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Full implementation of rank-dependent prizes

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  • Midjord, Rune
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    Abstract

    A manager/mechanism designer must allocate a set of money prizes ($1,$2,…,$n) between n agents working in a team. The agents know the state, i.e., who contributed most, second most, etc. The agents’ preferences over prizes are state independent. We incorporate the possibility that the manager knows the state with a tiny probability and present a simple mechanism that uniquely awards prizes that respect the true state.

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    Bibliographic Info

    Article provided by Elsevier in its journal Economics Letters.

    Volume (Year): 119 (2013)
    Issue (Month): 3 ()
    Pages: 261-263

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    Handle: RePEc:eee:ecolet:v:119:y:2013:i:3:p:261-263

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    Web page: http://www.elsevier.com/locate/ecolet

    Related research

    Keywords: Full implementation; Direct mechanism; Verifiable information; Rank-order tournaments;

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    1. Maskin, Eric, 1999. "Nash Equilibrium and Welfare Optimality," Review of Economic Studies, Wiley Blackwell, vol. 66(1), pages 23-38, January.
    2. Hitoshi Matsushima, 2006. "Role of Honesty in Full Implementation," CIRJE F-Series CIRJE-F-405, CIRJE, Faculty of Economics, University of Tokyo.
    3. Bognanno, Michael L, 2001. "Corporate Tournaments," Journal of Labor Economics, University of Chicago Press, vol. 19(2), pages 290-315, April.
    4. Kartik, Navin & Tercieux, Olivier, 2012. "Implementation with evidence," Theoretical Economics, Econometric Society, vol. 7(2), May.
    5. Hitoshi Matsushima, 2007. "Behavioral Aspects of Implementation Theory," CIRJE F-Series CIRJE-F-523, CIRJE, Faculty of Economics, University of Tokyo.
    6. Baker, George & Gibbs, Michael & Holmstrom, Bengt, 1994. "The Wage Policy of a Firm," The Quarterly Journal of Economics, MIT Press, vol. 109(4), pages 921-55, November.
    7. Barton L. Lipman & Elchanan Ben-Porath, 2010. "Implementation with Partial Provability," Boston University - Department of Economics - Working Papers Series WP2010-018, Boston University - Department of Economics.
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