid":"https://orcid.org/0000-0002-9799-5766"},"institutions":[{"id":"https://openalex.org/I1291425158","display_name":"Google (United States)","ror":"https://ror.org/00njsd438","country_code":"US","type":"company","lineage":["https://openalex.org/I1291425158","https://openalex.org/I4210128969"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Renato Paes Leme","raw_affiliation_strings":["Google Research, New York, NY, USA","Google Research, New York, NY, USA#TAB#"],"affiliations":[{"raw_affiliation_string":"Google Research, New York, NY, USA","institution_ids":["https://openalex.org/I1291425158"]},{"raw_affiliation_string":"Google Research, New York, NY, USA#TAB#","institution_ids":["https://openalex.org/I1291425158"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":4,"corresponding_author_ids":["https://openalex.org/A5090426330"],"corresponding_institution_ids":["https://openalex.org/I1290206253"],"apc_list":null,"apc_paid":null,"fwci":9.3338,"has_fulltext":false,"cited_by_count":39,"citation_normalized_percentile":{"value":0.98017766,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":99},"biblio":{"volume":null,"issue":null,"first_page":"783","last_page":"800"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11182","display_name":"Auction Theory and Applications","score":0.9998999834060669,"subfield":{"id":"https://openalex.org/subfields/1803","display_name":"Management Science and Operations Research"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11182","display_name":"Auction Theory and Applications","score":0.9998999834060669,"subfield":{"id":"https://openalex.org/subfields/1803","display_name":"Management Science and Operations Research"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.9991999864578247,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11031","display_name":"Game Theory and Applications","score":0.9987000226974487,"subfield":{"id":"https://openalex.org/subfields/1803","display_name":"Management Science and Operations Research"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/walrasian-auction","display_name":"Walrasian auction","score":0.9809175133705139},{"id":"https://openalex.org/keywords/economics","display_name":"Economics","score":0.6822064518928528},{"id":"https://openalex.org/keywords/clearing","display_name":"Clearing","score":0.6470891833305359},{"id":"https://openalex.org/keywords/market-clearing","display_name":"Market clearing","score":0.6143230199813843},{"id":"https://openalex.org/keywords/microeconomics","display_name":"Microeconomics","score":0.5441449880599976},{"id":"https://openalex.org/keywords/market-mechanism","display_name":"Market mechanism","score":0.4612371623516083},{"id":"https://openalex.org/keywords/work","display_name":"Work (physics)","score":0.4593075215816498},{"id":"https://openalex.org/keywords/mechanism","display_name":"Mechanism (biology)","score":0.458414763212204},{"id":"https://openalex.org/keywords/price-mechanism","display_name":"Price mechanism","score":0.4464628994464874},{"id":"https://openalex.org/keywords/mathematical-economics","display_name":"Mathematical economics","score":0.34725669026374817},{"id":"https://openalex.org/keywords/market-price","display_name":"Market price","score":0.2491113543510437},{"id":"https://openalex.org/keywords/common-value-auction","display_name":"Common value auction","score":0.21030473709106445},{"id":"https://openalex.org/keywords/revenue-equivalence","display_name":"Revenue equivalence","score":0.1762513816356659},{"id":"https://openalex.org/keywords/finance","display_name":"Finance","score":0.11985498666763306},{"id":"https://openalex.org/keywords/auction-theory","display_name":"Auction theory","score":0.1091880202293396},{"id":"https://openalex.org/keywords/market-economy","display_name":"Market economy","score":0.08470463752746582},{"id":"https://openalex.org/keywords/engineering","display_name":"Engineering","score":0.07856032252311707}],"concepts":[{"id":"https://openalex.org/C129650952","wikidata":"https://www.wikidata.org/wiki/Q1423059","display_name":"Walrasian auction","level":5,"score":0.9809175133705139},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.6822064518928528},{"id":"https://openalex.org/C134697681","wikidata":"https://www.wikidata.org/wiki/Q1609677","display_name":"Clearing","level":2,"score":0.6470891833305359},{"id":"https://openalex.org/C14981831","wikidata":"https://www.wikidata.org/wiki/Q1713661","display_name":"Market clearing","level":2,"score":0.6143230199813843},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.5441449880599976},{"id":"https://openalex.org/C2777137687","wikidata":"https://www.wikidata.org/wiki/Q5730923","display_name":"Market mechanism","level":2,"score":0.4612371623516083},{"id":"https://openalex.org/C18762648","wikidata":"https://www.wikidata.org/wiki/Q42213","display_name":"Work (physics)","level":2,"score":0.4593075215816498},{"id":"https://openalex.org/C89611455","wikidata":"https://www.wikidata.org/wiki/Q6804646","display_name":"Mechanism (biology)","level":2,"score":0.458414763212204},{"id":"https://openalex.org/C105483948","wikidata":"https://www.wikidata.org/wiki/Q7242621","display_name":"Price mechanism","level":3,"score":0.4464628994464874},{"id":"https://openalex.org/C144237770","wikidata":"https://www.wikidata.org/wiki/Q747534","display_name":"Mathematical economics","level":1,"score":0.34725669026374817},{"id":"https://openalex.org/C64112148","wikidata":"https://www.wikidata.org/wiki/Q160151","display_name":"Market price","level":2,"score":0.2491113543510437},{"id":"https://openalex.org/C163239763","wikidata":"https://www.wikidata.org/wiki/Q5153637","display_name":"Common value auction","level":2,"score":0.21030473709106445},{"id":"https://openalex.org/C143684077","wikidata":"https://www.wikidata.org/wiki/Q431186","display_name":"Revenue equivalence","level":4,"score":0.1762513816356659},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.11985498666763306},{"id":"https://openalex.org/C11276805","wikidata":"https://www.wikidata.org/wiki/Q771334","display_name":"Auction theory","level":3,"score":0.1091880202293396},{"id":"https://openalex.org/C34447519","wikidata":"https://www.wikidata.org/wiki/Q179522","display_name":"Market economy","level":1,"score":0.08470463752746582},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.07856032252311707},{"id":"https://openalex.org/C78519656","wikidata":"https://www.wikidata.org/wiki/Q101333","display_name":"Mechanical engineering","level":1,"score":0.0},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.0},{"id":"https://openalex.org/C111472728","wikidata":"https://www.wikidata.org/wiki/Q9471","display_name":"Epistemology","level":1,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1145/2600057.2602850","is_oa":false,"landing_page_url":"https://doi.org/10.1145/2600057.2602850","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Proceedings of the fifteenth ACM conference on Economics and computation","raw_type":"proceedings-article"}],"best_oa_location":null,"sustainable_development_goals":[{"score":0.5600000023841858,"id":"https://metadata.un.org/sdg/17","display_name":"Partnerships for the goals"}],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":43,"referenced_works":["https://openalex.org/W1489333206","https://openalex.org/W1561775979","https://openalex.org/W1580831805","https://openalex.org/W1698843935","https://openalex.org/W1823984784","https://openalex.org/W1881692058","https://openalex.org/W1973591521","https://openalex.org/W1975378045","https://openalex.org/W1976086105","https://openalex.org/W1990656299","https://openalex.org/W1991892223","https://openalex.org/W1995282411","https://openalex.org/W1996028680","https://openalex.org/W2023732846","https://openalex.org/W2025106323","https://openalex.org/W2029102609","https://openalex.org/W2029873790","https://openalex.org/W2035186046","https://openalex.org/W2045994254","https://openalex.org/W2048923988","https://openalex.org/W2052719152","https://openalex.org/W2060346604","https://openalex.org/W2071197730","https://openalex.org/W2072617828","https://openalex.org/W2073286634","https://openalex.org/W2097406041","https://openalex.org/W2115276154","https://openalex.org/W2133243407","https://openalex.org/W2136124238","https://openalex.org/W2140009375","https://openalex.org/W2150526819","https://openalex.org/W2151288757","https://openalex.org/W2158486621","https://openalex.org/W2161272173","https://openalex.org/W2891591616","https://openalex.org/W2949148604","https://openalex.org/W2953389549","https://openalex.org/W2962711478","https://openalex.org/W2993553861","https://openalex.org/W3124112004","https://openalex.org/W3138329167","https://openalex.org/W4251248798","https://openalex.org/W6771722633"],"related_works":["https://openalex.org/W594425727","https://openalex.org/W3194269262","https://openalex.org/W152986835","https://openalex.org/W3124059947","https://openalex.org/W2154990532","https://openalex.org/W2230724613","https://openalex.org/W3124972512","https://openalex.org/W2500734316","https://openalex.org/W3015723571","https://openalex.org/W3122923881"],"abstract_inverted_index":{"Central":[0],"results":[1],"in":[2,18,33,41,78,99,117],"economics":[3],"guarantee":[4],"the":[5,66,79,90,100,104,110],"existence":[6],"of":[7,13,39,103],"efficient":[8],"equilibria":[9],"for":[10,97,113],"various":[11],"classes":[12],"markets.":[14],"An":[15],"underlying":[16],"assumption":[17],"early":[19],"work":[20],"is":[21,47,63],"that":[22,69],"agents":[23,27,56],"are":[24,57,95],"price-takers,":[25],"i.e.,":[26],"honestly":[28],"report":[29],"their":[30,60],"true":[31],"demand":[32],"response":[34],"to":[35,49],"prices.":[36],"A":[37],"line":[38],"research":[40],"economics,":[42],"initiated":[43],"by":[44,65,71],"Hurwicz":[45],"(1972),":[46],"devoted":[48],"understanding":[50],"how":[51],"such":[52],"markets":[53],"perform":[54],"when":[55],"strategic":[58],"about":[59],"demands.":[61],"This":[62],"captured":[64],"Walrasian":[67],"Mechanism":[68],"proceeds":[70],"collecting":[72],"reported":[73,80],"demands,":[74],"finding":[75],"clearing":[76],"prices":[77],"market":[81,112],"via":[82],"an":[83],"ascending":[84],"price":[85],"tatonnement":[86],"procedure,":[87],"and":[88,109,115],"returns":[89],"resulting":[91],"allocation.":[92],"Similar":[93],"mechanisms":[94],"used,":[96],"example,":[98],"daily":[101],"opening":[102],"New":[105],"York":[106],"Stock":[107],"Exchange":[108],"call":[111],"copper":[114],"gold":[116],"London.":[118]},"counts_by_year":[{"year":2025,"cited_by_count":2},{"year":2024,"cited_by_count":1},{"year":2023,"cited_by_count":1},{"year":2022,"cited_by_count":2},{"year":2021,"cited_by_count":3},{"year":2020,"cited_by_count":3},{"year":2019,"cited_by_count":1},{"year":2018,"cited_by_count":3},{"year":2017,"cited_by_count":3},{"year":2016,"cited_by_count":3},{"year":2015,"cited_by_count":12},{"year":2014,"cited_by_count":5}],"updated_date":"2025-11-06T03:46:38.306776","created_date":"2025-10-10T00:00:00"}