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Nash Equilibrium and Welfare Optimality

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  • Maskin, Eric

Abstract

If is a set of social alternatives, a social choice rule (SCR) assigns a subset of A to each potential profile of individuals' preferences over A, where the subset is interpreted as the set of 'welfare optima.' A game form (or 'mechanism') implements the social choice rule if, for any potential profile of preferences, (1) any welfare optimum can arise as a Nash equilibrium of the game form (implying, in particular, that a Nash equilibrium exists) and, (2) all Nash equilibria are welfare optimal. The main result of this paper establishes that any SCR that satisfies two properties--monotonicity and no veto power--can be implemented by a game form if there are three or more individuals. The proof is constructive. Copyright 1999 by The Review of Economic Studies Limited.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Review of Economic Studies.

Volume (Year): 66 (1999)
Issue (Month): 1 (January)
Pages: 23-38

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Handle: RePEc:bla:restud:v:66:y:1999:i:1:p:23-38

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  1. Έρικ Μάσκιν in Wikipedia (Greek)
  2. Eric Maskin in Wikipedia (English)
  3. Eric Maskin in Wikipedia (Simple English)
  4. エリック・マスキン in Wikipedia (Japanese)
  5. Eric Maskin in Wikipedia (Turkish)

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