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The communication burden of payment determination

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  • Babaioff, Moshe
  • Blumrosen, Liad
  • Schapira, Michael
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    Abstract

    In the presence of self-interested parties, mechanism designers typically aim to implement some social-choice function in an equilibrium. This paper studies the cost of such equilibrium requirements in terms of communication. While a certain amount of information x needs to be communicated just for computing the outcome of a certain social-choice function, an additional amount of communication may be required for computing the equilibrium-supporting payments (if exist).

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    File URL: http://www.sciencedirect.com/science/article/pii/S0899825612001273
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    Bibliographic Info

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

    Volume (Year): 77 (2013)
    Issue (Month): 1 ()
    Pages: 153-167

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    Handle: RePEc:eee:gamebe:v:77:y:2013:i:1:p:153-167

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

    Related research

    Keywords: Implementation; Mechanism design; Communication complexity; Revelation principle;

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    References

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    1. Kenneth Mount & Stanley Reiter, 1973. "The Informational Size of Message Spaces," Discussion Papers 3, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    2. Blumrosen, Liad & Nisan, Noam, 2010. "Informational limitations of ascending combinatorial auctions," Journal of Economic Theory, Elsevier, vol. 145(3), pages 1203-1223, May.
    3. Hurwicz,Leonid & Reiter,Stanley, 2006. "Designing Economic Mechanisms," Cambridge Books, Cambridge University Press, number 9780521836418, October.
    4. Dilip Mookherjee, 2006. "Decentralization, Hierarchies, and Incentives: A Mechanism Design Perspective," Journal of Economic Literature, American Economic Association, vol. 44(2), pages 367-390, June.
    5. Green, Jerry & Laffont, Jean-Jacques, 1977. "Characterization of Satisfactory Mechanisms for the Revelation of Preferences for Public Goods," Econometrica, Econometric Society, vol. 45(2), pages 427-38, March.
    6. Mirrlees, James A, 1971. "An Exploration in the Theory of Optimum Income Taxation," Review of Economic Studies, Wiley Blackwell, vol. 38(114), pages 175-208, April.
    7. Melumad, Nahum & Mookherjee, Dilip & Reichelstein, Stefan, 1992. "A theory of responsibility centers," Journal of Accounting and Economics, Elsevier, vol. 15(4), pages 445-484, December.
    8. Segal, Ilya, 2007. "The communication requirements of social choice rules and supporting budget sets," Journal of Economic Theory, Elsevier, vol. 136(1), pages 341-378, September.
    9. Reichelstein, Stefan, 1984. "Incentive compatibility and informational requirements," Journal of Economic Theory, Elsevier, vol. 34(1), pages 32-51, October.
    10. Nisan, Noam & Segal, Ilya, 2006. "The communication requirements of efficient allocations and supporting prices," Journal of Economic Theory, Elsevier, vol. 129(1), pages 192-224, July.
    11. Segal, Ilya R., 2010. "Nash implementation with little communication," Theoretical Economics, Econometric Society, vol. 5(1), January.
    12. Fadel, Ronald & Segal, Ilya, 2009. "The communication cost of selfishness," Journal of Economic Theory, Elsevier, vol. 144(5), pages 1895-1920, September.
    13. Nisan, Noam & Ronen, Amir, 2001. "Algorithmic Mechanism Design," Games and Economic Behavior, Elsevier, vol. 35(1-2), pages 166-196, April.
    14. Hart, Sergiu & Mansour, Yishay, 2010. "How long to equilibrium? The communication complexity of uncoupled equilibrium procedures," Games and Economic Behavior, Elsevier, vol. 69(1), pages 107-126, May.
    15. William Vickrey, 1961. "Counterspeculation, Auctions, And Competitive Sealed Tenders," Journal of Finance, American Finance Association, vol. 16(1), pages 8-37, 03.
    16. Mookherjee, Dilip & Reichelstein, Stefan, 1992. "Dominant strategy implementation of Bayesian incentive compatible allocation rules," Journal of Economic Theory, Elsevier, vol. 56(2), pages 378-399, April.
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