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Robust Possibility and Impossibility Results

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  • Schweizer, Urs
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    Abstract

    In 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 Info

    Paper provided by University of Bonn, Germany in its series Discussion Paper Serie A with number 590.

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    Length: pages
    Date of creation: Dec 1998
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    Handle: RePEc:bon:bonsfa:590

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    Related research

    Keywords: Impossibility theorems; possibility theorems; Bayesian implementation under voluntary participation;

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