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

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  • Luis C. Corchon

    ()

  • Matteo Triosi

    ()

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. Tian, Guoqiang, 1991. "Implementing Lindahl Allocations by a Withholding Mechanism," MPRA Paper 41255, University Library of Munich, Germany.
  2. Serrano, Roberto, 1997. "A comment on the Nash program and the theory of implementation," Economics Letters, Elsevier, Elsevier, vol. 55(2), pages 203-208, August.
  3. Pablo Amorós, 2003. "Nash Implementation and Uncertain Renegotiation," Economic Working Papers at Centro de Estudios Andaluces E2003/27, Centro de Estudios Andaluces.
  4. Roberto Serrano & Rajiv Vohra, 1997. "Non-cooperative implementation of the core," Social Choice and Welfare, Springer, Springer, vol. 14(4), pages 513-525.
  5. Eric Maskin, 1998. "Nash Equilibrium and Welfare Optimality," Harvard Institute of Economic Research Working Papers, Harvard - Institute of Economic Research 1829, Harvard - Institute of Economic Research.
  6. Roberto Serrano, 2007. "Nash program," Working Papers, Instituto Madrileño de Estudios Avanzados (IMDEA) Ciencias Sociales 2007-05, Instituto Madrileño de Estudios Avanzados (IMDEA) Ciencias Sociales.
  7. Naeve, Jorg, 1999. "Nash implementation of the Nash bargaining solution using intuitive message spaces," Economics Letters, Elsevier, Elsevier, vol. 62(1), pages 23-28, January.
  8. Satterthwaite, Mark A & Sonnenschein, Hugo, 1981. "Strategy-Proof Allocation Mechanisms at Differentiable Points," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 48(4), pages 587-97, October.
  9. Silvestre, Joaquim, 1982. "Fixprice analysis in exchange economies," Journal of Economic Theory, Elsevier, Elsevier, vol. 26(1), pages 28-58, February.
  10. Volij, Oscar & Dagan, Nir & Serrano, Roberto, 1999. "Feasible Implementation of Taxation Methods," Staff General Research Papers, Iowa State University, Department of Economics 5246, Iowa State University, Department of Economics.
  11. Benassy Jean-pascal, 1984. "On competitive market mechanism," CEPREMAP Working Papers (Couverture Orange) 8407, CEPREMAP.
  12. Eric Maskin & John Moore, 1998. "Implementation and renegotiation," LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library 19350, London School of Economics and Political Science, LSE Library.
  13. Michele Piccione & Ariel Rubinstein, 2007. "Equilibrium in the Jungle," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 117(522), pages 883-896, 07.
  14. Nir Dagan & Roberto Serrano, 1998. "Invariance and Randomness in the Nash Program for Coalitional Games," Economic theory and game theory, Nir Dagan 006, Nir Dagan.
  15. Moore, John & Repullo, Rafael, 1990. "Nash Implementation: A Full Characterization," Econometrica, Econometric Society, Econometric Society, vol. 58(5), pages 1083-99, September.
  16. Jackson, Matthew O. & Palfrey, Thomas R., 1999. "Voluntary Implementation," Working Papers, California Institute of Technology, Division of the Humanities and Social Sciences 1077, California Institute of Technology, Division of the Humanities and Social Sciences.
  17. Hong, Lu, 1995. "Nash Implementation in Production Economies," Economic Theory, Springer, Springer, vol. 5(3), pages 401-17, May.
  18. Lu Hong, 1996. "Bayesian implementation in exchange economies with state dependent feasible sets and private information," Social Choice and Welfare, Springer, Springer, vol. 13(4), pages 433-444.
  19. Tian Guoqiang & Li Qi, 1995. "On Nash-Implementation in the Presence of Withholding," Games and Economic Behavior, Elsevier, Elsevier, vol. 9(2), pages 222-233, May.
  20. 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, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE 366, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE.
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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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