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Full implementation of rank-dependent prizes

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  • Midjord, Rune

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.

Suggested Citation

  • Midjord, Rune, 2013. "Full implementation of rank-dependent prizes," Economics Letters, Elsevier, vol. 119(3), pages 261-263.
    • Handle: RePEc:eee:ecolet:v:119:y:2013:i:3:p:261-263
    DOI: 10.1016/j.econlet.2013.02.028
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    References listed on IDEAS

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    1. George Baker & Michael Gibbs & Bengt Holmstrom, 1994. "The Wage Policy of a Firm," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 109(4), pages 921-955.
    2. Matsushima, Hitoshi, 2008. "Role of honesty in full implementation," Journal of Economic Theory, Elsevier, vol. 139(1), pages 353-359, March.
    3. Bognanno, Michael L, 2001. "Corporate Tournaments," Journal of Labor Economics, University of Chicago Press, vol. 19(2), pages 290-315, April.
    4. Eric Maskin, 1999. "Nash Equilibrium and Welfare Optimality," Review of Economic Studies, Oxford University Press, vol. 66(1), pages 23-38.
    5. , & ,, 2012. "Implementation with evidence," Theoretical Economics, Econometric Society, vol. 7(2), May.
    6. Matsushima, Hitoshi, 2008. "Behavioral aspects of implementation theory," Economics Letters, Elsevier, vol. 100(1), pages 161-164, July.
    7. Ben-Porath, Elchanan & Lipman, Barton L., 2012. "Implementation with partial provability," Journal of Economic Theory, Elsevier, vol. 147(5), pages 1689-1724.
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    Cited by:

    1. Caffera, Marcelo & Dubra, Juan & Figueroa, Nicolás, 2018. "Mechanism design when players’ preferences and information coincide," Mathematical Social Sciences, Elsevier, vol. 91(C), pages 56-61.

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    More about this item

    Keywords

    Full implementation; Direct mechanism; Verifiable information; Rank-order tournaments;
    All these keywords.

    JEL classification:

    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design

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