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Implementation in economies with a Continuum of Agents

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Author Info

  • Vives, X.
  • Mas-Colell, A.

Abstract

The authors study a general implementation problem for exchange economies with a continuum of players and private information, and test the robustness of the results for sequences of approximating finite economies. Assuming that the designer knows the distribution of the characteristics in the economy, the authors consider continuous and unique implementation in both its equilibrium and dominant strategies versions and obtain results for general self-selective (first- and second-best) allocations. An upper hemicontinuity property of Bayesian equilibria of approximating economies for continuous mechanisms is demonstrated. Copyright 1993 by The Review of Economic Studies Limited.

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Bibliographic Info

Paper provided by Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC) in its series UFAE and IAE Working Papers with number 129.90.

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Length: 19 pages
Date of creation: 1989
Date of revision:
Handle: RePEc:aub:autbar:129.90

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Keywords: game theory ; economic models;

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Cited by:
  1. Klaus Nehring, 2004. "Incentive-Compatibility In Large Games," Working Papers 9516, University of California, Davis, Department of Economics.
  2. Barbera, Salvador & Jackson, Matthew O, 1995. "Strategy-Proof Exchange," Econometrica, Econometric Society, vol. 63(1), pages 51-87, January.
  3. Guesnerie, R., 1995. "The genealogy of modern theoretical public economics: From first best to second best," European Economic Review, Elsevier, vol. 39(3-4), pages 353-381, April.
  4. J. C. Parra & M. Huggett, 2005. "Quantifying the Inefficiency of the US Social Security System," Computing in Economics and Finance 2005 70, Society for Computational Economics.
  5. Roberto Serrano, 2003. "The Theory of Implementation of Social Choice Rules," Working Papers 2003-19, Brown University, Department of Economics.
  6. Bodoh-Creed, Aaron, 2013. "Efficiency and information aggregation in large uniform-price auctions," Journal of Economic Theory, Elsevier, vol. 148(6), pages 2436-2466.
  7. Matthew O. Jackson, 2001. "A crash course in implementation theory," Social Choice and Welfare, Springer, vol. 18(4), pages 655-708.
  8. Jose M. Cordoba & Peter J. Hammond, 1998. "Asymptotically Strategy-Proof Walrasian Exchange," Working Papers 98005, Stanford University, Department of Economics.
  9. Sahm, Marco, 2006. "Essays in Public Economic Theory," Munich Dissertations in Economics 5633, University of Munich, Department of Economics.
  10. Kovalenkov, Alexander, 2002. "Simple Strategy-Proof Approximately Walrasian Mechanisms," Journal of Economic Theory, Elsevier, vol. 103(2), pages 475-487, April.
  11. Edward J. Green & Ruilin Zhou, 2005. "Money As A Mechanism In A Bewley Economy," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 46(2), pages 351-371, 05.
  12. Noguchi, Mitsunori, 2010. "Large but finite games with asymmetric information," Journal of Mathematical Economics, Elsevier, vol. 46(2), pages 191-213, March.
  13. Louis Makowski & Joseph M. Ostroy, 1990. "Vickrey-Clarke-Groves Mechanisms in Continuum Economies: Characterization and Existence," UCLA Economics Working Papers 607, UCLA Department of Economics.

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