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Balanced Bayesian mechanisms

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Author Info

  • d'Aspremont, Claude
  • Cremer, Jacques
  • Gerard-Varet, Louis-Andre

Abstract

We present a new condition on beliefs that guarantee the Bayesian implementability of all efficient social decision rules. We show that this condition is easy to verify and is both more interpretable and more general than the conditions that are found in the literature. We also study conditions guaranteeing the Bayesian implementability of all social decision rules with balanced budget mechanisms.

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File URL: http://www.sciencedirect.com/science/article/B6WJ3-49RCDWB-1/2/5564cdf55764d454291cbf824f790c63
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Bibliographic Info

Article provided by Elsevier in its journal Journal of Economic Theory.

Volume (Year): 115 (2004)
Issue (Month): 2 (April)
Pages: 385-396

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Handle: RePEc:eee:jetheo:v:115:y:2004:i:2:p:385-396

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Web page: http://www.elsevier.com/locate/inca/622869

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References

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  1. John Duggan & Joanne Roberts, 2002. "Implementing the Efficient Allocation of Pollution," American Economic Review, American Economic Association, vol. 92(4), pages 1070-1078, September.
  2. Riordan, Michael H, 1984. "Uncertainty, Asymmetric Information and Bilateral Contracts," Review of Economic Studies, Wiley Blackwell, vol. 51(1), pages 83-93, January.
  3. d ASPREMONT, Claude & CRÉMER, Jacques & GÉRARD-VARET, Louis-André, 2003. "Correlation, independence, and Bayesian incentives," CORE Discussion Papers 2003045, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  4. d'ASPREMONT , C. & GERARD VARET, L.-A., . "Bayesian incentive compatible beliefs," CORE Discussion Papers RP -481, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  5. Cremer, Jacques & McLean, Richard P, 1985. "Optimal Selling Strategies under Uncertainty for a Discriminating Monopolist When Demands Are Interdependent," Econometrica, Econometric Society, vol. 53(2), pages 345-61, March.
  6. d'Aspremont, C & Cremer, J & Gerard-Varet, L-A, 1997. "Unique Implementation in Auctions and in Public Goods Problems," G.R.E.Q.A.M. 97a15, Universite Aix-Marseille III.
  7. Drew Fudenberg & David K. Levine & Eric Maskin, 1994. "The Folk Theorem with Imperfect Public Information," Levine's Working Paper Archive 394, David K. Levine.
  8. d'ASPREMONT, Claude & CREMER, Jacques & GERARD-VARET, Louis-André, . "Incentives and the existence of Pareto-optimal revelation mechanisms," CORE Discussion Papers RP -902, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  9. Groves, Theodore, 1973. "Incentives in Teams," Econometrica, Econometric Society, vol. 41(4), pages 617-31, July.
  10. Bhattacharya, S. & Glazer, J. & Sappington, D., 1991. "Licensing and the Sharing of Knowledge in Research Joint Ventures," Papers 9120, Tilburg - Center for Economic Research.
  11. d'Aspremont, Claude & Bhattacharya, Sudipto & Gerard-Varet, Louis-Andre, 1998. "Knowledge as a public good: efficient sharing and incentives for development effort," Journal of Mathematical Economics, Elsevier, vol. 30(4), pages 389-404, November.
  12. Palfrey, Thomas R., 2002. "Implementation theory," Handbook of Game Theory with Economic Applications, in: R.J. Aumann & S. Hart (ed.), Handbook of Game Theory with Economic Applications, edition 1, volume 3, chapter 61, pages 2271-2326 Elsevier.
  13. Walker, Mark, 1980. "On the Nonexistence of a Dominant Strategy Mechanism for Making Optimal Public Decisions," Econometrica, Econometric Society, vol. 48(6), pages 1521-40, September.
  14. Cremer, Jacques & McLean, Richard P, 1988. "Full Extraction of the Surplus in Bayesian and Dominant Strategy Auctions," Econometrica, Econometric Society, vol. 56(6), pages 1247-57, November.
  15. Chung, Kim-Sau, 1999. "A Note on Matsushima's Regularity Condition," Journal of Economic Theory, Elsevier, vol. 87(2), pages 429-433, August.
  16. Francoise Forges & Jean-Francois Mertens & Rajiv Vohra, 2001. "The Ex Ante Incentive Compatible Core in the absence of wealth effects," Working Papers 2001-01, Brown University, Department of Economics.
  17. Drew Fudenberg & David K. Levine & Eric Maskin, 1996. "Balanced-Budget Mechanisms with Incomplete Information," Levine's Working Paper Archive 59, David K. Levine.
  18. Cremer, Jacques, & Riordan, Michael H, 1985. "A Sequential Solution to the Public Goods Problem," Econometrica, Econometric Society, vol. 53(1), pages 77-84, January.
  19. d'Aspremont, Claude & Gerard-Varet, Louis-Andre, 1979. "Incentives and incomplete information," Journal of Public Economics, Elsevier, vol. 11(1), pages 25-45, February.
  20. Matsushima, Hitoshi, 1991. "Incentive compatible mechanisms with full transferability," Journal of Economic Theory, Elsevier, vol. 54(1), pages 198-203, June.
  21. Aoyagi, Masaki, 1998. "Correlated Types and Bayesian Incentive Compatible Mechanisms with Budget Balance," Journal of Economic Theory, Elsevier, vol. 79(1), pages 142-151, March.
  22. Johnson, Scott & Pratt, John W & Zeckhauser, Richard J, 1990. "Efficiency Despite Mutually Payoff-Relevant Private Information: The Finite Case," Econometrica, Econometric Society, vol. 58(4), pages 873-900, July.
  23. Zellner, Arnold, 1985. "Bayesian Econometrics," Econometrica, Econometric Society, vol. 53(2), pages 253-69, March.
  24. William Vickrey, 1961. "Counterspeculation, Auctions, And Competitive Sealed Tenders," Journal of Finance, American Finance Association, vol. 16(1), pages 8-37, 03.
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Citations

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Cited by:
  1. Dirk Bergemann & Stephen Morris, 2005. "Robust Mechanism Design," Econometrica, Econometric Society, vol. 73(6), pages 1771-1813, November.
  2. Tilman Börgers & Peter Norman, 2005. "A Note on Budget Balance under Interim Participation Constraints: The Case of Independent Types," Levine's Bibliography 784828000000000171, UCLA Department of Economics.
  3. Krähmer, Daniel, 2012. "Auction design with endogenously correlated buyer types," Journal of Economic Theory, Elsevier, vol. 147(1), pages 118-141.
  4. Bierbrauer, Felix, 2009. "On the legitimacy of coercion for the nancing of public goods," Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems 265, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
  5. Ichiro Obara, . "The Full Surplus Extraction Theorem with Hidden Actions," UCLA Economics Online Papers 374, UCLA Department of Economics.
  6. Grüner, Hans Peter, 2008. "Public goods, participation constraints, and democracy: A possibility theorem," CEPR Discussion Papers 7066, C.E.P.R. Discussion Papers.
  7. Felix Bierbrauer & Martin Hellwig, 2010. "Public-Good Provision in a Large Economy," Working Paper Series of the Max Planck Institute for Research on Collective Goods 2010_02, Max Planck Institute for Research on Collective Goods.
  8. Claude d'Aspremont & Jacques Crémer & Louis-André Gérard-Varet, 2003. "Correlation, independence, and Bayesian incentives," Social Choice and Welfare, Springer, vol. 21(2), pages 281-310, October.
  9. Kosenok, Grigory & Severinov, Sergei, 2008. "Individually rational, budget-balanced mechanisms and allocation of surplus," Journal of Economic Theory, Elsevier, vol. 140(1), pages 126-161, May.
  10. Serkan Kucuksenel, 2012. "Interim efficient auctions with interdependent valuations," Journal of Economics, Springer, vol. 106(1), pages 83-93, May.

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