Worst-Case Equilibria.¶
Koutsoupias, E., & Papadimitriou, C. (1999). Worst-Case Equilibria. STACS 1999.
Cited by¶
1 citation across 1 artifact.
Each citation links to the sentence it supports in the citing article.
Primes¶
- Price of Anarchy
- The metaphorical invisible hand — that selfish best-response leads to good aggregate outcomes — is conditional on strong assumptions (complete markets, no externalities, price-taking behaviour) that fail in routing, scheduling, auctions, and congestion settings, and price of anarchy is the formal apparatus for measuring how much the intuition fails in a given setting and for bounding the failure analytically.
This sourceOriginates the worst-case equilibrium-to-optimum ratio ("coordination ratio," later named the price of anarchy).
Supported in partVerified against the publisher's abstract
The abstract defines the worst-Nash-to-optimum ratio as a system-effectiveness measure and derives upper and lower bounds; it never mentions the invisible-hand assumptions or the failure settings.
“we propose the ratio between the worst possible Nash equilibrium and the social optimum as a measure of the effectiveness of the system. Deriving upper and lower bounds for this ratio in a model in which several agents share a very simple network leads to some interesting mathematics, results, and open problems.”
- The metaphorical invisible hand — that selfish best-response leads to good aggregate outcomes — is conditional on strong assumptions (complete markets, no externalities, price-taking behaviour) that fail in routing, scheduling, auctions, and congestion settings, and price of anarchy is the formal apparatus for measuring how much the intuition fails in a given setting and for bounding the failure analytically.
Verification¶
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