Showing 1 - 4 of 4
This paper identifies several social-choice correspondences which are or are not fully implementable in economic environments when agents are incompletely informed about the environment. The authors show that in contrast to results in the case of complete information, neither efficient...
Persistent link: https://www.econbiz.de/10005251110
The authors study the problem of implementing social choice correspondences via Nash equilibrium in which no one uses a weakly dominated strategy. The main result is that if there are at least three agents in society, then any correspondence that satisfies no veto power is implementable unless...
Persistent link: https://www.econbiz.de/10005332110
This paper studies the problem of implementation of allocation rules in economic environments when agents are incompletely informed about the environment. The concept of equilibrium used is that of Bayesian Nash equilibrium. The authors show that a condition called Bayesian monotonicity is...
Persistent link: https://www.econbiz.de/10005231677
The main result of this paper is that the multiple equilibrium problem in mechanism design can be avoided in private-value models if agents do not use weakly-dominated strategies in equilibrium. The authors show that, in such settings, any incentive-compatible allocation rule can be made the...
Persistent link: https://www.econbiz.de/10005728818