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Toward Natural Implementation

Author

Listed:
  • Saijo, T.
  • Tatamitani, Y.
  • Yamato, T.

Abstract

The authors identify some fundamental conditions that a 'natural' mechanism should satisfy in exchange economies. First, they provide necessary and sufficient conditions for social choice correspondences to be implemented in Nash equilibria by natural mechanisms. Second, they show that the class of social choice correspondences implementable by (price and) two-quantity mechanisms is equivalent to the class of social choice correspondences implementable by (price and) allocation mechanisms. Third, the authors find that the no-envy correspondence is implementable by a two-quantity mechanism and the fair correspondence is implementable by a price-quantity mechanism. Copyright 1996 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.
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Suggested Citation

  • Saijo, T. & Tatamitani, Y. & Yamato, T., 1994. "Toward Natural Implementation," ISER Discussion Paper 0340, Institute of Social and Economic Research, Osaka University.
    • Handle: RePEc:dpr:wpaper:0340
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    Other versions of this item:

    • Saijo, Tatsuyoshi & Tatamitani, Yoshikatsu & Yamato, Takehiko, 1996. "Toward Natural Implementation," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 37(4), pages 949-980, November.

    References listed on IDEAS

    as
    1. L. Hurwicz, 1979. "Outcome Functions Yielding Walrasian and Lindahl Allocations at Nash Equilibrium Points," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 46(2), pages 217-225.
    2. Dutta, Bhaskar & Sen, Arunava, 1991. "Implementation under strong equilibrium : A complete characterization," Journal of Mathematical Economics, Elsevier, vol. 20(1), pages 49-67.
    3. Moore, John & Repullo, Rafael, 1988. "Subgame Perfect Implementation," Econometrica, Econometric Society, vol. 56(5), pages 1191-1220, September.
    4. Kevin Roberts, 1984. "The Theoretical Limits to Redistribution," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 51(2), pages 177-195.
    5. Bhaskar Dutta & Arunava Sen & Rajiv Vohra, 1994. "Nash implementation through elementary mechanisms in economic environments," Review of Economic Design, Springer;Society for Economic Design, vol. 1(1), pages 173-203, December.
    6. Schmeidler, David & Vind, Karl, 1972. "Fair Net Trades," Econometrica, Econometric Society, vol. 40(4), pages 637-642, July.
      • SCHMEIDLER, David & VIND, Karl, 1972. "Fair net trades," LIDAM Reprints CORE 131, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    7. Bhaskar Dutta & Arunava Sen, 1991. "A Necessary and Sufficient Condition for Two-Person Nash Implementation," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 58(1), pages 121-128.
    8. Williams, Steven R, 1986. "Realization and Nash Implementation: Two Aspects of Mechanism Design," Econometrica, Econometric Society, vol. 54(1), pages 139-151, January.
    9. Saijo, Tatsuyoshi, 1988. "Strategy Space Reduction in Maskin's Theorem: Sufficient Conditions for Nash Implementation," Econometrica, Econometric Society, vol. 56(3), pages 693-700, May.
    10. Nagahisa, Ryo-ichi, 1991. "A local independence condition for characterization of Walrasian allocations rule," Journal of Economic Theory, Elsevier, vol. 54(1), pages 106-123, June.
    11. Mount, Kenneth & Reiter, Stanley, 1974. "The informational size of message spaces," Journal of Economic Theory, Elsevier, vol. 8(2), pages 161-192, June.
    12. Matthew O. Jackson, 1992. "Implementation in Undominated Strategies: A Look at Bounded Mechanisms," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 59(4), pages 757-775.
    13. Jackson Matthew O. & Palfrey Thomas R. & Srivastava Sanjay, 1994. "Undominated Nash Implementation in Bounded Mechanisms," Games and Economic Behavior, Elsevier, vol. 6(3), pages 474-501, May.
    14. Abreu, Dilip & Sen, Arunava, 1990. "Subgame perfect implementation: A necessary and almost sufficient condition," Journal of Economic Theory, Elsevier, vol. 50(2), pages 285-299, April.
    15. Saijo, Tatsuyoshi & Tatamitani, Yoshikatsu & Yamato, Takehiko, 1999. "Characterizing Natural Implementability: The Fair and Walrasian Correspondences," Games and Economic Behavior, Elsevier, vol. 28(2), pages 271-293, August.
    16. Schmeidler, David, 1980. "Walrasian Analysis via Strategic Outcome Functions," Econometrica, Econometric Society, vol. 48(7), pages 1585-1593, November.
    17. Moore, John & Repullo, Rafael, 1990. "Nash Implementation: A Full Characterization," Econometrica, Econometric Society, vol. 58(5), pages 1083-1099, September.
    18. Thomson, William, 2005. "Divide-and-permute," Games and Economic Behavior, Elsevier, vol. 52(1), pages 186-200, July.
    19. Reichelstein, Stefan & Reiter, Stanley, 1988. "Game Forms with Minimal Message Spaces," Econometrica, Econometric Society, vol. 56(3), pages 661-692, May.
    20. Hong, Lu, 1995. "Nash Implementation in Production Economies," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 5(3), pages 401-417, May.
    21. Andrew Postlewaite & David Wettstein, 1989. "Feasible and Continuous Implementation," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 56(4), pages 603-611.
    22. Danilov, Vladimir, 1992. "Implementation via Nash Equilibria," Econometrica, Econometric Society, vol. 60(1), pages 43-56, January.
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    trade ; game theory;

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