Nash Implementation with Lottery Mechanisms
AbstractConsider the problem of exact Nash Implementation of social choice correspondences. Define a lottery mechanism as a mechanism in which the planner can randomize on alternatives out of equilibrium while pure alternatives are always chosen in equilibrium. When preferences over alternatives are strict, we show that Maskin monotonicity (Maskin, 1999) is both necessary and sufficient for a social choice correspondence to be Nash implementable. We discuss how to relax the assumption of strict preferences. Next, we examine social choice correspondences with private components. Finally, we apply our method to the issue of voluntary implementation (Jackson and Palfrey, 2001).
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Bibliographic InfoPaper provided by Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization in its series Research Memoranda with number 036.
Date of creation: 2005
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Web page: http://www.maastrichtuniversity.nl/web/UMPublications.htm
Other versions of this item:
- NEP-ALL-2005-10-15 (All new papers)
- NEP-GTH-2005-10-15 (Game Theory)
- NEP-MIC-2005-10-15 (Microeconomics)
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- Jackson, Matthew O, 1991. "Bayesian Implementation," Econometrica, Econometric Society, vol. 59(2), pages 461-77, March.
- Kara, Tarik & Sonmez, Tayfun, 1996. "Nash Implementation of Matching Rules," Journal of Economic Theory, Elsevier, vol. 68(2), pages 425-439, February.
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