Efficient Search by Committee

This note constructs an efficient mechanism for finding the best candidate for a committee from a sequence of potential candidates. Committee members have independent private values information about the quality of the candidate. The mechanism selects the best candidate according to the standard utilitarian welfare criterion. Furthermore, the mechanism can be modified to have a balanced budget.Search, Committtees, Voting, Mechanism design, Dynamic pivot mechanism

Dynamic Auctions: A Survey

We survey the recent literature on designing auctions and mechanisms for dynamic settings. Two settings are considered: those with a dynamic population of agents or buyers whose private information remains fixed throughout time; and those with a fixed population of agents or buyers whose private information changes across time. Within each of these settings, we discuss both efficient (welfare-maximizing) and optimal (revenue-maximizing) mechanisms.Dynamic auctions and mechanisms, Random arrivals and departures, Changing private information, Incentive compatibility

Incentivizing Truth-Telling in MPC-based Load Frequency Control

We present a mechanism for socially efficient implementation of model predictive control (MPC) algorithms for load frequency control (LFC) in the presence of self-interested power generators. Specifically, we consider a situation in which the system operator seeks to implement an MPC-based LFC for aggregated social cost minimization, but necessary information such as individual generators' cost functions is privately owned. Without appropriate monetary compensation mechanisms that incentivize truth-telling, self-interested market participants may be inclined to misreport their private parameters in an effort to maximize their own profits, which may result in a loss of social welfare. The main challenge in our framework arises from the fact that every participant's strategy at any time affects the future state of other participants; the consequences of such dynamic coupling has not been fully addressed in the literature on online mechanism design. We propose a class of real-time monetary compensation schemes that incentivize market participants to report their private parameters truthfully at every time step, which enables the system operator to implement MPC-based LFC in a socially optimal manner

THE SCOPE FOR FOREIGN EXCHANGE MARKET INTERVENTIONS

The discussion on exchange rate policy is dominated by the so-called “impossible trinity”. According to this principle an autonomous monetary policy, a control over the exchange rate and free capital movements cannot be achieved simultaneously. In this paper, a strategy of managed floating is developed that allows transforming the “impossible trinity” into a “possible trinity”. If a central bank targets an exchange rate path which is determined by uncovered interest parity (UIP), it can at the same time set its policy rate autonomously. As a UIP path removes the incentives for carry-trade, it is also compatible with capital mobility. The approach can be used unilaterally to prevent carry trade as a central bank can always prevent an appreciation of its currency. But it can also be applied bilaterally or multilaterally. Successful examples are the European Monetary System and the exchange rate policy of Slovenia before its EMU membership.

Automatic Romaine Heart Harvester

The Romaine Robotics Senior Design Team developed a romaine lettuce heart trimming system in partnership with a Salinas farm to address a growing labor shortage in the agricultural industry that is resulting in crops rotting in the field before they could be harvested. An automated trimmer can alleviate the most time consuming step in the cut-trim-bag harvesting process, increasing the yields of robotic cutters or the speed of existing laborer teams. Leveraging the Partner Farm’s existing trimmer architecture, which consists of a laborer loading lettuce into sprungloaded grippers that are rotated through vision and cutting systems by an indexer, the team redesigned geometry to improve the loading, gripping, and ejection stages of the system. Physical testing, hand calculations, and FEA were performed to understand acceptable grip strengths and cup design, and several wooden mockups were built to explore a new actuating linkage design for the indexer. The team manufactured, assembled, and performed verification testing on a full-size metal motorized prototype that can be incorporated with the Partner Farm’s existing cutting and vision systems. The prototype met all of the established requirements, and the farm has implemented the redesign onto their trimmer. Future work would include designing and implementing vision and cutting systems for the team’s metal prototype