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On Bayesian Implementable Allocations

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Author Info
Palfrey, Thomas R
Srivastava, Sanjay
Abstract

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 allocations nor core allocations define implementable social-choice correspondences. The authors also identify conditions under which the Rational Expectations Equilibrium correspondence is implementable. The authors extend the concepts of fair allocations and Lindahl allocations to economies with incomplete information, and show that envy-free allocation and Lindahl allocations are implementable under some conditions while fair allocations are not. Copyright 1987 by The Review of Economic Studies Limited.

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Publisher Info
Article provided by Blackwell Publishing in its journal Review of Economic Studies.

Volume (Year): 54 (1987)
Issue (Month): 2 (April)
Pages: 193-208
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Handle: RePEc:bla:restud:v:54:y:1987:i:2:p:193-208

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  1. Matthew Jackson & Ilan Kremer, 2007. "Envy-freeness and implementation in large economies," Review of Economic Design, Springer, vol. 11(3), pages 185-198, November. [Downloadable!] (restricted)
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  2. Russell Cooper & Thomas W. Ross, 1991. "Bank Runs: Liquidity and Incentives," NBER Working Papers 3921, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  3. BOCHET, Olivier, 2005. "Switching from complete to incomplete information," CORE Discussion Papers 2005063, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE). [Downloadable!]
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  4. Palfrey, Thomas R. & Srivastava, Sanjay., 1989. "Efficient Trading Mechanisms with Pre-Play Communication," Working Papers 693, California Institute of Technology, Division of the Humanities and Social Sciences. [Downloadable!]
  5. Georgy Artemov & Takashi Kunimoto & Roberto Serrano, 2007. "Robust virtual implementation with incomplete information: Towards a reinterpretation of the Wilson doctrine," Working Papers 2007-14, Instituto Madrileño de Estudios Avanzados (IMDEA) Ciencias Sociales. [Downloadable!]
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  6. Luis C. Corchon, 2007. "The theory of implementation : what did we learn?," Economics Working Papers we081207, Universidad Carlos III, Departamento de Economía. [Downloadable!]
  7. Mark Gradstein, 1994. "Implementation of social optimum in oligopoly," Review of Economic Design, Springer, vol. 1(1), pages 319-326, December. [Downloadable!] (restricted)
  8. Adam Meirowitz, 2007. "Communication and bargaining in the spatial model," International Journal of Game Theory, Springer, vol. 35(2), pages 251-266, January. [Downloadable!] (restricted)
  9. R?bert F. Veszteg, 2004. "Fairness under Uncertainty with Indivisibilities," UFAE and IAE Working Papers 613.04, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC). [Downloadable!]
  10. Meirowitz, Adam, 2005. "Deliberative Democracy or Market Democracy: Designing Institutions to Aggregate Preferences and Information," Papers 03-28-2005, Princeton University, Research Program in Political Economy. [Downloadable!]
  11. Roberto Serrano, 2003. "The Theory of Implementation of Social Choice Rules," Working Papers 2003-19, Brown University, Department of Economics. [Downloadable!]
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  12. Matthew O. Jackson, 1990. "Undominated Nash Implementation in Bounded Mechanisms," Discussion Papers 966, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
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  13. Geoffroy de Clippel, 2004. "Equity, Envy and Efficiency under Asymmetric Information," Working Papers 2004-19, Brown University, Department of Economics. [Downloadable!]
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  14. William Thomson, 2004. "Divide-and-Permute," RCER Working Papers 510, University of Rochester - Center for Economic Research (RCER). [Downloadable!]
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  15. Koray, Semih & Saglam, Ismail, 1997. "Justifiability of Bayesian Implementation in Oligopolistic Markets," MPRA Paper 4459, University Library of Munich, Germany. [Downloadable!]
  16. Bhaskar Dutta & Arunava Sen, 1994. "2-person Bayesian implementation," Review of Economic Design, Springer, vol. 1(1), pages 41-54, December. [Downloadable!] (restricted)
  17. Ismail Saglam, 2008. "A Note on Jackson's Theorems in Bayesian Implementation," Economics Bulletin, Economics Bulletin, vol. 3(55), pages 1-8. [Downloadable!]
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  18. Eric Maskin & Tomas Sjostrom, 2001. "Implementation Theory," Economics Working Papers 0006, Institute for Advanced Study, School of Social Science. [Downloadable!]
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  19. Roberto Serrano & Rajiv Vohra, 2002. "A Characterization of Virtual Bayesian Implementation," Economics Working Papers 0028, Institute for Advanced Study, School of Social Science. [Downloadable!]
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