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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...
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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
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...
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This paper characterizes interim efficient mechanisms for public good production and cost allocation in a two-type environment with risk-neutral, quasi-linear preferences and fixed-size projects, where the distribution of the private good, as well as the public goods decision, affects social...
Persistent link: https://www.econbiz.de/10005242629