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Abstract

We examine Nash implementation when individuals cannot be forced to accept the outcome of a mechanism. Two approaches are studied. The first approach is static where a state-contingent participation constraint de nes an implicit mapping from rejected outcomes into outcomes that are individually rational. We call this voluntary implementation, and show that the constrained Walrasian correspondence is not voluntarily implementable. The second approach is dynamic where a mechanism is replayed if the outcome at any stage is vetoed by one of the agents. We call this stationary implementation, and show that if players discount the future in any way, then the constrained Walrasian correspondence is stationarily implementable.

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Bibliographic Info

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

Volume (Year): 98 (2001)
Issue (Month): 1 (May)
Pages: 1-25

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Handle: RePEc:eee:jetheo:v:98:y:2001:i:1:p:1-25

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

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1. Moore, John & Repullo, Rafael, 1988. "Subgame Perfect Implementation," Econometrica, Econometric Society, vol. 56(5), pages 1191-1220, September.
2. Kalai, Ehud & Ledyard, John O., 1998. "Repeated Implementation," Journal of Economic Theory, Elsevier, vol. 83(2), pages 308-317, December.
   
   • Ehud Kalai & John O. Ledyard, 1997. "Repeated Implementation," Discussion Papers 1205, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
   • Kalai, Ehud & Ledyard, John, 1997. "Repeated Implementation," Working Papers 1027, California Institute of Technology, Division of the Humanities and Social Sciences.
3. Arya, Anil & Glover, Jonathan & Hughes, John S., 1997. "Implementing Coordinated Team Play," Journal of Economic Theory, Elsevier, vol. 74(1), pages 218-232, May.
   
   • Anil Arya & Jonathan Glover & John S. Hughes, . "Implementing Coordinated Team Play," Corporate Finance & Organizations _006, Ohio State University.
4. Baliga, Sandeep & Sjostrom, Tomas, 1999. "Interactive Implementation," Games and Economic Behavior, Elsevier, vol. 27(1), pages 38-63, April.
   
   • Sandeep Baliga & Tomas Sjostrom, 1996. "Interactive Implementation," Harvard Institute of Economic Research Working Papers 1751, Harvard - Institute of Economic Research.
5. Eric Maskin, 1998. "Nash Equilibrium and Welfare Optimality," Harvard Institute of Economic Research Working Papers 1829, Harvard - Institute of Economic Research.
   
   • Maskin, Eric, 1999. "Nash Equilibrium and Welfare Optimality," Review of Economic Studies, Wiley Blackwell, vol. 66(1), pages 23-38, January.
6. Corchón, Luis C. & Baliga, S. & Sjostrom, T., . "The Theory of Implementation when the Planner is a Player," Open Access publications from Universidad Carlos III de Madrid info:hdl:10016/4187, Universidad Carlos III de Madrid.
   
   • Baliga, Sandeep & Corchon, Luis C. & Sjostrom, Tomas, 1997. "The Theory of Implementation When the Planner Is a Player," Journal of Economic Theory, Elsevier, vol. 77(1), pages 15-33, November.
   • Baliga, S. & Corchon, L.C. & Sjostrom, T., 1995. "The Theory of Implemetation when the Planner is a PLayer," Cambridge Working Papers in Economics 9512, Faculty of Economics, University of Cambridge.
   • Luis Corchón & Sandeep Baliga & Tomas Sjöström, 1995. "The Theory Of Implementation When The Planner Is A Player," Working Papers. Serie AD 1995-14, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
7. Matthew O. Jackson & Thomas R. Palfrey, 1997. "Efficiency and Voluntary Implementation in Markets with Repeated Pairwise Bargaining," Game Theory and Information 9711003, EconWPA.
   
   • Matthew O. Jackson & Thomas R. Palfrey, 1998. "Efficiency and Voluntary Implementation in Markets with Repeated Pairwise Bargaining," Econometrica, Econometric Society, vol. 66(6), pages 1353-1388, November.
8. Leonid Hurwicz, 1994. "Economic design, adjustment processes, mechanisms, and institutions," Review of Economic Design, Springer, vol. 1(1), pages 1-14, December.

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