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We present the first general positive result on the construction of collusion-resistant mechanisms, that is, mechanisms that guarantee dominant strategies even when agents can form arbitrary coalitions and exchange compensations (sometimes referred to as transferable utilities or side payments)....
Persistent link: https://www.econbiz.de/10011049895
The paper analyses the problem of coordination in supply networks of multiple retailers and a single supplier, where partners have asymmetric, private information of demand and costs. After stating generic requirements like distributedness, truthfulness, efficiency and budget balance, we use the...
Persistent link: https://www.econbiz.de/10011052594
Suppose that the goals of a society can be summarized in a social choice rule, i.e., a mapping from relevant underlying parameters to final outcomes. Typically, the underlying parameters (e.g., individual preferences) are private information to the agents in society. The implementation problem...
Persistent link: https://www.econbiz.de/10005697960
A problem is studied in which several non-cooperating clients compete for earlier execution of their jobs in a processing sequence of a single service provider in order to minimize job completion time costs. The clients can move their jobs earlier in a given sequence. They are assumed not to...
Persistent link: https://www.econbiz.de/10010738085
The paper studies the role of delegation and authority within a principal-agent relation in which a non-contractible action has to be taken. The agent has private information relevant for the principal, but has policy preferences different from the principal. Consequently, an information...
Persistent link: https://www.econbiz.de/10009367926
In a differential information economy with quasi-linear utilities, monetary transfers facilitate the fulfillment of incentive compatibility constraints: the associated ex ante core is generically non-empty. However, we exhibit a wellbehaved exchange economy in which this core is empty, even if...
Persistent link: https://www.econbiz.de/10005043580
In a differential information economy with quasi–linear utilities, monetary transfers facilitate the fulfillment of incentive compatibility constraints : the associated ex ante core is generically nonempty. However, we exhibit a well–behaved exchange economy in which this core is empty, even...
Persistent link: https://www.econbiz.de/10010707133
In a differential information economy with quasi–linear utilities, monetary transfers facilitate the fulfillment of incentive compatibility constraints : the associated ex ante core is generically nonempty. However, we exhibit a well–behaved exchange economy in which this core is empty, even...
Persistent link: https://www.econbiz.de/10008790083
We consider Bayesian incentive compatible and individually rational mechanisms for resolving conflicts between two agents who are uncertain about each other's fighting potential. We model the default option of outright conflict as a probabilistic contest. Examples of such contests may be...
Persistent link: https://www.econbiz.de/10005423852
The traditional approach to flexible retirement (e.g. NDC) neglects the impact of asymmetric information on actuarial fairness (neutrality). The mechanism design approach (e.g. Diamond, 2003) gives up the requirement of neutrality and looks for a redistributive second-best benefit-retirement-age...
Persistent link: https://www.econbiz.de/10005416474