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Foundations of Dominant-Strategy Mechanisms

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  • Kim-Sau Chung
  • J.C. Ely
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    Abstract

    Robert Wilson criticizes applied game theory's reliance on common-knowledge assumptions. In reaction to Wilson's critique, the recent literature of mechanism design has adopted the goal of finding detail-free mechanisms in order to eliminate this reliance. In practice this has meant restricting attention to simple mechanisms such as dominant-strategy mechanisms. However, there has been little theoretical foundation for this approach. In particular it is not clear the search for an optimal mechanism that does not rely on common-knowledge assumption would lead to simpler mechanisms rather than more complicated ones. This paper tries to fill the void. In the context of an expected revenue maximizing auctioneer, we investigate some foundations for using simple, dominant-strategy auctions. Copyright 2007, Wiley-Blackwell.

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    File URL: http://hdl.handle.net/10.1111/j.1467-937X.2007.00427.x
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    Bibliographic Info

    Article provided by Oxford University Press in its journal The Review of Economic Studies.

    Volume (Year): 74 (2007)
    Issue (Month): 2 ()
    Pages: 447-476

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    Handle: RePEc:oup:restud:v:74:y:2007:i:2:p:447-476

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    Cited by:
    1. Bergemann, Dirk & Morris, Stephen, 2009. "Robust virtual implementation," Theoretical Economics, Econometric Society, vol. 4(1), March.
    2. Ghossoub, Mario, 2010. "Belief heterogeneity in the Arrow-Borch-Raviv insurance model," MPRA Paper 37630, University Library of Munich, Germany, revised 22 Mar 2012.
    3. Neeman, Zvika & Pavlov, Gregory, 2013. "Ex post renegotiation-proof mechanism design," Journal of Economic Theory, Elsevier, vol. 148(2), pages 473-501.
    4. Schmitz, Patrick W. & Tröger, Thomas, 2011. "The (sub-)optimality of the majority rule," MPRA Paper 32716, University Library of Munich, Germany.
    5. Krähmer, Daniel, 2012. "Auction design with endogenously correlated buyer types," Journal of Economic Theory, Elsevier, vol. 147(1), pages 118-141.
    6. Farinha Luz, Vitor, 2013. "Surplus extraction with rich type spaces," Journal of Economic Theory, Elsevier, vol. 148(6), pages 2749-2762.
    7. Peter Postl, 2010. "Dominant Strategy Compromises," Discussion Papers 10-12, Department of Economics, University of Birmingham.
    8. Haan, Marco A. & Heijnen, Pim & Schoonbeek, Lambert & Toolsema, Linda A., 2012. "Sound taxation? On the use of self-declared value," European Economic Review, Elsevier, vol. 56(2), pages 205-215.
    9. Meyer-ter-Vehn, Moritz & Morris, Stephen, 2011. "The robustness of robust implementation," Journal of Economic Theory, Elsevier, vol. 146(5), pages 2093-2104, September.
    10. Turocy, Theodore L., 2008. "Auction choice for ambiguity-averse sellers facing strategic uncertainty," Games and Economic Behavior, Elsevier, vol. 62(1), pages 155-179, January.

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