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Implementation With State Dependent Feasible Sets And Preferences: A Renegotiation Approach

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  • Luis C. Corchon

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  • Matteo Triosi

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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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Paper provided by Universidad Carlos III, Departamento de Economía in its series Economics Working Papers with number we057136.

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Date of creation: Nov 2005
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Handle: RePEc:cte:werepe:we057136

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  1. Maskin, Eric & Moore, John, 1999. "Implementation and Renegotiation," Review of Economic Studies, Wiley Blackwell, vol. 66(1), pages 39-56, January.
  2. Tian, Guoqiang, 1993. "Implementing Lindahl allocations by a withholding mechanism," Journal of Mathematical Economics, Elsevier, vol. 22(2), pages 169-179.
  3. 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.
  4. Naeve, Jorg, 1999. "Nash implementation of the Nash bargaining solution using intuitive message spaces," Economics Letters, Elsevier, vol. 62(1), pages 23-28, January.
  5. Maskin, Eric, 1999. "Nash Equilibrium and Welfare Optimality," Review of Economic Studies, Wiley Blackwell, vol. 66(1), pages 23-38, January.
  6. Benassy Jean-pascal, 1984. "On competitive market mechanism," CEPREMAP Working Papers (Couverture Orange) 8407, CEPREMAP.
  7. Jackson, Matthew O. & Palfrey, Thomas R., 2001. "Voluntary Implementation," Journal of Economic Theory, Elsevier, vol. 98(1), pages 1-25, May.
  8. Dagan, Nir & Serrano, Roberto, 1998. "Invariance and randomness in the Nash program for coalitional games," Economics Letters, Elsevier, vol. 58(1), pages 43-49, January.
  9. Silvestre, Joaquim, 1982. "Fixprice analysis in exchange economies," Journal of Economic Theory, Elsevier, vol. 26(1), pages 28-58, February.
  10. Michele Piccione & Ariel Rubinstein, 2007. "Equilibrium in the Jungle," Economic Journal, Royal Economic Society, vol. 117(522), pages 883-896, 07.
  11. Roberto Serrano, 2007. "Nash program," Working Papers 2007-05, Instituto Madrileño de Estudios Avanzados (IMDEA) Ciencias Sociales.
  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. Nir Dagan & Roberto Serrano & Oscar Volij, 1999. "Feasible Implementation of Taxation Methods," Economic theory and game theory 009, Nir Dagan.
  14. Roberto Serrano & Rajiv Vohra, 1997. "Non-cooperative implementation of the core," Social Choice and Welfare, Springer, vol. 14(4), pages 513-525.
  15. 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.
  16. Hong, Lu, 1995. "Nash Implementation in Production Economies," Economic Theory, Springer, vol. 5(3), pages 401-17, May.
  17. Moore, John & Repullo, Rafael, 1990. "Nash Implementation: A Full Characterization," Econometrica, Econometric Society, vol. 58(5), pages 1083-99, September.
  18. 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.
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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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