This incentivizes people to spend a lot of wasted time gathering information about what the other party is willing to pay. Which I suppose is true anyways, but I’d like to see a spherical cow system where that isn’t the case.
Yeah, the spherical cow system would be using the VCG mechanism with the Clarke pivot rule, but that would usually require some subsidy. There can be no spherical cow system which elicits truthful bids without subsidy, sadly :-/.
This incentivizes people to spend a lot of wasted time gathering information about what the other party is willing to pay. Which I suppose is true anyways, but I’d like to see a spherical cow system where that isn’t the case.
Yeah, the spherical cow system would be using the VCG mechanism with the Clarke pivot rule, but that would usually require some subsidy. There can be no spherical cow system which elicits truthful bids without subsidy, sadly :-/.