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On Maskin monotonicity of solution based social choice rules

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  • Claus-Jochen Haake

    ()

  • Walter Trockel

    ()

Abstract

Howard (1992) argues that the Nash bargaining solution is not Nash implementable, as it does not satisfy Maskin monotonicity. His arguments can be extended to other bargaining solutions as well. However, by de.ning a social choice correspondence that is based on the solution rather than on its realizations, one can overcome this shortcoming. We even show that such correspondences satisfy a stronger version of monotonicity that is even su.cient for Nash implementability.

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Bibliographic Info

Article provided by Springer in its journal Review of Economic Design.

Volume (Year): 14 (2010)
Issue (Month): 1 (March)
Pages: 17-25

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Handle: RePEc:spr:reecde:v:14:y:2010:i:1:p:17-25

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Related research

Keywords: Maskin monotonicity; Social choice rule; Bargaining games; Nash program; Mechanism; Implementation; C71; C78; D61;

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References

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  1. Danilov, Vladimir, 1992. "Implementation via Nash Equilibria," Econometrica, Econometric Society, vol. 60(1), pages 43-56, January.
  2. Roberto Serrano, 2005. "Fifty years of the Nash program, 1953-2003," Investigaciones Economicas, FundaciĆ³n SEPI, vol. 29(2), pages 219-258, May.
  3. Naeve, Jorg, 1999. "Nash implementation of the Nash bargaining solution using intuitive message spaces," Economics Letters, Elsevier, vol. 62(1), pages 23-28, January.
  4. Nir Dagan & Roberto Serrano, 1998. "Invariance and Randomness in the Nash Program for Coalitional Games," Economic theory and game theory 006, Nir Dagan.
  5. Roberto Serrano, 1996. "A comment on the Nash program and the theory of implementation," Economics Working Papers 161, Department of Economics and Business, Universitat Pompeu Fabra.
  6. Maskin, Eric, 1999. "Nash Equilibrium and Welfare Optimality," Review of Economic Studies, Wiley Blackwell, vol. 66(1), pages 23-38, January.
  7. Bergin, James & Duggan, John, 1999. "An Implementation-Theoretic Approach to Non-cooperative Foundations," Journal of Economic Theory, Elsevier, vol. 86(1), pages 50-76, May.
  8. Walter Trockel, 2002. "Integrating the Nash program into mechanism theory," Review of Economic Design, Springer, vol. 7(1), pages 27-43.
  9. Howard, J. V., 1992. "A social choice rule and its implementation in perfect equilibrium," Journal of Economic Theory, Elsevier, vol. 56(1), pages 142-159, February.
  10. Damme, E.E.C. van, 1986. "The Nash bargaining solution is optimal," Open Access publications from Tilburg University urn:nbn:nl:ui:12-154426, Tilburg University.
  11. Trockel,W., 2001. "Can and should the Nash program be looked at as a part of mechanism theory?," Working Papers 322, Bielefeld University, Center for Mathematical Economics.
  12. Yamato, Takehiko, 1992. "On nash implementation of social choice correspondences," Games and Economic Behavior, Elsevier, vol. 4(3), pages 484-492, July.
  13. Roberto Serrano, 2007. "Nash program," Working Papers 2007-05, Instituto MadrileƱo de Estudios Avanzados (IMDEA) Ciencias Sociales.
  14. Trockel,W., 1999. "Unique Nash implementation for a class of bargaining solutions," Working Papers 308, Bielefeld University, Center for Mathematical Economics.
  15. Damme, Eric van, 1986. "The Nash bargaining solution is optimal," Journal of Economic Theory, Elsevier, vol. 38(1), pages 78-100, February.
  16. Walter Trockel, 2000. "Implementations of the Nash solution based on its Walrasian characterization," Economic Theory, Springer, vol. 16(2), pages 277-294.
  17. Eric van Damme, 1984. "The Nash Bargaining Solution is Optimal," Discussion Papers 597, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  18. Leonid Hurwicz, 1994. "Economic design, adjustment processes, mechanisms, and institutions," Review of Economic Design, Springer, vol. 1(1), pages 1-14, December.
  19. Nash, John, 1953. "Two-Person Cooperative Games," Econometrica, Econometric Society, vol. 21(1), pages 128-140, April.
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Citations

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Cited by:
  1. Trockel, Walter, 2011. "An exact non-cooperative support for the sequential Raiffa solution," Journal of Mathematical Economics, Elsevier, vol. 47(1), pages 77-83, January.
  2. Claus-Jochen Haake, 2005. "Two support results for the Kalai-Smorodinsky solution in small object division markets," Working Papers 366, Bielefeld University, Center for Mathematical Economics.

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