Download or read book A Dynamic Auction for Multi-Object Procurement Under a Hard Budget Constraint written by Ludwig Ensthaler and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This contribution revisits the problem of allocating R&D subsidies by government agencies. Typically, the applicants' financial constraints are private information. The literature has recommended the use of auctions in order to reduce information rents and thus improve the efficiency of how scarce public funds are allocated. We propose a new open clock auction for this procurement problem. This auction is strategically simple, as it exhibits truthtelling in dominant strategies and satisfies ex-post rationality, while observing the budget constraint. We test the auction in Monte-Carlo simulation and discuss its applicability and limitations. Moreover, we highlight connections to recent advances in computer science.