ARC Talk: Michael O. Rabin, Harvard University, Columbia University

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Date:
March 10, 2014 3:30 pm - 4:30 pm
Location:
Klaus 1116

Title: Practically Efficient ZKPs for Preventing Collusion in Auctions

Abstract:

In an important mechanism for sealed bid auctions developed by Vickrey and rewarded by a Nobel Prize, the highest bidder gets the item and pays the second highest bid value. Vickrey proved that for these auctions the best strategy for a participant is to bid his private true value for the item. Despite this advantage, second-price auctions are rarely used because they are subject to collusion of bidders. Employing novel cryptography we show that collusion can be avoided thus solving a long standing open problem. The talk will be generally accessible. Joint work with Silvio Micali.