From No-Regret to Strategically Robust Learning in Repeated Auctions
In Bayesian single-item auctions, a monotone bidding strategy–one that prescribes a higher bid for a higher value type–can be equivalently represented as a partition of the quantile space into consecutive intervals corresponding to increasing bids. Kumar et al. (2024) prove that agile online gradient descent (OGD), when used to update a monotone bidding strategy through its quantile representation, is strategically robust in repeated first-price auctions: when all bidders employ agile OGD in this way, the auctioneer’s average revenue […]