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The genericity of beliefs-determine-preferences models revisited

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  • Chen, Yi-Chun
  • Xiong, Siyang

Abstract

Barelli [P. Barelli, On the genericity of full surplus extraction in mechanism design, J. Econ. Theory 144 (2009) 1320-1332] defines beliefs-determine-preferences (BDP) models and argues that BDP models are nongeneric in a topological sense. In this note, we point out some difficulties in Barelli[modifier letter apostrophe]s approach. Furthermore, we follow the idea of Heifetz and Neeman [A. Heifetz, Z. Neeman, On the generic (im)possibility of full surplus extraction, Econometrica 74 (2006) 213-233] to propose a more relevant notion of BDP* model. We prove that BDP* models are generic, which is opposite to Barelli[modifier letter apostrophe]s conclusion.

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Bibliographic Info

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

Volume (Year): 146 (2011)
Issue (Month): 2 (March)
Pages: 751-761

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Handle: RePEc:eee:jetheo:v:146:y:2011:i:2:p:751-761

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

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Keywords: Mechanism design Full surplus extraction Beliefs-determine-preferences priors Common priors;

References

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  1. 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.
  2. Aviad Heifetz & Zvika Neeman, 2004. "On the Generic (Im)possibility of Full Surplus Extraction in Mechanism Design," Discussion Paper Series dp350, The Center for the Study of Rationality, Hebrew University, Jerusalem.
  3. Barelli, Paulo, 2009. "On the genericity of full surplus extraction in mechanism design," Journal of Economic Theory, Elsevier, vol. 144(3), pages 1320-1332, May.
  4. Zvika Neeman, 1998. "The Relevance of Private Information in Mechanism Design," Papers 0093, Boston University - Industry Studies Programme.
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Cited by:
  1. Dirk Bergemann & Stephen Morris, 2011. "Robust Mechanism Design: An Introduction," Levine's Working Paper Archive 786969000000000187, David K. Levine.

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