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Implementation with Incomplete Information in Exchange Economies

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Author Info
Palfrey, Thomas R
Srivastava, Sanjay
Abstract

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 necessary for implementation, as is an incentive compatibility condition. They also show that, when there are at least three agents, Bayesian monotonicity and a slightly stronger incentive compatibility condition are jointly sufficient for implementation. They present several examples to illustrate the result. Copyright 1989 by The Econometric Society.

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Publisher Info
Article provided by Econometric Society in its journal Econometrica.

Volume (Year): 57 (1989)
Issue (Month): 1 (January)
Pages: 115-34
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Handle: RePEc:ecm:emetrp:v:57:y:1989:i:1:p:115-34

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  1. 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!]
    Other versions:
  2. 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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  3. Bergemann, Dirk & Stephen Morris, 2006. "Robust Implementation in Direct Mechanisms," Cowles Foundation Discussion Papers 1561RR, Cowles Foundation, Yale University, revised Jan 2009. [Downloadable!]
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  4. Antonio Cabrales & Roberto Serrano, 2007. "Implementation in adaptive better-response dynamics," Working Papers 2007-16, Instituto Madrileño de Estudios Avanzados (IMDEA) Ciencias Sociales. [Downloadable!]
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  5. Roberto Serrano & Rajiv Vohra, . "Type Diversity and Virtual Bayesian Implementation Creation-Date: 2000," Working Papers 2000-16, Brown University, Department of Economics. [Downloadable!]
  6. 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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  7. 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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  8. Hideki Mizukami & Takuma Wakayama, 2006. "Dominant Strategy Implementation in Economic Environments," ISER Discussion Paper 0669, Institute of Social and Economic Research, Osaka University. [Downloadable!]
  9. 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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  10. Eric Maskin & Tomas Sjostrom, 2001. "Implementation Theory," Economics Working Papers 0006, Institute for Advanced Study, School of Social Science. [Downloadable!]
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  11. 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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  12. Luis C. Corchon, 2007. "The theory of implementation : what did we learn?," Economics Working Papers we081207, Universidad Carlos III, Departamento de Economía. [Downloadable!]
  13. Luis Corchon & Ignacio Ortuño-Ortin, 1994. "Robust implementation under alternative information structures," Review of Economic Design, Springer, vol. 1(1), pages 159-171, December. [Downloadable!] (restricted)
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  14. Dirk Bergemann & Stephen Morris, 2005. "Ex Post Implementation," Cowles Foundation Discussion Papers 1502, Cowles Foundation, Yale University. [Downloadable!]
    Other versions:
  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. Hideki Mizukami & Takuma Wakayama, 2004. "Dominant Strategy Implementation in Pure Exchange Economies," Discussion Papers in Economics and Business 04-03-Rev, Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP), revised Mar 2005. [Downloadable!]
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