Showing 1 - 10 of 7,223
properties of markets without transaction costs, namely strategyproofness, efficiency, and robustness to misspecified beliefs and …
Persistent link: https://www.econbiz.de/10013440142
We provide a characterization of virtual Bayesian implementation in pure strategies for environments satisfying no-total-indifference. A social choice function in such environments is virtually Bayesian implementable if and only if it satisfies incentive compatibility and a condition we term...
Persistent link: https://www.econbiz.de/10010318865
It is well known that a social choice function is truthfully implementable in Bayesian Nash equilibrium if and only if it is incentive compatible. However, in general it is not possible to rule out other equilibrium outcomes, and additional conditions, e.g., Bayesian monotonicity, are needed to...
Persistent link: https://www.econbiz.de/10010318919
We consider robust virtual implementation, where robustness is the requirement that implementation succeed in all type …
Persistent link: https://www.econbiz.de/10010318934
's available actions. Principals demand robustness and evaluate contracts on a worst-case basis. This robust approach allows for a …
Persistent link: https://www.econbiz.de/10013253715
This paper studies information transmission in a two-sender, multidimensional cheap talk setting where there are exogenous constraints on the (convex) feasible set of policies for the receiver and where the receiver is uncertain about both the directions and the magnitudes of the senders' bias...
Persistent link: https://www.econbiz.de/10012158784
We analyze the doping behavior of heterogeneous athletes in an environment of private information. In a n-player strategic game, modeled as an all-pay auction, each athlete has private information about his actual physical ability and choses the amount of performance-enhancing drugs. The use of...
Persistent link: https://www.econbiz.de/10011390690
Potential bidders respond to a seller's choice of auction mechanism for a common-value or affiliated-values asset by endogenous decisions whether to incur an information-acquisition cost (and observe a private estimate), or forgo competing. Privately informed participants decide whether to incur...
Persistent link: https://www.econbiz.de/10010332481
We consider a model of oligopolistic firms that have private information about their cost structure. Prior to competing in the market a competitive advantage, i.e., a cost reducing technology, is allocated to a subset of the firms by means of a multi-object auction. After the auction either all...
Persistent link: https://www.econbiz.de/10010334084
We study all-pay auctions (or wars of attrition), where the highest bidder wins an object, but all bidders pay their bids. We consider such auctions when two bidders alternate in raising their bids and where all aspects of the auction are common knowledge including bidders' valuations. We...
Persistent link: https://www.econbiz.de/10003782112