5,080 research outputs found

    Efficiency Guarantees in Auctions with Budgets

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    In settings where players have a limited access to liquidity, represented in the form of budget constraints, efficiency maximization has proven to be a challenging goal. In particular, the social welfare cannot be approximated by a better factor then the number of players. Therefore, the literature has mainly resorted to Pareto-efficiency as a way to achieve efficiency in such settings. While successful in some important scenarios, in many settings it is known that either exactly one incentive-compatible auction that always outputs a Pareto-efficient solution, or that no truthful mechanism can always guarantee a Pareto-efficient outcome. Traditionally, impossibility results can be avoided by considering approximations. However, Pareto-efficiency is a binary property (is either satisfied or not), which does not allow for approximations. In this paper we propose a new notion of efficiency, called \emph{liquid welfare}. This is the maximum amount of revenue an omniscient seller would be able to extract from a certain instance. We explain the intuition behind this objective function and show that it can be 2-approximated by two different auctions. Moreover, we show that no truthful algorithm can guarantee an approximation factor better than 4/3 with respect to the liquid welfare, and provide a truthful auction that attains this bound in a special case. Importantly, the liquid welfare benchmark also overcomes impossibilities for some settings. While it is impossible to design Pareto-efficient auctions for multi-unit auctions where players have decreasing marginal values, we give a deterministic O(logn)O(\log n)-approximation for the liquid welfare in this setting

    Interaction of Individual Skyrmions in Nanostructured Cubic Chiral Magnet

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    We report the direct evidence of field-dependent character of the interaction between individual magnetic skyrmions as well as between skyrmions and edges in B20-type FeGe nanostripes observed by means of high resolution Lorentz transmission electron microscopy. It is shown that above certain critical values of external magnetic field the character of such long-range skyrmion interactions change from attraction to repulsion. Experimentally measured equilibrium inter-skyrmion and skrymion-edge distances as function of applied magnetic field shows quantitative agreement with the results of micromagnetic simulations. Important role of demagnetizing fields and internal symmetry of three-dimensional magnetic skyrmions are discussed in details.Comment: accepted in PR
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