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Implementation in minimax regret equilibrium

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Author Info

  • Renou, Ludovic
  • Schlag, Karl H.

Abstract

This Note studies the problem of implementing social choice correspondences in environments where individuals have doubts about the rationality of their opponents. We postulate the concept of [epsilon]-minimax regret as our solution concept and show that social choice correspondences that are Maskin monotonic and satisfy the no-veto power condition are implementable in [epsilon]-minimax regret equilibrium for all [epsilon][set membership, variant][0,1).

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File URL: http://www.sciencedirect.com/science/article/B6WFW-507CRTJ-1/2/9a358adb974918c6646e62a24c382305
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Bibliographic Info

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

Volume (Year): 71 (2011)
Issue (Month): 2 (March)
Pages: 527-533

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Handle: RePEc:eee:gamebe:v:71:y:2011:i:2:p:527-533

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

Related research

Keywords: Implementation Minimax regret Maskin monotonicity;

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References

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  1. Antonio Cabrales & Roberto Serrano, 2007. "Implementation in Adaptive Better-Response Dynamics," Economics Working Papers we075731, Universidad Carlos III, Departamento de Economía.
  2. Matthew, Jackson O. & Palfrey, Thomas R. & Srivastava, Sanjay., 1990. "Undominated Nash Implementation in Bounded Mechanism," Working Papers 754, California Institute of Technology, Division of the Humanities and Social Sciences.
  3. Claudio Mezzetti & Ludovic Renou, 2009. "Implementation in Mixed Nash Equilibrium," The Warwick Economics Research Paper Series (TWERPS) 902, University of Warwick, Department of Economics.
  4. Ludovic Renou & Karl Schlag, 2008. "Minimax regret and strategic uncertainty," Economics Working Papers 1087, Department of Economics and Business, Universitat Pompeu Fabra.
  5. Dirk Bergemann & Stephen Morris, 2009. "Rationalizable Implementation," Cowles Foundation Discussion Papers 1697, Cowles Foundation for Research in Economics, Yale University.
  6. Maskin, Eric & Sjostrom, Tomas, 2001. "Implementation Theory," Working Papers 5-01-1, Pennsylvania State University, Department of Economics.
  7. Matthew O. Jackson, 2001. "A crash course in implementation theory," Social Choice and Welfare, Springer, vol. 18(4), pages 655-708.
  8. Maskin, Eric, 1999. "Nash Equilibrium and Welfare Optimality," Review of Economic Studies, Wiley Blackwell, vol. 66(1), pages 23-38, January.
  9. Palfrey, Thomas R & Srivastava, Sanjay, 1991. "Nash Implementation Using Undominated Strategies," Econometrica, Econometric Society, vol. 59(2), pages 479-501, March.
  10. Norovsambuu Tumennasan, 2011. "To Err is Human: Implementation in Quantal Response Equilibria," Economics Working Papers 2011-11, School of Economics and Management, University of Aarhus.
  11. Hayashi, Takashi, 2008. "Regret aversion and opportunity dependence," Journal of Economic Theory, Elsevier, vol. 139(1), pages 242-268, March.
  12. Sjostrom Tomas, 1994. "Implementation in Undominated Nash Equilibria without Integer Games," Games and Economic Behavior, Elsevier, vol. 6(3), pages 502-511, May.
  13. Jörg Stoye, 2011. "Statistical decisions under ambiguity," Theory and Decision, Springer, vol. 70(2), pages 129-148, February.
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Citations

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Cited by:
  1. Masuda, Takehito & Okano, Yoshitaka & Saijo, Tatsuyoshi, 2014. "The minimum approval mechanism implements the efficient public good allocation theoretically and experimentally," Games and Economic Behavior, Elsevier, vol. 83(C), pages 73-85.
  2. Stoye, Jörg, 2011. "Axioms for minimax regret choice correspondences," Journal of Economic Theory, Elsevier, vol. 146(6), pages 2226-2251.
  3. Takehito Masuda & Yoshitaka Okano & Tatsuyoshi Saijo, 2013. "The Minimum Approval Mechanism Implements the Efficient Public Good Allocation Theoretically and Experimentally," ISER Discussion Paper 0874r, Institute of Social and Economic Research, Osaka University, revised Sep 2013.
  4. Felix Bierbrauer & Nick Netzer, 2012. "Mechanism Design and Intentions," Working Paper Series in Economics 53, University of Cologne, Department of Economics, revised 21 Aug 2012.
  5. repec:dpr:wpaper:0874 is not listed on IDEAS

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