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Thirteen Reasons Why the Vickrey-Clarke-Groves Process Is Not Practical

MSIS Department and RUTCOR, Rutgers University, 640 Bartholomew Road, Piscataway, New Jersey 08854-8003
rothkopf{at}rutcor.rutgers.edu

In theory, the mathematically elegant Vickrey-Clarke-Groves process offers perfect efficiency with dominant truth-revealing strategies. However, it has many serious practical problems. This paper describes these problems and argues that research that aims to maintain the dominant truth-revealing strategies while compromising on the other practical issues is of limited practical value.

Subject classifications: auctions; mechanism design; truth-revealing strategies.
History: Received December 2005; revision received January 2007; accepted January 2007.