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Nash Implementation in Production Economies

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  • Hong, Lu
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    Abstract

    This paper provides a general way to incorporate private ownership production economies into the implementation of the Walrasian correspondence. We present two mechanisms, both of which permit agents to behave strategically with respect to their initial endowments, preferences, and production possibility sets. The first mechanism deals with the case of endowment destruction, the second deals with the case of endowment withholding. We show that each mechanism Nash implements the Walrasian correspondence. In addition, both mechanisms are individually feasible, balanced, continuous and only require the transmission of prices and quantities of goods as messages.

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    Bibliographic Info

    Article provided by Springer in its journal Economic Theory.

    Volume (Year): 5 (1995)
    Issue (Month): 3 (May)
    Pages: 401-17

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    Handle: RePEc:spr:joecth:v:5:y:1995:i:3:p:401-17

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    Cited by:
    1. Matteo Triossi & Luis Corchón, 2006. "Implementation with State Dependent Feasible Sets and Preferences: A Renegotiation Approach," Carlo Alberto Notebooks 24, Collegio Carlo Alberto.
    2. Matthew O. Jackson, 2001. "A crash course in implementation theory," Social Choice and Welfare, Springer, vol. 18(4), pages 655-708.
    3. Maskin, Eric & Sjostrom, Tomas, 2001. "Implementation Theory," Working Papers 5-01-1, Pennsylvania State University, Department of Economics.
    4. Kaplan, T-R & Wettstein, D, 1996. "Cost Sharing : Efficiency and Implementation," Papers 44-96, Tel Aviv.
    5. Hong, Lu, 1998. "Feasible Bayesian Implementation with State Dependent Feasible Sets," Journal of Economic Theory, Elsevier, vol. 80(2), pages 201-221, June.
    6. Tian, Guoqiang, 2009. "Implementation of Pareto efficient allocations," Journal of Mathematical Economics, Elsevier, vol. 45(1-2), pages 113-123, January.
    7. Yamada, Akira & Yoshihara, Naoki, 2006. "Triple implementation by sharing mechanisms in production economics with unequal labor skill," Discussion Paper Series a475, Institute of Economic Research, Hitotsubashi University.
    8. Tian, Guoqiang, 2002. "Implementation of Walrasian Allocations in Economies with Infinite Dimension Commodity Spaces," MPRA Paper 41228, University Library of Munich, Germany.
    9. GIRAUD, Gaël & ROCHON, Céline, 2001. "Consistent collusion-proofness and correlation in exchange economies," CORE Discussion Papers 2001018, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    10. Tian, Guoqiang, 2000. "Incentive Mechanism Design for Production Economies with Both Private and Public Ownerships," Games and Economic Behavior, Elsevier, vol. 33(2), pages 294-320, November.
    11. Tian, Guoqiang, 2009. "Implementation in economies with non-convex production technologies unknown to the designer," Games and Economic Behavior, Elsevier, vol. 66(1), pages 526-545, May.
    12. Luis Corchón & Matteo Triossi, 2008. "Implementation with renegotiation when preferences and feasible sets are state dependent," Documentos de Trabajo 255, Centro de Economía Aplicada, Universidad de Chile.
    13. Tian, Guoqiang, 2005. "Implementation in production economies with increasing returns," Mathematical Social Sciences, Elsevier, vol. 49(3), pages 309-325, May.
    14. Tian, Guoqiang, 2000. "Implementation of balanced linear cost share equilibrium solution in Nash and strong Nash equilibria," Journal of Public Economics, Elsevier, vol. 76(2), pages 239-261, May.
    15. Saijo, Tatsuyoshi & Tatamitani, Yoshikatsu & Yamato, Takehiko, 1996. "Toward Natural Implementation," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 37(4), pages 949-80, November.

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