Efficient sealed-bid auctions for massive numbers of bidders with lump comparison

Abstract

A newsc heme for electronic sealed-bid auctions that preserveslosing bids is presented. By this scheme, the computational complexityof the opening phase can be reduced to O(log ℓ); previous worksrequired O(N·ℓ) or O(N·log ℓ) where the number of bidders is N and therange of bids is ℓ. The proposed scheme has two technical points. One isthat computational complexity is independent of the number of bidders.The other is a newefficien t value-comparing method. These techniquesallowour auction scheme to be more than five hundred times faster thanprevious schemes. Furthermore, our auction scheme can be eleven milliontimes faster than previous schemes if it is assured that auctioneers donot conspire.