New auction model maximizes bidder satisfaction and auctioneer revenue simultaneously.
The article introduces a new type of auction where bidders can set a budget and limit on how many items they want. Unlike previous auctions, the value of items to a bidder can decrease if they get too many. The researchers created an auction method that is fair and encourages bidders to be honest about their limits. They found that when budgets and limits are public, their method is the best. However, if limits are private, no method can be both fair and encourage honesty, even if budgets are public. They also looked at how much money their method can make.