In this paper, we characterize all interior and boundary equilibria of the Groves-Ledyard mechanism for a large class of economies and determine their stability properties. We show that the mechanism admits three types of equilibria: a symmetric, efficient, stable interior equilibrium, a large...

In their seminal paper Groves and Ledyard (1976) construct a balanced incentive compatible mechanism that solves the free rider problem. In subsequent research, Bergstrom, Simon, and Titus (1983) prove that there exist numerous asymmetric equilibria in addition to the symmetric equilibrium. In...

In this paper, we characterize all interior and boundary equilibria of the Groves- Ledyard mechanism for a large class of economies and demonstrate their stability or lack thereof. We prove that the mechanism implements large numbers of inefficient and stable boundary equilibria, one for each of...

The book presents a basic introduction to epidemiology from the perspective of economics, using economic modeling to better understand and describe how infectious disease spreads. Three main elements are introduced: epidemiology, social network analysis, and the economics needed to model the...