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A characterization of natural and double implementation in production economies

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  • Naoki Yoshihara

    ()
    (The Institute of Economic Research, Hitotsubashi University, Naka 2-1, Kunitachi, Tokyo 186-8603, Japan)

Abstract

We define two types of natural mechanisms, quantity and price-quantity types, in convex production economies, and characterize the class of Pareto subsolutions doubly implementable in Nash and strong Nash equilibria by these mechanisms respectively. First, we show that there is a class of Pareto subsolutions doubly implementable by natural quantity mechanisms, as long as production sets have smooth boundaries. We characterize the class of Pareto subsolutions doubly implementable by natural price-quantity mechanisms without assuming differentiability of utility functions. Third, we show that the Walrasian solution is the unique Pareto and fully individually rational solution naturally and doubly implementable in private ownership economies.

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Bibliographic Info

Article provided by Springer in its journal Social Choice and Welfare.

Volume (Year): 17 (2000)
Issue (Month): 4 ()
Pages: 571-599

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Handle: RePEc:spr:sochwe:v:17:y:2000:i:4:p:571-599

Note: Received: 4 December 1997/Accepted: 25 August 1999
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Cited by:
  1. Eric Maskin & Tomas Sjostrom, 2001. "Implementation Theory," Economics Working Papers 0006, Institute for Advanced Study, School of Social Science.
  2. Jackson, Matthew O., 1999. "A Crash Course in Implementation Theory," Working Papers 1076, California Institute of Technology, Division of the Humanities and Social Sciences.

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