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Minimally Complex Exchange Mechanisms : Emergence of Prices, Markets, and Money
Dubey, Pradeep K. - 2014
We consider abstract exchange mechanisms wherein individuals submit "diversified" offers in m commodities, which are then redistributed to them. Our first result is that if the mechanism satisfies certain natural conditions embodying "fairness" and "convenience" then it admits unique prices, in...
Persistent link: https://www.econbiz.de/10013055725
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Money as Minimal Complexity
Dubey, Pradeep K. - 2015
\tau(M), \pi(M) which represent the "time" required to exchange i for j and the "information" needed to determine the …
Persistent link: https://www.econbiz.de/10013027825
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The Allocation of a Prize (R)
Dubey, Pradeep K.; Sahi, Siddhartha - 2012
, assuming agents know each others' skills (the complete information case), this result holds when any Nash equilibrium selection … is incomplete information, the result is still true but now we must restrict to Nash selections for both prizes. We also …
Persistent link: https://www.econbiz.de/10014171015
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The Role of the Common Prior in Robust Implementation
Bergemann, Dirk - 2007
We consider the role of the common prior for robust implementation in an environment with interdependent values. Specifically, we investigate a model of public good provision which allows for negative and positive informational externalities. In the corresponding direct mechanism, the agents'...
Persistent link: https://www.econbiz.de/10012775991
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Interdependent Preferences and Strategic Distinguishability
Bergemann, Dirk - 2010
A universal type space of interdependent expected utility preference types is constructed from higher-order preference hierarchies describing (i) an agent's (unconditional) preferences over a lottery space; (ii) the agent's preference over Anscombe-Aumann acts conditional on the unconditional...
Persistent link: https://www.econbiz.de/10013137661
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Social Memory and Evidence from the Past
Anderlini, Luca - 2008
the quality of information that individuals have about current decisions may quot;improvequot; social memory so that it …
Persistent link: https://www.econbiz.de/10012773656
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Interdependent Preferences and Strategic Distinguishability
Bergemann, Dirk - 2014
We identify a universal type space of possible interdependent (expected utility) preferences of a group of agents satisfying two criteria. First, a type consists of a "detail free" description, in a natural language, of the agents' interdependent preferences. Second, distinct types in the...
Persistent link: https://www.econbiz.de/10013050649
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Informational Robustness and Solution Concepts
Bergemann, Dirk - 2015
and trading games.Our results generalize from complete to incomplete information the classical results in Aumann (1974 … equilibrium of a Bayesian game if players may observe some additional information? This set of outcomes will correspond to a … additional information.We describe a unified approach encompassing prior informational robustness results, as well as identifying …
Persistent link: https://www.econbiz.de/10013019432
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Interdependent Preferences and Strategic Distinguishability
Bergemann, Dirk - 2016
We study agents whose expected utility preferences are interdependent for informational or psychological reasons. We characterize when two types can be “strategically distinguished” in the sense that they are guaranteed to behave differently in some finite mechanism. We show that two types...
Persistent link: https://www.econbiz.de/10012984162
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Interdependent Preferences and Strategic Distinguishability
Bergemann, Dirk; Morris, Stephen; Takahashi, Satoru - 2011
A universal type space of interdependent expected utility preference types is constructed from higher-order preference hierarchies describing (i) an agent's (unconditional) preferences over a lottery space; (ii) the agent's preference over Anscombe-Aumann acts conditional on the unconditional...
Persistent link: https://www.econbiz.de/10014185594