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A folk theorem for competing mechanisms

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  • Peters, Michael
  • Troncoso-Valverde, Cristián

Abstract

We provide a partial characterization of the set of outcome functions that can be supported as perfect Bayesian equilibrium in the recommendation game described in [T. Yamashita, Mechanism games with multiple principals and three or more agents, Econometrica 78 (2) (2010) 791–801]. We show that the set of outcome functions that can be supported is at least as large as the set supportable by a mechanism designer in the sense of Myerson (Myerson, 1979 [13]). We show how to support random and correlated outcomes as equilibrium outcomes in the recommendation game.

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Bibliographic Info

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

Volume (Year): 148 (2013)
Issue (Month): 3 ()
Pages: 953-973

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Handle: RePEc:eee:jetheo:v:148:y:2013:i:3:p:953-973

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

Related research

Keywords: Competing mechanisms; Collusion; Implementable;

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References

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  1. Myerson, Roger B, 1979. "Incentive Compatibility and the Bargaining Problem," Econometrica, Econometric Society, vol. 47(1), pages 61-73, January.
  2. Forges, Françoise & Vida, Péter, 2013. "Implementation of Communication Equilibria by Correlated Cheap Talk : the Two-Player Case," Economics Papers from University Paris Dauphine 123456789/8159, Paris Dauphine University.
  3. Epstein, Larry G. & Peters, Michael, 1999. "A Revelation Principle for Competing Mechanisms," Journal of Economic Theory, Elsevier, vol. 88(1), pages 119-160, September.
  4. Dino Gerardi, 2002. "Unmediated Communication in Games with Complete and Incomplete Information," Cowles Foundation Discussion Papers 1371, Cowles Foundation for Research in Economics, Yale University.
  5. Takuro Yamashita, 2010. "Mechanism Games With Multiple Principals and Three or More Agents," Econometrica, Econometric Society, vol. 78(2), pages 791-801, 03.
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Cited by:
  1. Michael Peters & Balázs Szentes, 2012. "Definable and Contractible Contracts," Econometrica, Econometric Society, vol. 80(1), pages 363-411, 01.
  2. Celik, Gorkem & Peters, Michael, 2011. "Reciprocal Relationships and Mechanism Design," Microeconomics.ca working papers gorkem_celik-2011-19, Vancouver School of Economics, revised 01 Aug 2011.
  3. Han, Seungjin, 2011. "On Take It or Leave It Offers in Common Agency," Microeconomics.ca working papers seungjin_han-2011-11, Vancouver School of Economics, revised 30 Aug 2012.
  4. Cristian Troncoso-Valverde, 2013. "Competing Auctions with Heterogeneous Goods," Working Papers 46, Facultad de Economía y Empresa, Universidad Diego Portales.
  5. Han, Seungjin, 2011. "Implicit Collusion in Non-Exclusive Contracting under Adverse Selection," Microeconomics.ca working papers seungjin_han-2011-10, Vancouver School of Economics, revised 02 Apr 2013.
  6. Peters, Michael, 2010. "On the Revelation Principle and Reciprocal Mechanisms in Competing Mechanism Games," Microeconomics.ca working papers michael_peters-2010-18, Vancouver School of Economics, revised 19 Feb 2014.
  7. James Albrecht, Pieter Gautier, Susan Vroman, 2013. "Efficient Entry in Competing Auctions," Working Papers gueconwpa~13-13-05, Georgetown University, Department of Economics.

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