<p>I am looking for an algorithm or a mechanism that I could implement for a specific case in my <a href="https://en.wikipedia.org/wiki/Smart_contract" rel="nofollow noreferrer">smart contract</a>. How can multiple co-owners of an item agree efficiently on a selling price?</p>
<p>I am not really into economics and all the auction types I have been looking for don't really address this case. Thanks in advance</p>

CC BY-SA 4.0
2022-10-23T15:04:19.407Z
Can you please elaborate on what you mean by "*agree efficiently*"?
Giskard
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2022-10-23T16:08:13.750Z
if possible, with as little steps as possible. A counter example would be to let everyone choose until there is an exact match (which can not be possible)
Ayden
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2022-10-23T16:38:22.300Z
Okay; randomize a co-owner and let them set a selling price. One round algorithm, two if you include the randomization.
Giskard
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2022-10-24T15:27:08.687Z
How about some kind of multi-stage voting, where in the first round "candidates" are several wide price intervals and in the second round the winner interval is divided in further narrower intervals that serve as candidates for the second round, and so on? If at some round it fails, the price is selected randomly from given (at current round) interval. Probably you can also add "against all" as option for voting.
KarmaPeasant
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2022-10-24T16:03:24.673Z
@user161005 It seems like by "voting" you mean majority voting, even though social choice theory / mechanism design offers a wide array of alternatives.
Giskard
CC BY-SA 4.0
2022-10-24T16:08:15.053Z
@Giskard No, I don't. Each round can use, for an example, IRV, as long as there are more than two candidates
KarmaPeasant
CC BY-SA 4.0
2022-10-24T16:19:11.030Z
Also, why can't you just look at code of other smart contracts? I guess some of them faced the same problem and you could just use their method.
KarmaPeasant
CC BY-SA 4.0
2022-10-25T13:32:19.230Z
@user161005 As I am not sure about the problem denomination, I have not been able to look at others contracts tackling it yet. Thanks for your suggestions regarding voting system. It raises even more interesting question (e.g., how to chose the intervals), do you know of any other system using such methods ?
Ayden
CC BY-SA 4.0
2022-10-25T17:32:02.490Z
"how to choose intervals". Ask each co-owner for maximum price for the item. Out these prices choose the largest price. It will serve as endpoint of interval. Then divide said interval, for an example, in two equal parts.  Or instead intervals you could ask each co-owner for set of price points, combine all sets of prices points and use them as candidates for your favorite voting method.
KarmaPeasant
<asset-pricing><auctions><algorithms>
Is there any known algorithm to negotiate a price between co-owners who want to sell an item?
Ayden
# Is there any known algorithm to negotiate a price between co-owners who want to sell an item?

(Asked by: username_0 on 2022-10-23)

I am looking for an algorithm or a mechanism that I could implement for a specific case in my [smart contract](https://en.wikipedia.org/wiki/Smart_contract). How can multiple co-owners of an item agree efficiently on a selling price?

I am not really into economics and all the auction types I have been looking for don't really address this case. Thanks in advance

**Tags:** asset-pricing, auctions, algorithms

> **Comments:**
> **username_1**: Can you please elaborate on what you mean by "*agree efficiently*"?  
> **username_0**: if possible, with as little steps as possible. A counter example would be to let everyone choose until there is an exact match (which can not be possible)  
> **username_1**: Okay; randomize a co-owner and let them set a selling price. One round algorithm, two if you include the randomization.  
> **username_2**: How about some kind of multi-stage voting, where in the first round "candidates" are several wide price intervals and in the second round the winner interval is divided in further narrower intervals that serve as candidates for the second round, and so on? If at some round it fails, the price is selected randomly from given (at current round) interval. Probably you can also add "against all" as option for voting.  
> **username_1**: @user161005 It seems like by "voting" you mean majority voting, even though social choice theory / mechanism design offers a wide array of alternatives.  
> **username_2**: @username_1 No, I don't. Each round can use, for an example, IRV, as long as there are more than two candidates  
> **username_2**: Also, why can't you just look at code of other smart contracts? I guess some of them faced the same problem and you could just use their method.  
> **username_0**: @user161005 As I am not sure about the problem denomination, I have not been able to look at others contracts tackling it yet. Thanks for your suggestions regarding voting system. It raises even more interesting question (e.g., how to chose the intervals), do you know of any other system using such methods ?  
> **username_2**: "how to choose intervals". Ask each co-owner for maximum price for the item. Out these prices choose the largest price. It will serve as endpoint of interval. Then divide said interval, for an example, in two equal parts.  Or instead intervals you could ask each co-owner for set of price points, combine all sets of prices points and use them as candidates for your favorite voting method.  

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## 0 answers

