A Prior-independent mechanism (PIM) is a mechanism in which the designer knows that the agents' valuations are drawn from some probability distribution, but does not know the distribution. A typical application is a seller who wants to sell some items to potential buyers. The seller wants to price the items in a way that will maximize his profit. The optimal prices depend on the amount that each buyer is willing to pay for each item. The seller does not know these values, but he assumes that the values are random variables with some unknown probability distribution.
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| - Prior-independent mechanism (en)
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| - A Prior-independent mechanism (PIM) is a mechanism in which the designer knows that the agents' valuations are drawn from some probability distribution, but does not know the distribution. A typical application is a seller who wants to sell some items to potential buyers. The seller wants to price the items in a way that will maximize his profit. The optimal prices depend on the amount that each buyer is willing to pay for each item. The seller does not know these values, but he assumes that the values are random variables with some unknown probability distribution. (en)
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| - A Prior-independent mechanism (PIM) is a mechanism in which the designer knows that the agents' valuations are drawn from some probability distribution, but does not know the distribution. A typical application is a seller who wants to sell some items to potential buyers. The seller wants to price the items in a way that will maximize his profit. The optimal prices depend on the amount that each buyer is willing to pay for each item. The seller does not know these values, but he assumes that the values are random variables with some unknown probability distribution. A PIM usually involves a random sampling process. The seller samples some valuations from the unknown distribution, and based on the samples, constructs an auction that yields approximately-optimal profits. The major research question in PIM design is: what is the sample complexity of the mechanism? I.e, how many agents it needs to sample in order to attain a reasonable approximation of the optimal welfare? (en)
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