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The Limits of Ex-Post Implementation

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  • Philippe Jehiel
  • Moritz Meyer-ter-Vehn
  • Benny Moldovanu
  • William R. Zame

Abstract

The sensitivity of Bayesian implementation to agents' beliefs about others suggests the use of more robust notions of implementation such as ex post implementation, which requires that each agent's strategy be optimal for every possible realization of the types of other agents. We show that the only deterministic social choice functions that are ex post implementable in generic mechanism design frameworks with multidimensional signals, interdependent valuations, and transferable utilities are constant functions. In other words, deterministic ex post implementation requires that the same alternative must be chosen irrespective of agents' signals. The proof shows that ex post implementability of a nontrivial deterministic social choice function implies that certain rates of information substitution coincide for all agents. This condition amounts to a system of differential equations that are not satisfied by generic valuation functions. Copyright The Econometric Society 2006.

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Paper provided by UCLA Department of Economics in its series Levine's Bibliography with number 666156000000000548.

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Date of creation: 25 Feb 2005
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Handle: RePEc:cla:levrem:666156000000000548

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  1. Richard McLean & Andrew Postlewaite, 2002. "Informational Size and Efficient Auctions," PIER Working Paper Archive 03-011, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 13 Apr 2003.
  2. Dirk Bergemann & Stephen Morris, 2003. "Robust Mechanism Design," Levine's Bibliography 666156000000000035, UCLA Department of Economics.
  3. Satterthwaite, Mark Allen, 1975. "Strategy-proofness and Arrow's conditions: Existence and correspondence theorems for voting procedures and social welfare functions," Journal of Economic Theory, Elsevier, Elsevier, vol. 10(2), pages 187-217, April.
  4. Jehiel, Phillipe & Moldovanu, Benny, 1999. "Efficient Design with Interdependent Valuations," Sonderforschungsbereich 504 Publications, Sonderforschungsbereich 504, Universität Mannheim;Sonderforschungsbereich 504, University of Mannheim 99-74, Sonderforschungsbereich 504, Universität Mannheim;Sonderforschungsbereich 504, University of Mannheim.
  5. Anderson Robert M. & Zame William R., 2001. "Genericity with Infinitely Many Parameters," The B.E. Journal of Theoretical Economics, De Gruyter, De Gruyter, vol. 1(1), pages 1-64, February.
  6. Ledyard, John O., . "Incentive Compatibility and Incomplete Information," Working Papers, California Institute of Technology, Division of the Humanities and Social Sciences 187, California Institute of Technology, Division of the Humanities and Social Sciences.
  7. Partha Dasgupta & Eric Maskin, 2000. "Efficient Auctions," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 115(2), pages 341-388, May.
  8. Jeffrey C. Ely & Kim-Sau Chung, 2004. "Foundations of Dominant Strategy Mechanisms," Econometric Society 2004 North American Summer Meetings, Econometric Society 169, Econometric Society.
  9. Groves, Theodore, 1973. "Incentives in Teams," Econometrica, Econometric Society, Econometric Society, vol. 41(4), pages 617-31, July.
  10. Dirk Bergemann & Juuso Vaimaki, 2000. "Information Acquisition and Efficient Mechanism Design," Cowles Foundation Discussion Papers, Cowles Foundation for Research in Economics, Yale University 1248, Cowles Foundation for Research in Economics, Yale University.
  11. repec:wop:humbsf:2000-72 is not listed on IDEAS
  12. Sushil Bikhchandani, 2004. "The Limits of Ex Post Implementation Revisited," Levine's Bibliography 122247000000000514, UCLA Department of Economics.
  13. Motty Perry & Philip J. Reny, 2002. "An Efficient Auction," Econometrica, Econometric Society, Econometric Society, vol. 70(3), pages 1199-1212, May.
  14. Jeffrey C. Ely & Kim-Sau Chung, 2002. "Ex-Post Incentive Compatible Mechanism Design," Discussion Papers, Northwestern University, Center for Mathematical Studies in Economics and Management Science 1339, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  15. Eric Maskin, 2001. "Auctions and Efficiency," Economics Working Papers, Institute for Advanced Study, School of Social Science 0002, Institute for Advanced Study, School of Social Science.
  16. Dasgupta, Partha S & Hammond, Peter J & Maskin, Eric S, 1979. "The Implementation of Social Choice Rules: Some General Results on Incentive Compatibility," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 46(2), pages 185-216, April.
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