Robust Possibility and Impossibility Results
AbstractIn a general setting of private information, the possibility (impossibility) theorem is said to be valid, if a balanced and ex post efficient mechanism exists (does not exist) which agents voluntarily participate at. Possibility and impossibility results are called robust if they hold for all priors with independently distributed private information. The following papers, among others, implicitely contain such results: Myerson and Satterthwaite (1983), Gth and Hellwig (1986), Cramton, Gibbons and Klemperer (1987), McAfee (1991), Makowski and Mezzetti (1993), Williams (1994) and Schmitz (1998). The present paper introduces a criterion which does not depend on the prior distribution of information. This criterion allows, not only, to simplify drastically earlier proofs, but also to generalize the existing results in a substantial way.
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Bibliographic InfoPaper provided by University of Bonn, Germany in its series Discussion Paper Serie A with number 590.
Date of creation: Dec 1998
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Impossibility theorems; possibility theorems; Bayesian implementation under voluntary participation;
Find related papers by JEL classification:
- D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
This paper has been announced in the following NEP Reports:
- NEP-ALL-2000-02-07 (All new papers)
- NEP-CDM-2000-02-07 (Collective Decision-Making)
- NEP-IND-2000-02-07 (Industrial Organization)
- NEP-MIC-2000-02-07 (Microeconomics)
- NEP-PBE-2000-02-07 (Public Economics)
- NEP-POL-2000-02-07 (Positive Political Economics)
- NEP-PUB-2000-02-07 (Public Finance)
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