We give a sufficient condition on the type space for revenue equivalence when the set of social alternatives consists of probability distributions over a finite set. Types are identified with real-valued functions that assign valuations to elements of this finite set, and the type space is equipped with the Euclidean topology. Our sufficient condition is stronger than connectedness but weaker than smooth arcwise connectedness. Our result generalizes all existing revenue equivalence theorems when the set of social alternatives consists of probability distributions over a finite set. When the set of social alternatives is finite, we provide a necessary and sufficient condition. This condition is similar to, but slightly weaker than, connectedness.
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Article provided by Society for Economic Theory in its journal Theoretical Economics.
Volume (Year): 2 (2007) Issue (Month): 4 (December) Pages: 469-487 Download reference. The following formats are available: HTML
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Find related papers by JEL classification: C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games D44 - Microeconomics - - Market Structure and Pricing - - - Auctions D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information
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First:Birgit Heydenreich & Rudolf Muller & Marc Uetz & Rakesh Vohra, 2007.
"Characterization of Revenue Equivalence,"
Discussion Papers
1448, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
[Downloadable!]
Other versions:
Müller, Rudolf & Uetz, Marc & Vohra, Rakesh & Heydenreich, Birgit, 2007.
"Characterization of Revenue Equivalence,"
Research Memoranda
017, Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization.
[Downloadable!]
Heydenreich, Birgit & Müller, Rudolf & Uetz, Marc & Vohra, Rakesh, 2008.
"Characterization of Revenue Equivalence,"
Research Memoranda
001, Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization.
[Downloadable!]
Birgit Heydenreich & Rudolf Müller & Marc Uetz & Rakesh V. Vohra, 2009.
"Characterization of Revenue Equivalence,"
Econometrica,
Econometric Society, vol. 77(1), pages 307-316, 01.
[Downloadable!] (restricted)