| الوصف: |
Any social choice function (e.g the efficient allocation) can be implemented using different payment rules: first price, second price, all-pay, etc. All of these payment rules are guaranteed to have the same expected revenue by the revenue equivalence theorem, but have different distributions of revenue, leading to a question of which one is best. We prove that among all possible payment rules, winner-pays-bid minimizes the variance in revenue and, in fact, minimizes any convex risk measure. |
