A collection of items is to be distributed among several bidders, and each bidder is to receive at most one item. Assuming that the bidders place some monetary value on each of the items, it has been shown that there is a unique vector of equilibrium prices that is optimal, in a suitable sense, for the bidders. In this paper we describe two dynamic auction mechanisms: one achieves this equilibrium and the other approximates it to any desired degree of accuracy.

A collection of items is to be distributed among several bidders, and each bidder is to receive at most one item. Assuming that the bidders place some monetary value on each of the items, it has been shown that there is a unique vector of equilibrium prices that is optimal, in a suitable sense, for the bidders. In this paper we describe two dynamic auction mechanisms: one achieves this equilibrium and the other approximates it to any desired degree of accuracy.

The college admissions problem is perhaps the simplest model of many-to-one matching in two-sided markets, such as labor markets. The authors show that the set of stable outcomes (which is equal to the core defined by weak domination) has some surprising properties not found in models of one-to-one matching. These properties may help to explain the success that this kind of model has had in explaining empirical observations.