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Toward Natural Implementation

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  • Saijo, Tatsuyoshi
  • Tatamitani, Yoshikatsu
  • Yamato, Takehiko

Abstract

The authors identify some fundamental conditions that a 'natural' mechanism should satisfy in exchange economies. First, they provide necessary and sufficient conditions for social choice correspondences to be implemented in Nash equilibria by natural mechanisms. Second, they show that the class of social choice correspondences implementable by (price and) two-quantity mechanisms is equivalent to the class of social choice correspondences implementable by (price and) allocation mechanisms. Third, the authors find that the no-envy correspondence is implementable by a two-quantity mechanism and the fair correspondence is implementable by a price-quantity mechanism. Copyright 1996 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

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Bibliographic Info

Article provided by Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association in its journal International Economic Review.

Volume (Year): 37 (1996)
Issue (Month): 4 (November)
Pages: 949-80

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Handle: RePEc:ier:iecrev:v:37:y:1996:i:4:p:949-80

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References

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  1. Moore, John & Repullo, Rafael, 1990. "Nash Implementation: A Full Characterization," Econometrica, Econometric Society, Econometric Society, vol. 58(5), pages 1083-99, September.
  2. Roberts, Kevin, 1984. "The Theoretical Limits of Redistribution," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 51(2), pages 177-95, April.
  3. Mount, Kenneth & Reiter, Stanley, 1974. "The informational size of message spaces," Journal of Economic Theory, Elsevier, vol. 8(2), pages 161-192, June.
  4. Matthew 0. Jackson, 1989. "Implementation in Undominated Strategies - A Look at Bounded Mechanisms," Discussion Papers, Northwestern University, Center for Mathematical Studies in Economics and Management Science 833, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  5. Bhaskar Dutta & Arunava Sen & Rajiv Vohra, 1994. "Nash implementation through elementary mechanisms in economic environments," Review of Economic Design, Springer, Springer, vol. 1(1), pages 173-203, December.
  6. SCHMEIDLER, David & VIND, Karl, . "Fair net trades," CORE Discussion Papers RP -131, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  7. Schmeidler, David, 1980. "Walrasian Analysis via Strategic Outcome Functions," Econometrica, Econometric Society, Econometric Society, vol. 48(7), pages 1585-93, November.
  8. Reichelstein, Stefan & Reiter, Stanley, 1988. "Game Forms with Minimal Message Spaces," Econometrica, Econometric Society, Econometric Society, vol. 56(3), pages 661-92, May.
  9. Abreu, Dilip & Sen, Arunava, 1990. "Subgame perfect implementation: A necessary and almost sufficient condition," Journal of Economic Theory, Elsevier, vol. 50(2), pages 285-299, April.
  10. Jackson Matthew O. & Palfrey Thomas R. & Srivastava Sanjay, 1994. "Undominated Nash Implementation in Bounded Mechanisms," Games and Economic Behavior, Elsevier, vol. 6(3), pages 474-501, May.
  11. Saijo, Tatsuyoshi & Tatamitani, Yoshikatsu & Yamato, Takehiko, 1999. "Characterizing Natural Implementability: The Fair and Walrasian Correspondences," Games and Economic Behavior, Elsevier, vol. 28(2), pages 271-293, August.
  12. Hurwicz, L, 1979. "Outcome Functions Yielding Walrasian and Lindahl Allocations at Nash Equilibrium Points," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 46(2), pages 217-25, April.
  13. Saijo, Tatsuyoshi, 1988. "Strategy Space Reduction in Maskin's Theorem: Sufficient Conditions for Nash Implementation," Econometrica, Econometric Society, Econometric Society, vol. 56(3), pages 693-700, May.
  14. Moore, John & Repullo, Rafael, 1988. "Subgame Perfect Implementation," Econometrica, Econometric Society, Econometric Society, vol. 56(5), pages 1191-1220, September.
  15. Dutta, Bhaskar & Sen, Arunava, 1991. "Implementation under strong equilibrium : A complete characterization," Journal of Mathematical Economics, Elsevier, vol. 20(1), pages 49-67.
  16. Williams, Steven R, 1986. "Realization and Nash Implementation: Two Aspects of Mechanism Design," Econometrica, Econometric Society, Econometric Society, vol. 54(1), pages 139-51, January.
  17. Nagahisa, Ryo-ichi, 1991. "A local independence condition for characterization of Walrasian allocations rule," Journal of Economic Theory, Elsevier, vol. 54(1), pages 106-123, June.
  18. Hong, Lu, 1995. "Nash Implementation in Production Economies," Economic Theory, Springer, Springer, vol. 5(3), pages 401-17, May.
  19. Postlewaite, Andrew & Wettstein, David, 1989. "Feasible and Continuous Implementation," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 56(4), pages 603-11, October.
  20. Danilov, Vladimir, 1992. "Implementation via Nash Equilibria," Econometrica, Econometric Society, Econometric Society, vol. 60(1), pages 43-56, January.
  21. Dutta, Bhaskar & Sen, Arunava, 1991. "A Necessary and Sufficient Condition for Two-Person Nash Implementation," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 58(1), pages 121-28, January.
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