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Implementation in economies with non-convex production technologies unknown to the designer

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  • Tian, Guoqiang

Abstract

This paper deals with the problem of incentive mechanism design in non-convex production economies when production sets and preferences both are unknown to the designer. We consider Nash-implementation of loss-free, average cost, marginal cost, voluntary trading, and quantity-taking pricing equilibrium allocations in economies involving increasing returns to scale or more general types of non-convexities. The mechanisms presented in the paper are well-behaved. They are feasible, continuous, and use finite dimensional message spaces. Moreover, the mechanisms work not only for three or more agents, but also for two-agent economies.

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Bibliographic Info

Article provided by Elsevier in its journal Games and Economic Behavior.

Volume (Year): 66 (2009)
Issue (Month): 1 (May)
Pages: 526-545

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Handle: RePEc:eee:gamebe:v:66:y:2009:i:1:p:526-545

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Web page: http://www.elsevier.com/locate/inca/622836

Related research

Keywords: Incentive mechanism design Implementation Various pricing equilibrium principles Increasing returns Well-behaved mechanism design;

References

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  4. Bonnisseau, J.-M. & Cornet, B., 1987. "Existence of marginal cost pricing equilibrium in an economy with several nonconvex firms," CORE Discussion Papers 1987023, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
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  6. Tian, Guoqiang, 2005. "Implementation in production economies with increasing returns," Mathematical Social Sciences, Elsevier, vol. 49(3), pages 309-325, May.
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  9. Brown, Donald J., 1991. "Equilibrium analysis with non-convex technologies," Handbook of Mathematical Economics, in: W. Hildenbrand & H. Sonnenschein (ed.), Handbook of Mathematical Economics, edition 1, volume 4, chapter 36, pages 1963-1995 Elsevier.
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  12. Schmeidler, David, 1980. "Walrasian Analysis via Strategic Outcome Functions," Econometrica, Econometric Society, vol. 48(7), pages 1585-93, November.
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  14. Hong, Lu, 1995. "Nash Implementation in Production Economies," Economic Theory, Springer, vol. 5(3), pages 401-17, May.
  15. Vohra, Rajiv, 1988. "On the existence of equilibria in economies with increasing returns," Journal of Mathematical Economics, Elsevier, vol. 17(2-3), pages 179-192, April.
  16. CORNET, Bernard, 1988. "Marginal cost pricing and Pareto optimality," CORE Discussion Papers 1988037, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  17. Hurwicz, L, 1979. "Outcome Functions Yielding Walrasian and Lindahl Allocations at Nash Equilibrium Points," Review of Economic Studies, Wiley Blackwell, vol. 46(2), pages 217-25, April.
  18. Tian, Guoqiang, 1989. "Implementation of the Lindahl Correspondence by a Single-Valued, Feasible, and Continuous Mechanism," Review of Economic Studies, Wiley Blackwell, vol. 56(4), pages 613-21, October.
  19. Groves, Theodore & Ledyard, John O, 1977. "Optimal Allocation of Public Goods: A Solution to the "Free Rider" Problem," Econometrica, Econometric Society, vol. 45(4), pages 783-809, May.
  20. Tian, Guoqiang, 1992. "Existence of equilibrium in abstract economies with discontinuous payoffs and non-compact choice spaces," Journal of Mathematical Economics, Elsevier, vol. 21(4), pages 379-388.
  21. Guoqiang Tian, 1999. "Double implementation in economies with production technologies unknown to the designer," Economic Theory, Springer, vol. 13(3), pages 689-707.
  22. Tian, Guoqiang, 1996. "Continuous and Feasible Implementation of Rational-Expectations Lindahl Allocations," Games and Economic Behavior, Elsevier, vol. 16(1), pages 135-151, September.
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