The genericity of beliefs-determine-preferences models revisited
AbstractBarelli [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 InfoArticle provided by Elsevier in its journal Journal of Economic Theory.
Volume (Year): 146 (2011)
Issue (Month): 2 (March)
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Web page: http://www.elsevier.com/locate/inca/622869
Mechanism design Full surplus extraction Beliefs-determine-preferences priors Common priors;
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- 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.
- Aviad Heifetz & Zvika Neeman, 2006. "On the Generic (Im)Possibility of Full Surplus Extraction in Mechanism Design," Econometrica, Econometric Society, vol. 74(1), pages 213-233, 01.
- Neeman, Z., 1998.
"The Relevance of Private Infromation in Mechanism Design,"
93, Boston University - Department of Economics.
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- Zvika Neeman, 1998. "The Relevance of Private Information in Mechanism Design," Papers 0093, Boston University - Industry Studies Programme.
- 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.
- 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.
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