Nash Implementation and Uncertain Renegotiation
AbstractThis paper studies Nash implementation when the outcomes of the mechanism can be renegotiated among the agents but the planner does not know the renegotiation function that they will use. We characterize the social objectives that can be implemented in Nash equilibrium when the same mechanism must work for every admissible renegotiation function. The constrained Walrasian correspondence, the core correspondence, and the Pareto-efficient and envy-free correspondence satisfy the necessary and sufficient conditions for this form of implementation if and only if freedisposal of the commodities is allowed. The uniform rule, on the other hand, is not Nash implementable for some admissible renegotiations functions.
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Bibliographic InfoPaper provided by Centro de Estudios Andaluces in its series Economic Working Papers at Centro de Estudios Andaluces with number E2003/27.
Length: 23 pages
Date of creation: 2003
Date of revision:
Implementation theory; Nash equilibrium; renegotiation function.;
Other versions of this item:
- C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
- D78 - Microeconomics - - Analysis of Collective Decision-Making - - - Positive Analysis of Policy Formulation and Implementation
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