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Implementation with State Dependent Feasible Sets and Preferences: A Renegotiation Approach

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  • Matteo Triossi
  • Luis Corchón

Abstract

In this paper we present a model of implementation based on the idea that agents renegotiate unfeasible allocations. We characterize the maximal set of Social Choice Correspondences that can be implemented in Nash Equilibrium with a class of renegotiation functions that do not reward agents for unfeasibilities. This result is used to study the possibility of implementing the Walrasian Correspondence in exchange economies and several axiomatic solutions to problems of bargaining and bankruptcy.

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Bibliographic Info

Paper provided by Collegio Carlo Alberto in its series Carlo Alberto Notebooks with number 24.

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Length: 33 pages
Date of creation: 2006
Date of revision:
Handle: RePEc:cca:wpaper:24

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Keywords: State Dependent Feasible Sets; Renegotiation; Implementation.;

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References

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  1. Roberto Serrano, 2007. "Nash program," Working Papers 2007-05, Instituto Madrileño de Estudios Avanzados (IMDEA) Ciencias Sociales.
  2. Benassy Jean-pascal, 1984. "On competitive market mechanism," CEPREMAP Working Papers (Couverture Orange) 8407, CEPREMAP.
  3. Volij, Oscar & Dagan, Nir & Serrano, Roberto, 1999. "Feasible Implementation of Taxation Methods," Staff General Research Papers 5246, Iowa State University, Department of Economics.
  4. Roberto Serrano, 1996. "A comment on the Nash program and the theory of implementation," Economics Working Papers 161, Department of Economics and Business, Universitat Pompeu Fabra.
  5. Amoros, Pablo, 2004. "Nash implementation and uncertain renegotiation," Games and Economic Behavior, Elsevier, vol. 49(2), pages 424-434, November.
  6. Jackson, Matthew O. & Palfrey, Thomas R., 2001. "Voluntary Implementation," Journal of Economic Theory, Elsevier, vol. 98(1), pages 1-25, May.
  7. Moore, John & Repullo, Rafael, 1990. "Nash Implementation: A Full Characterization," Econometrica, Econometric Society, vol. 58(5), pages 1083-99, September.
  8. Naeve, Jorg, 1999. "Nash implementation of the Nash bargaining solution using intuitive message spaces," Economics Letters, Elsevier, vol. 62(1), pages 23-28, January.
  9. Tian Guoqiang & Li Qi, 1995. "On Nash-Implementation in the Presence of Withholding," Games and Economic Behavior, Elsevier, vol. 9(2), pages 222-233, May.
  10. Hong, Lu, 1995. "Nash Implementation in Production Economies," Economic Theory, Springer, vol. 5(3), pages 401-17, May.
  11. Lu Hong, 1996. "Bayesian implementation in exchange economies with state dependent feasible sets and private information," Social Choice and Welfare, Springer, vol. 13(4), pages 433-444.
  12. Eric Maskin & John Moore, 1998. "Implementation and Renegotiation - (Now published in Review of Economic Studies, vol.66 (1), 1999, pp.39-56.)," STICERD - Theoretical Economics Paper Series 366, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE.
  13. Satterthwaite, Mark A & Sonnenschein, Hugo, 1981. "Strategy-Proof Allocation Mechanisms at Differentiable Points," Review of Economic Studies, Wiley Blackwell, vol. 48(4), pages 587-97, October.
  14. Tian, Guoqiang, 1993. "Implementing Lindahl allocations by a withholding mechanism," Journal of Mathematical Economics, Elsevier, vol. 22(2), pages 169-179.
  15. Nir Dagan & Roberto Serrano, 1998. "Invariance and Randomness in the Nash Program for Coalitional Games," Economic theory and game theory 006, Nir Dagan.
  16. Roberto Serrano & Rajiv Vohra, 1997. "Non-cooperative implementation of the core," Social Choice and Welfare, Springer, vol. 14(4), pages 513-525.
  17. Silvestre, Joaquim, 1982. "Fixprice analysis in exchange economies," Journal of Economic Theory, Elsevier, vol. 26(1), pages 28-58, February.
  18. Eric Maskin & John Moore, 1999. "Implementation and Renegotiation," Harvard Institute of Economic Research Working Papers 1863, Harvard - Institute of Economic Research.
  19. Maskin, Eric, 1999. "Nash Equilibrium and Welfare Optimality," Review of Economic Studies, Wiley Blackwell, vol. 66(1), pages 23-38, January.
  20. Michele Piccione & Ariel Rubinstein, 2007. "Equilibrium in the Jungle," Economic Journal, Royal Economic Society, vol. 117(522), pages 883-896, 07.
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Cited by:
  1. Luis C. Corchon, 2007. "The theory of implementation : what did we learn?," Economics Working Papers we081207, Universidad Carlos III, Departamento de Economía.

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