2002 · 155 citations · 7 references
ComputingComputer ScienceContract TheoryContractsDistributed SystemsConstraint SatisfactionContract TypesOptimal ContractingShortest Path AlgorithmsGlobal OptimaLocal OptimaMulti-agent SchedulingOptimal AllocationOptimal Resource AllocationShort-path SolutionShortest Path OptimizationTask Reallocation
We analyze task reallocation where individually rational (IR) agents (re)contract tasks among themselves based on marginal costs. A task allocation graph is introduced as a tool for analyzing contract types. Traditional single task contracts always have a short path (sequence of contracts) to the optimal task allocation but an IR path may not exist, or it may not be short. We analyze an algorithm for finding the shortest IR path. Next we introduce cluster contracts, swaps, and multiagent contracts. Each of the four contract types avoids some local optima that the others do not. Even if the protocol is equipped with all four types, local optima exist. To attack this problem, we introduce OCSMcontracts which combine the ideas behind the four earlier types into an atomic contract type. If the protocol is equipped with OCSM-contracts, any sequence of IR contracts leads to the optimal task allocation in a finite number of steps: an oracle---or speculation---is not needed for choosing the pa...
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R. Preston McAfee, John McMillan · The Journal of Economic Perspectives · 1996 · 539 citations · Full text
Advantages of a leveled commitment contracting protocol
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