Simple versus optimal mechanisms
Proceedings of the 10th ACM conference on Electronic commerce
Revenue maximization with a single sample
Proceedings of the 11th ACM conference on Electronic commerce
An algorithmic characterization of multi-dimensional mechanisms
STOC '12 Proceedings of the forty-fourth annual ACM symposium on Theory of computing
Bayesian optimal auctions via multi- to single-agent reduction
Proceedings of the 13th ACM Conference on Electronic Commerce
Proceedings of the 13th ACM Conference on Electronic Commerce
Auctions with unique equilibria
Proceedings of the fourteenth ACM conference on Electronic commerce
Truthfulness and stochastic dominance with monetary transfers
Proceedings of the fourteenth ACM conference on Electronic commerce
Auctions with unique equilibria
Proceedings of the fourteenth ACM conference on Electronic commerce
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We study simple and approximately optimal auctions for agents with a particular form of risk-averse preferences. We show that, for symmetric agents, the optimal revenue (given a prior distribution over the agent preferences) can be approximated by the first-price auction (which is prior independent), and, for asymmetric agents, the optimal revenue can be approximated by an auction with simple form. These results are based on two technical methods. The first is for upper-bounding the revenue from a risk-averse agent. The second gives a payment identity for mechanisms with pay-your-bid semantics.