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for Resource Allocation

By  and Ramesh JohariJohn N. Tsitsiklis, Arthur C. Smith and Ramesh Johari


This thesis addresses a problem at the nexus of engineering, computer science, and economics: in large scale, decentralized systems, how can we efficiently allocate scarce resources among competing interests? On one hand, constraints are imposed on the system designer by the inherent architecture of any large scale system. These constraints are counterbalanced by the need to design mechanisms that efficiently allocate resources, even when the system is being used by participants who have only their own best interests at stake. We consider the design of resource allocation mechanisms in such environments. The analytic approach we pursue is characterized by four salient features. First, the monetary value of resource allocation is measured by the aggregate surplus (aggregate utility less aggregate cost) achieved at a given allocation. An efficient allocation is one which maximizes aggregate surplus. Second, we focus on market-clearing mechanisms, which set a single price to ensure demand equals supply. Third, all the mechanisms we consider ensure a fully efficient allocation if market participants do no

Year: 2004
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